2. Forward Looking Statements
The information in this document has been prepared as at April 17, 2012. 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, optimization efforts 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, 2011, 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 Senior 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 15, 2012 press release on the Company’s
website. That press release also lists the Qualified Persons for each project.
2
3. Notes To Investors
Note 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, 2011, as well
as the Company's other filings with the Canadian Securities Administrators and the SEC
Note Regarding Production Guidance
The gold production guidance is based on the Company’s mineral reserves but includes contingencies, assumes metal prices and
foreign exchange rates that are different from those used in the reserve estimates. These factors and others mean that the gold
production guidance presented in this disclosure does not reconcile exactly with the production models used to support these mineral
reserves.
3
4. Focused Business With No Change In Strategy
Our business is positioned to deliver enhanced leverage to gold
through:
Reserve Growth – Exploration expected to continue to increase the size of our
large deposits
Production Growth – Gold production expected to increase by 24% from 2011
to 2014 from currently operating mines
Net Free Cash Flow – Construction capital requirements have declined while
production and cash flows are expected to grow
Dividend Yield – AEM is one of the industry leaders in dividends per share and
dividend yield
4
5. Financial Position
Net Free Cash Flow Expected to Enhance Balance Sheet Strength
ALL AMOUNTS ARE IN US$,
unless otherwise indicated Dec. 31 2011
CASH AND CASH EQUIVALENTS (millions) $221
LONG TERM DEBT (millions) $920
AVAILABLE CREDIT FACILITIES ($US millions) $880
COMMON SHARES OUTSTANDING (Weighted average, millions) 170.3
COMMON SHARES, FULLY DILUTED (Weighted average, millions) 170.3
5
6. AEM Among Industry Leaders
Long Track Record of Increasing Reserves
Current proven and probable gold reserves of 18.6 million ounces
Deposits also contain 8.7 million ounces of indicated gold resources and
10.3 million ounces of inferred resource*
Increased reserves at Kittila and Meliadine
Decrease in 2011 reserves due to Goldex and Meadowbank reclassifications
AEM Gold reserves* (millions of ounces) Gold reserves / per 1,000 shares
22 250
2009
2010
21 2011
200
20
150
19
18
100
17
50
16
15 -
2007 2008 2009 2010 2011 2012E NEM ABX AEM GG KGC IAG
* See attached reserve and resource tables 6
7. Operating Results and Forecast
Expecting Increasing Gold Production From Operating Mines
2011 2012 Forecast 2013 Forecast 2014 Forecast
Production Total Cash Production Total Cash Production Production
(Gold koz) Cost ($/oz) (Gold koz) Cost2 ($/oz) (Gold koz) (Gold koz
LaRonde 124 77 150 – 165 570 220 280
Kittila 144 739 150 – 160 650 155 170
Lapa 107 650 95 – 105 750 100 105
Pinos Altos1 204 299 200 – 210 415 210 190
Meadowbank 271 1,000 280 – 310 1,040 305 310
Total 850 609 875 – 950 720 990 1,055
2011 Total Gross Mine Profit - $946M
Laronde Goldex
20% 17%
Lapa
10%
Meadowbank
16%
Kittila
12%
Pinos Altos
25%
1. Pinos Altos figures include Creston Mascota 2. 2012 assumptions include Ag $30/oz, Cu $7,000/tonne, Zn $1,800/tonne, C$/US$ 1.00, US$/Euro 1.35 7
8. AEM Among Industry Leaders
Production Growth Per Share Continues
AEM Estimated Production Production Per Share Forecasts*
1,100,000oz 14.00
2009
2010
12.00
1,050,000oz 2011
2012E
10.00
1,000,000oz 2013E
2014E
8.00
950,000oz
6.00
900,000oz
4.00
850,000oz 2.00
800,000oz -
2012E 2013E 2014E NEM ABX AEM GG IAG KGC
* Source: Bank Of America Merrill Lynch equity research 8
9. AEM Among Industry Leaders
Cash Flow Per Share*
$9
2009
2010
2011
$7
2012E
$5
$3
$1
NEM ABX AEM GG IAG KGC
-$1
-$3
* Source: Bank Of America Merrill Lynch equity research 9
10. Generating Net Free Cash Flow
Room to Increase the Dividend
Capital Expenditures (USD $000's)
$1,200,000
Approximate Average EBITDA*
$1,000,000
$800,000
Illustrative Ongoing
$600,000
Re-Investment
$400,000
$200,000
$0
2007A 2008A 2009A 2010A 2011A 2012E 2013 2014
Actual Estimate
* Approximate average EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) estimate for illustrative purposes using $1700/oz gold, $32/oz silver, $2000/t zinc, C$/US$ 1.00, 1.35USD/€ 10
11. AEM Among Industry Leaders
Returning Capital To Shareholders – 30 Consecutive Years of Dividends
One Of The Highest Dividends Per Share In The Industry
Dividends per Share
$1.60
2009
$1.40 2010
2011
2012E
$1.20
$1.00
$0.80
$0.60
$0.40
$0.20
$0.00
NEM AEM ABX GG IAG KGC
* Approximate average EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) estimate for illustrative purposes using $1700/oz gold, $32/oz silver, $2000/t zinc, C$/US$ 1.00, 1.35USD/€ 11
13. LaRonde
Gold Production Expected to Increase
Higher gold grades expected to P&P GOLD RESERVES (million oz) 4.7
drive gold production growth and
profits AVERAGE GOLD RESERVE GRADE (g/t) 4.4
Value of ore per tonne
approximately 50% higher over Indicated resource (million oz) 0.4
life of mine versus 2011 at same
metals prices Inferred resource (million oz) 1.3
Estimated LOM (years) 15
2012 exploration budget
$1M
(LaRonde & regional)
See AEM Feb 15, 2012 press release for detailed breakdown of reserves and resources.
