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Building and Managing a
Quality Gold Business in a
Challenging Price Environment

David Smith, SVP Finance
and CFO
agnicoeagle.com

CIBC Whistler Conference
January 2014
FORWARD LOOKING STATEMENTS
The information in this document has been prepared as at January 15, 2014. 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 mine sites 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, 2012, 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. Alain Blackburn, a Qualified Person and the
Company’s Senior Vice-President, Exploration, reviewed the technical information disclosed herein. For a detailed breakdown of the Company’s
reserve and resource position see the February 13, 2013 press release on the Company’s website. That press release also lists the Qualified
Persons for each project.

agnicoeagle.com

2
NOTES TO INVESTORS
Note Regarding the Use of Non-GAAP Financial Measures
This document presents estimates of future “total cash cost per ounce”, and “all-in sustaining cost per ounce of gold produced” 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 that the Company expects to incur to
mine gold at the applicable sites 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 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, 2012, 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 and 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.

agnicoeagle.com

3
GOLD PRICE ENVIRONMENT
2013 was a volatile year for gold prices

 The gold price averaged $1425/oz in 2013 (with a high of $1694/oz in January
and a low of $1192/oz in June)
 Investors sold ETF positions and gold shares in favor of US equity investments
 Physical demand has remained strong, especially in eastern markets
 China, India, and Central Bank demand roughly equals annual mine supply –
physical gold moving to stronger hands
 Mine supply could be under pressure; Unlike previous cycles, gold producers
appear to have no safety margin to manage much lower gold prices:
 No hedge books
 No ability to high-grade deposits
 Few sources of new financing
 Gold price likely to remain range bound ($1,150 - $1,400/oz) in the
medium term

agnicoeagle.com

4
DEFINING A HIGH QUALITY GOLD EQUITY
Investor Requirements:
 Producers with solid,
achievable growth



 Ability to deliver on guidance

Low political risk



Experienced management
with consistent, focused
strategy

 Low Cost Structure with ability
to deliver margin expansion


Return of capital (Yield)

Manageable business

Agnico Eagle
agnicoeagle.com

5
AEM Stock Performance in 2014
A challenging year, but strong Q3 results lifted the stock through year-end

1 Year Performance

Q4 Performance
Agnico

5%

Barrick

-38%
-38%

-2%

Centerra

-4%

Osisko

Osisko

-46%

-9%

Yamana

-47%

-8%

Average

Randgold

-43%

-6%

Kinross

Goldcorp

Agnico

-49%

Average

Eldorado

-11%

-50%

Barrick

Goldcorp

-12%

-51%

Newmont

Yamana

-12%

Randgold

-13%

Newmont

Eldorado

-54%

-15%

Centerra

-55%

IAMGOLD -26%
-30%

Kinross

-52%

IAMGOLD

-70%
-20%

-10%

0%

10%

-80%

-60%

-40%

-20%

0%

Source: Bloomberg

agnicoeagle.com

6
AEM – DELIVERING RESULTS IN A CHALLENGING ENVIRONMENT
► Record Q3’13 gold production of 315,828 oz at a total cash cost of $591/oz
► 2013 Production guidance increased to approximately 1,060,000 oz of gold
► 2013 Total cash cost guidance reduced to approximately $690/oz
► 2013 all-in sustaining cost estimate is reduced to $1,025/oz (from $1,100/oz)
► Improved cash flow generation for 2013 and 2014 expected through cost
savings and increased production guidance – potential total impact
approximately $400 million
► Goldex and La India contributing to ~20% production growth through 2015

agnicoeagle.com

7
AEM – MANAGEABLE, SOLID BUSINESS
Full year 2013 production revised higher to 1,060,000 moz gold
EXPECTED
PRODUCTION1

YTD 2013
Total
Production Cash Cost
(Gold oz)
($/oz)
LaRonde

2014
(Gold oz)

2015
(Gold oz)