13
14. Kittila
Large Long-Life Gold Deposit Continues To Grow
Higher grades in 2012 expected P&P GOLD RESERVES (million oz) 5.2
to result in higher gold production
at lower costs AVERAGE GOLD RESERVE GRADE (g/t) 4.7
Initial 25% expansion study
expected in late 2012 Indicated resource (million oz) 1.0
Good exploration results at Rimpi Inferred resource (million oz) 1.2
suggest potential for larger
expansion Estimated LOM (years) 32
2012 exploration budget $16M
See AEM Feb 15, 2012 press release for detailed breakdown of reserves and resources.
2006
2007 – 2008
2012
Focus Area
2011
2009 – 2010
14
15. Mexico
Low Cost Producer
2012 production at Creston Mascota
expected to increase due to full year P&P GOLD RESERVES (million oz) 3.1
of operation
AVERAGE GOLD RESERVE GRADE (g/t) 2.3
Underground expansion underway.
Expected to offset lower grades in Indicated resource (million oz) 0.8
later years
La India may add to production Inferred resource (million oz) 0.9
profile in 2014
Estimated LOM (years) 18
Exploration potential at Tarachi and
satellite zones 2012 exploration budget $15M
See AEM Feb 15, 2012 press release for detailed breakdown of reserves and resources.
15
16. Meliadine
Growing Gold Reserve And Resource On 80 Kilometre Trend
Permitting and road construction
underway P&P GOLD RESERVES (million oz) 2.9
Examining production scenarios from
AVERAGE GOLD RESERVE GRADE (g/t) 7.2
open pits and underground
Updated feasibility study expected in Indicated resource (million oz) 1.7
late 2013
Drilling has expanded gold contained Inferred resource (million oz) 2.4
in reserves and resources by
approximately 40% in 1.5 years 2012 exploration budget $30M
Potential to accelerate underground
development to test deposit at depth See AEM Feb 15, 2012 press release for detailed breakdown of reserves and resources.
Tiriganiaq
Wolf Wesmeg
Pump F Zone
Discovery
16
18. Meadowbank
Strong Net Free Cash Flow Generator
Mill consistently exceeding design
throughput P&P GOLD RESERVES (million oz) 2.2
Optimized mine plan expected to be AVERAGE GOLD RESERVE GRADE (g/t) 2.8
lower risk due to:
36% fewer tonnes moved over life Indicated resource (million oz) 1.3
of mine
Inferred resource (million oz) 0.5
More conservative estimates for
gold grade Est. LOM (years) 6
2012 exploration budget $7M
See AEM Feb 15, 2012 press release for detailed breakdown of reserves and resources.
18
19. Lapa
Steady State Operation – Good Tonnage and Cost Control
2012 production and costs expected P&P GOLD RESERVES (million oz) 0.5
to be similar to 2011
Anticipated life of mine extended AVERAGE GOLD RESERVE GRADE (g/t) 6.5
through 2015
Extending underground exploration Indicated resource (million oz) 0.3
drift to east
Inferred resource (million oz) 0.1
Will provide access to drill targets that
could extend mine life
Est. LOM (years) 4
2012 exploration budget $3M
See AEM Feb 15, 2012 press release for detailed breakdown of reserves and resources.