130,445

$801

215,000

250,000

1,505

N/A

49,000

85,000

Kittila

104,711

$564

165,000

160,000

Lapa

74,407

$687

96,000

65,000

Meadowbank

307,180

$828

367,000

350,000

Northern Business

618,248

$760

892,000

910,000

Pinos Altos

135,283

$402

136,000

161,000

23,361

$511

52,000

55,000

40,000

Agnico Eagle 2015E Production
Profile By Country

81,000

Goldex

Creston Mascota
La India
Southern Business

158,644

$428

228,000

776,892

$692 1,120,000

CANADA
62%

MEXICO
25%

297,000

AEM Total

FINLAND
13%

1,207,000

1.As per Feb 14, 2013 press release.

agnicoeagle.com

8
LOW POLITICAL RISK, MINING FRIENDLY JURISDICTIONS
 Operating in low political risk theatres helps create a manageable business

Production weighted Fraser institute Policy Potential Index scores by company (2012-2015)

Source: Fraser Institute, Barclays, Absa and company data

agnicoeagle.com

9
FINANCIAL POSITION
Adequate cash balance with financial flexibility
Sep. 30, 2013

ALL AMOUNTS ARE IN US$, (unless otherwise indicated)
CASH AND CASH EQUIVALENTS (millions)

$142

LONG TERM DEBT (millions)

$950

AVAILABLE CREDIT FACILITIES

$1.05 Billion

COMMON SHARES OUTSTANDING, BASIC (Q3’13 Weighted average, millions)

173.1

COMMON SHARES OUTSTANDING, FULLY DILUTED (Q3’13 Weighted average, millions)

173.5

Long-Term Debt Maturities
2017
Notes Outstanding (millions)
Coupon

agnicoeagle.com

2020

2022

2024

$115

$360

$225

$100

6.13%

6.67%

5.93%

5.02%

10
MODERATE, ACHIEVABLE PRODUCTION GROWTH
Low political risk, mining-friendly jurisdictions

Payable Gold Production Profile (oz)
1,250,000
1,200,000
1,150,000
1,100,000
1,050,000
1,000,000
950,000
900,000
2010A

2011A

2012A

Actual

agnicoeagle.com

2013E

2014E

2015E

Estimate

11
PROJECTED CAPITAL SPENDING

Capital Expenditures (US$ 000’s)
$1,200,000

$1,000,000

$800,000

$600,000

$400,000

$200,000

$0
2008A

2009A

2010A

Actual

agnicoeagle.com

2011A

2012A

2013E

2014E

Estimate

12
SOUTHERN
BUSINESS

agnicoeagle.com
MEXICO – WORLD CLASS MINING JURISDICTION
 Skilled workforce, excellent mineral potential, and a well respected mining industry
 Mining is the fourth largest sector in the Mexico economy
 AEM operations are in two of the top gold producing northern states of Chihuahua
and Sonora

Capital Investment in Mexican Mining Industry (US$M)
$9,000

200

400

600

800

1000

1200

Sonora

$7,000

Zacatecas

$5,612

$6,000

Chihuahua

$5,000
$3,000

0

$8,043

$8,000

$4,000

2012 Gold Production by State (koz)

$2,858

Guerrero

$3,310

Durango

$2,000

SLP

$1,000

Oxaca

$0
2009

2010

Years

2011

2012

Other
Source: Camimex Annual Report 2012.

agnicoeagle.com

14
AGNICO EAGLE MEXICO - LARGE LAND POSITIONS

agnicoeagle.com

15
AEM SUCCESS IN MEXICO
Solid operations, Steady growth and Exploration upside

 Pinos Altos was acquired in 2006 for $80 million; Began operations in Q4 2009
 Creston Mascota was developed as a satellite project to Pinos Altos in 2011
 Pinos Altos is now the 3rd largest gold producer in Mexico and is one of AEM’s
biggest cash flow generators (~$800 million in cumulative operating cash flow)
 With an estimated 17 year LOM, and several potential satellite targets, Pinos
Altos should remain a key cash flow contributor
 The company acquired the La India project in November 2011; Commissioning
and first gold pour less than two years after acquisition
 1500 AEM employees in Mexico have a proven track record and are well
positioned to continue delivering shareholder returns and future growth

agnicoeagle.com

16
PINOS ALTOS & CRESTON MASCOTA
Future development potential at various satellite zones
Cubiro
Creston Mascota
Bravo

Sinter
Reyna de Plata
Cerro Colorado
Santo Nino

San Eligio

Oberon de Weber
El Apache

2.5 km

agnicoeagle.com

17
Q3 12

55,043

Q2 12

46,071

Q4 11

52,492

Q3 11

57,016

43,440

Q2 11

57,530

Q2 10

61,973

Q1 10

52,574

20,000

25,619

30,000

Q2 13

Q3 13

10,823

40,000

52,739

26,228

50,000

35,248

60,000

39,955

70,000

51,066

Quarterly Payable Au Oz Production

63,356

PINOS ALTOS & CRESTON MASCOTA - Gold & Silver Production Trends

10,000
0

Q3 11

Q4 11

Q1 12

537,000

Q1 11

452,000

Q4 10

507,000

Q2 10

508,000

Q1 10

406,000

200,000

225,000

300,000

90,000

400,000

222,000

500,000

290,000

600,000

428,000

700,000

485,000

Quarterly Payable Ag Oz Production

Q4 12

Q1 13

614,000

Q1 12

619,000

Q1 11

616,000

Q4 10

628,000

Q3 10

639,000

Q4 09

Q3 12

Q4 12

Q1 13

Q2 13

Q3 13

100,000
0
Q4 09

agnicoeagle.com

Q3 10

Q2 11

Q2 12

18
PINOS ALTOS & CRESTON MASCOTA
Stable Production Expenses Over the Past 2.5 Years

Production Expenses by Quarter- Pinos Altos and Creston Mascota
45.0
40.0

39.0

40.8

40.1
36.5

35.0

40.0

38.9

36.9

35.1

35.4

34.7

30.0
25.0
20.0
15.0
10.0
5.0

agnicoeagle.com

Q3 2013

Q2 2013

Q1 2013

Q4 2012

Q3 2012

Q2 2012

Q1 2012

Q4 2011

Q3 2011

Q2 2011

-

19
LA INDIA
Commercial production expected in Q1 2014

• Leaching commenced in Q4 2013,
with the first gold pour in November
• Gold production expected to average
approximately 90 koz/yr @ average
total cash costs of approximately
$500/oz
• Project ahead of schedule and on
budget -$157.6 million
• Commissioning began 22 months
after acquisition
• Low technical risk
• Metallurgical testing of La India
sulphides and Tarachi mineralization
continues

agnicoeagle.com

20
NORTHERN
BUSINESS

agnicoeagle.com
CANADA - QUEBEC
Established, experienced business with upside potential

 LaRonde – Agnico Eagle’s flagship mine, operating for 25 years with 14 years of
remaining mine life
 Commissioning of cooling plant underway
 Gold production expected to expand to over 300,000 oz in 2015-2018; Driven
by significant increases in expected gold grade
 Lapa – Steady operation demonstrates effective cost control
 Potential to expand mine life past 2015 through Zulapa extension
 Goldex – Commercial production achieved in Q4’13
 Expected to add approximately 90,000 oz annually to the Company’s
production profile
 Technical studies continue on other satellite zones; Could provide meaningful
extension to the mine life

agnicoeagle.com

22
CANADA - NUNAVUT
Record quarterly gold production at Meadowbank
 Meadowbank - Record quarterly production – 133 koz at $623 cash costs
 Excellent cost control due to improved productivity and cost reduction initiatives
 Grades forecast to remain strong through the first half of 2014

 Meliadine - Project has possibility to be the Company’s largest producing asset
 2014 capital expenditures reduced by $80 million to $45 million
 Program will focus on ramp development and exploration drilling
 Updated technical study on track for H2 2014
 Encouraging exploration results from Tiriganiaq, Normeg, Pump South, and F
Zones

agnicoeagle.com

23
FINLAND – KITTILA
Production positively impacted by high-grade pit pillar

 Better SAG mill performance and
simplified autoclave operation following
the Q2 2013 relining
 Record 3Q’13 gold production on
increased throughput, and recoveries
 750 tpd mill expansion remains on
budget and schedule
 Remains Agnico Eagle’s largest
reserve asset, with significant
exploration and expansion potential

agnicoeagle.com

P&P GOLD RESERVES (million oz)

4.8

AVERAGE GOLD RESERVE GRADE (g/t)

4.5

Indicated resource (million oz)
(7.8 M tonnes @ 2.65 g/t)

0.7

Inferred resource (million oz)
(19.0 M tonnes @ 3.88 g/t)

2.4

Estimated LOM (years)

25

See AEM Feb 13, 2013 press release for detailed breakdown of reserves and resources.

24
Why Agnico Eagle?
► Delivering on production - strong operating performance expected to
continue into 2014
► Funded production growth - expecting ~20% growth from 2013 to 2015
► Experienced management team with historical perspective
– CEO Sean Boyd has been with the company for 28 years
► Diversified technical expertise
– deep UG, open pit, high arctic, and autoclave operations
► Mines in stable, low political risk jurisdictions
► Balance sheet flexibility
► 31 years of consecutive dividend payments
► Consistent acquisition strategy – small scale, early stage investments with
exploration upside
agnicoeagle.com

25
APPENDIX

agnicoeagle.com
15-Year Indexed Share Performance
AEM - US
Start Date
2/6/1998
End Date 12/31/2013
Start Price
$6.19
Final Price
$26.79
CAGR
10.37%

XAU Index
Start Date
2/6/1998
End Date 12/31/2013
Start Price
$76.18
Final Price
$85.77
CAGR
0.69%

Gold Spot
Start Date
2/6/1998
End Date 12/31/2013
Start Price
$298.15
Final Price
$1,225.99
CAGR
9.33%

2000%

1500%

1000%

AEM US Equity
XAU Index
Gold Spot

500%

0%
02/01/1998

19/05/2000

11/10/2002

02/03/2005

20/07/2007

04/12/2009

24/04/2012

Source: Bloomberg

agnicoeagle.com

27
COST EFFECTIVE EXPLORATION REFLECTS SUCCESSFUL M&A STRATEGY
Significant exploration results at acquired properties
9,000

+5644 koz

6,000

+3085 koz

+3161 koz

Mined
Proven &
Probable
Measured &
Indicated
Inferred

+1105 koz

3,000

+1097 koz

$200
$150
$100
$50

$18

La India
'12

La India
'11

Meliadine
'12

Meliadine
'10

Meadow
bank '12

$186

$173

Purchase Cost per Oz
Discovery Cost per Oz
$54

Meadow
bank '07

Pinos
Altos '12

Pinos
Altos '06

Kittila '12

Kittila '05

0

$121
$43

$27

$48

$26

$10

$0
Kittila

Pinos Altos

Meadowbank

Meliadine

La India

Note: The terms “measured resources”, “indicated resources” and “inferred resources” are not recognized under the SEC guidelines. Detailed information can be
found in the February 13, 2013 press release.

agnicoeagle.com

28
GOLD AND SILVER RESERVES AND RESOURCES
December 31, 2012

Gold

Tonnes
(000’s)

Gold
(g/t)

Gold
(ounces)
(000’s)

Proven

13,836

3.13

1,394

Probable

170,300

3.16

17,286

Total
Reserves

184,136

3.16

18,681

Measured &
Indicated

140,995

1.79

8,104

Inferred

199,503

1.90

12,159

Tonnes
(000’s)

Silver
(g/t)

Silver
(ounces)
(000’s)

9,390

47.30

14,281

Probable

57,536

43.93

81,256

Total
Reserves

66,926

44.40

95,537

Measured &
Indicated

23,379

31.95

24,015

Inferred

36,479

20.66

24,228

Silver

Proven

See AEM Feb 13, 2013 press release for detailed breakdown of reserves and resources. Reserves are not a subset of resources.

agnicoeagle.com

29
COPPER, ZINC AND LEAD RESERVES AND RESOURCES
December 31, 2012

Copper

Tonnes Copper Copper

Zinc

Tonnes

Zinc

Zinc

(000’s)

(%)

(tonnes)

6,323

1.06

67,211

Lead

Tonnes

Lead

(%) (tonnes)

6,323

0.30 18,744

Proven

Probable

22,462

0.24 53,835

Probable

22,462

0.68 152,973

Probable

22,462

0.05 10,304

Total
Reserves

28,786

0.25 72,580

Total
Reserves

28,786

0.76 220,184

Total
Reserves

28,786

0.06 18,042

Indicated

5,432

0.12

Indicated

5,432

1.50

81,551

Indicated

5,432

0.15

8,071

11,887

0.58

69,048

Inferred

11,887

0.05

5,375

Proven

Inferred

11,887

6,644

0.25 29,317

Inferred

Proven

(000’s)

Lead

(000’s)

6,323

(%) (tonnes)

0.12

7,738

See AEM Feb 13, 2013 press release for detailed breakdown of reserves and resources. Reserves are not a subset of resources.

agnicoeagle.com

30
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 at the Lapa, Meadowbank
and Creston Mascota mines and the Goldex and Meliadine projects reported by the Company on February 13, 2013 are based on three-year average prices for
the period ending December 31, 2012 of $1,490 per ounce gold, $29.00 per ounce silver, $0.95 per pound zinc, $3.67 per pound copper, $1.00 per pound lead
and C$/US$, US$/Euro and MXP/US$ exchange rates of 1.00, 1.34 and 12.75, respectively. The assumptions used for the mineral reserves and resources
estimates at the LaRonde, Pinos Altos and Kittila mines and the La India and Tarachi projects reported by the Company on February 13, 2013 were based on
three-year average prices for the period ending June 30, 2012 of $1,345 per ounce gold, $25.00 per ounce silver, $0.95 per pound zinc, $3.49 per pound
copper, $0.99 per pound lead and C$/US$, US$/Euro and MXP/US$ exchange rates of 1.00, 1.30 and 13.00, 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.

agnicoeagle.com
agnicoeagle.com

31
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 presentation is December 31, 2012. 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 this news
release dated February 13, 2013.
Alain Blackburn, a Qualified Person and the Company’s Senior Vice-President, Exploration, reviewed the technical information disclosed herein.

agnicoeagle.com
agnicoeagle.com

32
agnicoeagle.com

Trading Symbol:
AEM on TSX & NYSE
Investor Relations:
416-847-8665
info@agnicoeagle.com

agnicoeagle.com

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CIBC Whistler Institutional Investor Conference 2014