19
20. Goldex - Action Plan
Focused on Monitoring, Investigation and Remediation
Mine operations suspended October 2011
Grouting and remediation programs in progress
Assessment program includes rock and soil monitoring
Exploration program focused on potential of satellite mineralized zones
Update expected in Q2 2012
20
22. Meliadine Project
Our Fastest Growing Gold Deposit
Indicated resources – 33 koz Au
Inferred resources – 197 koz Au
Proven & Probable reserves – 2,781 koz Au
Indicated resources – 649 koz Au
Inferred resources – 1,329 koz Au
Indicated resources – 343 koz Au
Inferred resources – 411 koz Au
Inferred resources – 133koz Au
Meliadine (Total)
Proven & Probable reserves – 2,877 koz Au
Indicated resources – 1,658 koz Au Proven & Probable reserves – 97 koz Au
Indicated resources – 254 koz Au
Inferred resources – 2,438 koz Au Inferred resources – 179 koz Au
See AEM Feb 15, 2012 press release for detailed breakdown of reserves and resources. 22
23. Meliadine – High Grade Underground Gold Reserve
Ramp Extension Expected to Begin in 2013
2012 Exploration Focus
23
24. Kittila – Our Largest Gold Deposit
Still open for exploration at depth and to the North
2011 exploration expanded reserves and resources in Roura and Rimpi trends
$16M in exploration, 10 – 12 drills in 2012
2012 Focus
Area
24
25. Business Is Positioned To Deliver Moving Forward
No Change in Strategy or Focus
AEM is among industry leaders in per share production, reserves, cash
flows and dividends
24% production growth anticipated through 2014 from existing mines,
with minimal capex required
Solid, achievable production and cost guidance
Expecting growth in reserves through exploration of existing assets
Business generating strong cash flows
Allocated to dividends, exploration and re-investing in our core assets
25
29. Gold and Silver Reserves and Resources
December 31, 2011
Tonnes Gold Gold Tonnes Silver Silver
Gold (000’s) (g/t) (ounces) Silver (000’s) (g/t) (ounces)
(000’s) (000’s)
Proven 11,029 2.80 994 Proven 7,318 45.35 10,670
Probable 146,057 3.78 17,757 Probable 72,693 45.06 105,319
Total Total
157,086 3.71 18,750 80,011 45.09 115,989
Reserves Reserves
Measured & Measured &
168,336 1.78 9,633 27,801 27.24 24,344
Indicated Indicated
Inferred 131,216 2.30 9,712 Inferred 34,513 19.00 21,082
See AEM Feb 15, 2012 press release for detailed breakdown of reserves and resources.
30. Copper, Zinc and Lead Reserves and Resources
December 31, 2011
Tonnes Copper Copper Tonnes Zinc Zinc Tonnes Lead Lead
Copper Zinc Lead
(000’s) (%) (tonnes) (000’s) (%) (tonnes) (000’s) (%) (tonnes)
Proven 5,331 0.28 15,025 Proven 5,331 2.04 108,626 Proven 5,331 0.23 12,391
Probable 27,901 0.27 76,160 Probable 27,901 0.77 215,522 Probable 27,901 0.05 13,441
Total Total Total
33,232 0.27 91,184 33,232 0.98 324,149 33,232 0.08 25,832
Reserves Reserves Reserves
Indicated 7,225 0.12 8,629 Indicated 7,225 1.49 107,338 Indicated 7,225 0.15 11,127
Inferred 11,400 0.26 29,664 Inferred 11,400 0.44 49,745 Inferred 11,400 0.05 5,138
See AEM Feb 15, 2012 press release for detailed breakdown of reserves and resources.
*Calculated grades 30
31. Notes to Investors Regarding the Use of Resources
Cautionary Note to Investors Concerning Estimates of Measured and Indicated Resources
This document uses the terms "measured resources" and "indicated resources". We advise investors that while those terms are recognized and required
by Canadian regulations, the SEC does not recognize them. Investors are cautioned not to assume that any part or all of mineral deposits in these
categories will ever be converted into reserves.
Cautionary Note to Investors Concerning Estimates of Inferred Resources
This document also uses the term "inferred resources". We advise investors that while this term is recognized and required by Canadian regulations, the
SEC does not recognize it. "Inferred resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and
legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules,
estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to
assume that part or all of an inferred resource exists, or is economically or legally mineable.
Scientific and Technical Data
Agnico-Eagle Mines Limited is reporting mineral resource and reserve estimates in accordance with the CIM guidelines for the estimation, classification and
reporting of resources and reserves.