  • 1. Building and Managing a Quality Gold Business in a Challenging Price Environment David Smith, SVP Finance and CFO agnicoeagle.com CIBC Whistler Conference January 2014
  • 2. FORWARD LOOKING STATEMENTS The information in this document has been prepared as at January 15, 2014. 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 mine sites 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, 2012, 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. Alain Blackburn, a Qualified Person and the Company’s Senior Vice-President, Exploration, reviewed the technical information disclosed herein. For a detailed breakdown of the Company’s reserve and resource position see the February 13, 2013 press release on the Company’s website. That press release also lists the Qualified Persons for each project. agnicoeagle.com 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 “all-in sustaining cost per ounce of gold produced” 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 that the Company expects to incur to mine gold at the applicable sites 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 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, 2012, 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 and 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. agnicoeagle.com 3
  • 4. GOLD PRICE ENVIRONMENT 2013 was a volatile year for gold prices  The gold price averaged $1425/oz in 2013 (with a high of $1694/oz in January and a low of $1192/oz in June)  Investors sold ETF positions and gold shares in favor of US equity investments  Physical demand has remained strong, especially in eastern markets  China, India, and Central Bank demand roughly equals annual mine supply – physical gold moving to stronger hands  Mine supply could be under pressure; Unlike previous cycles, gold producers appear to have no safety margin to manage much lower gold prices:  No hedge books  No ability to high-grade deposits  Few sources of new financing  Gold price likely to remain range bound ($1,150 - $1,400/oz) in the medium term agnicoeagle.com 4
  • 5. DEFINING A HIGH QUALITY GOLD EQUITY Investor Requirements:  Producers with solid, achievable growth   Ability to deliver on guidance Low political risk  Experienced management with consistent, focused strategy  Low Cost Structure with ability to deliver margin expansion  Return of capital (Yield) Manageable business Agnico Eagle agnicoeagle.com 5
  • 6. AEM Stock Performance in 2014 A challenging year, but strong Q3 results lifted the stock through year-end 1 Year Performance Q4 Performance Agnico 5% Barrick -38% -38% -2% Centerra -4% Osisko Osisko -46% -9% Yamana -47% -8% Average Randgold -43% -6% Kinross Goldcorp Agnico -49% Average Eldorado -11% -50% Barrick Goldcorp -12% -51% Newmont Yamana -12% Randgold -13% Newmont Eldorado -54% -15% Centerra -55% IAMGOLD -26% -30% Kinross -52% IAMGOLD -70% -20% -10% 0% 10% -80% -60% -40% -20% 0% Source: Bloomberg agnicoeagle.com 6
  • 7. AEM – DELIVERING RESULTS IN A CHALLENGING ENVIRONMENT ► Record Q3’13 gold production of 315,828 oz at a total cash cost of $591/oz ► 2013 Production guidance increased to approximately 1,060,000 oz of gold ► 2013 Total cash cost guidance reduced to approximately $690/oz ► 2013 all-in sustaining cost estimate is reduced to $1,025/oz (from $1,100/oz) ► Improved cash flow generation for 2013 and 2014 expected through cost savings and increased production guidance – potential total impact approximately $400 million ► Goldex and La India contributing to ~20% production growth through 2015 agnicoeagle.com 7
  • 8. AEM – MANAGEABLE, SOLID BUSINESS Full year 2013 production revised higher to 1,060,000 moz gold EXPECTED PRODUCTION1 YTD 2013 Total Production Cash Cost (Gold oz) ($/oz) LaRonde 2014 (Gold oz) 2015 (Gold oz) 130,445 $801 215,000 250,000 1,505 N/A 49,000 85,000 Kittila 104,711 $564 165,000 160,000 Lapa 74,407 $687 96,000 65,000 Meadowbank 307,180 $828 367,000 350,000 Northern Business 618,248 $760 892,000 910,000 Pinos Altos 135,283 $402 136,000 161,000 23,361 $511 52,000 55,000 40,000 Agnico Eagle 2015E Production Profile By Country 81,000 Goldex Creston Mascota La India Southern Business 158,644 $428 228,000 776,892 $692 1,120,000 CANADA 62% MEXICO 25% 297,000 AEM Total FINLAND 13% 1,207,000 1.As per Feb 14, 2013 press release. agnicoeagle.com 8
  • 9. LOW POLITICAL RISK, MINING FRIENDLY JURISDICTIONS  Operating in low political risk theatres helps create a manageable business Production weighted Fraser institute Policy Potential Index scores by company (2012-2015) Source: Fraser Institute, Barclays, Absa and company data agnicoeagle.com 9
  • 10. FINANCIAL POSITION Adequate cash balance with financial flexibility Sep. 30, 2013 ALL AMOUNTS ARE IN US$, (unless otherwise indicated) CASH AND CASH EQUIVALENTS (millions) $142 LONG TERM DEBT (millions) $950 AVAILABLE CREDIT FACILITIES $1.05 Billion COMMON SHARES OUTSTANDING, BASIC (Q3’13 Weighted average, millions) 173.1 COMMON SHARES OUTSTANDING, FULLY DILUTED (Q3’13 Weighted average, millions) 173.5 Long-Term Debt Maturities 2017 Notes Outstanding (millions) Coupon agnicoeagle.com 2020 2022 2024 $115 $360 $225 $100 6.13% 6.67% 5.93% 5.02% 10
  • 11. MODERATE, ACHIEVABLE PRODUCTION GROWTH Low political risk, mining-friendly jurisdictions Payable Gold Production Profile (oz) 1,250,000 1,200,000 1,150,000 1,100,000 1,050,000 1,000,000 950,000 900,000 2010A 2011A 2012A Actual agnicoeagle.com 2013E 2014E 2015E Estimate 11
  • 12. PROJECTED CAPITAL SPENDING Capital Expenditures (US$ 000’s) $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $0 2008A 2009A 2010A Actual agnicoeagle.com 2011A 2012A 2013E 2014E Estimate 12
  • 14. MEXICO – WORLD CLASS MINING JURISDICTION  Skilled workforce, excellent mineral potential, and a well respected mining industry  Mining is the fourth largest sector in the Mexico economy  AEM operations are in two of the top gold producing northern states of Chihuahua and Sonora Capital Investment in Mexican Mining Industry (US$M) $9,000 200 400 600 800 1000 1200 Sonora $7,000 Zacatecas $5,612 $6,000 Chihuahua $5,000 $3,000 0 $8,043 $8,000 $4,000 2012 Gold Production by State (koz) $2,858 Guerrero $3,310 Durango $2,000 SLP $1,000 Oxaca $0 2009 2010 Years 2011 2012 Other Source: Camimex Annual Report 2012. agnicoeagle.com 14
  • 15. AGNICO EAGLE MEXICO - LARGE LAND POSITIONS agnicoeagle.com 15
  • 16. AEM SUCCESS IN MEXICO Solid operations, Steady growth and Exploration upside  Pinos Altos was acquired in 2006 for $80 million; Began operations in Q4 2009  Creston Mascota was developed as a satellite project to Pinos Altos in 2011  Pinos Altos is now the 3rd largest gold producer in Mexico and is one of AEM’s biggest cash flow generators (~$800 million in cumulative operating cash flow)  With an estimated 17 year LOM, and several potential satellite targets, Pinos Altos should remain a key cash flow contributor  The company acquired the La India project in November 2011; Commissioning and first gold pour less than two years after acquisition  1500 AEM employees in Mexico have a proven track record and are well positioned to continue delivering shareholder returns and future growth agnicoeagle.com 16
  • 17. PINOS ALTOS & CRESTON MASCOTA Future development potential at various satellite zones Cubiro Creston Mascota Bravo Sinter Reyna de Plata Cerro Colorado Santo Nino San Eligio Oberon de Weber El Apache 2.5 km agnicoeagle.com 17
  • 18. Q3 12 55,043 Q2 12 46,071 Q4 11 52,492 Q3 11 57,016 43,440 Q2 11 57,530 Q2 10 61,973 Q1 10 52,574 20,000 25,619 30,000 Q2 13 Q3 13 10,823 40,000 52,739 26,228 50,000 35,248 60,000 39,955 70,000 51,066 Quarterly Payable Au Oz Production 63,356 PINOS ALTOS & CRESTON MASCOTA - Gold & Silver Production Trends 10,000 0 Q3 11 Q4 11 Q1 12 537,000 Q1 11 452,000 Q4 10 507,000 Q2 10 508,000 Q1 10 406,000 200,000 225,000 300,000 90,000 400,000 222,000 500,000 290,000 600,000 428,000 700,000 485,000 Quarterly Payable Ag Oz Production Q4 12 Q1 13 614,000 Q1 12 619,000 Q1 11 616,000 Q4 10 628,000 Q3 10 639,000 Q4 09 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 100,000 0 Q4 09 agnicoeagle.com Q3 10 Q2 11 Q2 12 18
  • 19. PINOS ALTOS & CRESTON MASCOTA Stable Production Expenses Over the Past 2.5 Years Production Expenses by Quarter- Pinos Altos and Creston Mascota 45.0 40.0 39.0 40.8 40.1 36.5 35.0 40.0 38.9 36.9 35.1 35.4 34.7 30.0 25.0 20.0 15.0 10.0 5.0 agnicoeagle.com Q3 2013 Q2 2013 Q1 2013 Q4 2012 