Cautionary Note To U.S. Investors - The SEC permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a
company can economically and legally extract or produce. Agnico-Eagle uses certain terms in this press release, such as “measured”, “indicated”, and
“inferred”, and “resources” that the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. investors are
urged to consider closely the disclosure in our Form 20-F, which may be obtained from us, or from the SEC’s website at: http://sec.gov/edgar.shtml. A
“final” or “bankable” feasibility study is required to meet the requirements to designate reserves under Industry Guide 7.
Estimates for all properties were calculated using historic three-year average metals prices and foreign exchange rates in accordance with the SEC
Industry Guide 7. Industry Guide 7 requires the use of prices that reflect current economic conditions at the time of reserve determination, which the Staff
of the SEC has interpreted to mean historic three-year average prices. The assumptions used for the mineral reserves and resources estimates reported
by the Company on February 15, 2012 were based on three-year average prices for the period ending December 31, 2011 of $1,255 per ounce gold,
$23.00 per ounce silver, $0.91 per pound zinc, $3.25 per pound copper, $0.95 per pound lead and C$/US$, US$/Euro and MXP/US$ exchange rates of
1.05, 1.37 and 12.86, respectively.
The Canadian Securities Administrators’ National Instrument 43-101 (“NI 43-101”) requires mining companies to disclose reserves and resources using the
subcategories of “proven” reserves, “probable” reserves, “measured” resources, “indicated” resources and “inferred” resources. Mineral resources that are
not mineral reserves do not have demonstrated economic viability.
31
32. Notes to Investors Regarding the Use of Resources
A mineral reserve is the economically mineable part of a measured or indicated mineral resource demonstrated by at least a preliminary feasibility study.
This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of
reporting, that economic extraction can be justified. A mineral reserve includes diluting materials and allows for losses that may occur when the material is
mined. A proven mineral reserve is the economically mineable part of a measured mineral resource demonstrated by at least a preliminary feasibility study.
A probable mineral reserve is the economically mineable part of an indicated, and in some circumstances, a measured mineral resource demonstrated by
at least a preliminary feasibility study.
A mineral resource is a concentration or occurrence of natural, solid, inorganic material, or natural solid fossilized organic material including base and
precious metals in or on the Earth’s crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction.
The location, quantity, grade, geological characteristics and continuity of a mineral resource are known, estimated or interpreted from specific geological
evidence and knowledge. A measured mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical
characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic
parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable
exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill
holes that are spaced closely enough to confirm both geological and grade continuity. An indicated mineral resource is that part of a mineral resource for
which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate
application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based
on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits,
workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed. An inferred mineral resource is that
part of a mineral resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and
reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through
appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. Mineral resources which are not mineral reserves do not
have demonstrated economic viability.
Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.
A Feasibility Study is a comprehensive technical and economic study of the selected development option for a mineral project that includes appropriately
detailed assessments of realistically assumed mining, processing, metallurgical, economic, marketing, legal, environmental, social and governmental
considerations together with any other relevant operational factors and detailed financial analysis, that are necessary to demonstrate at the time of
reporting that extraction is reasonably justified (economically mineable). The results of the study may reasonably serve as the basis for a final decision by a
proponent or financial institution to proceed with, or finance, the development of the project. The confidence level of the study will be higher than that of a
Pre-Feasibility Study.
The effective date for all of the Company’s mineral resource and reserve estimates in this document is December 31, 2011. Additional information about
each of the mineral projects that is required by NI 43-101, sections 3.2 and 3.3 and paragraphs 3.4 (a), (c) and (d) can be found in the Technical Reports
referred to above, which may be found at www.sedar.com. Other important operating information can be found in the Company’s Form 20-F and its news
release dated February 15, 2012.
The contents of this document have been prepared under the supervision of, and reviewed by, Marc Legault P.Eng., Senior Vice-President Project
Development and a “Qualified Person” for the purposes of NI 43-101.
32
33. 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 Executive and Registered Office:
President and 145 King Street East, Suite 400
Chief Executive Officer Toronto, Ontario, Canada, M5C 2Y7
Ammar Al-Joundi Tel: 416-947-1212
SVP Finance and Toll-Free: 888-822-6714
Chief Financial Officer Fax: 416-367-4681
David Smith
SVP, Strategic Planning & Investor
Relations
Trading Symbol:
AEM on TSX & NYSE
Investor Relations:
416-947-1212
info@agnico-eagle.com
agnico-eagle.com
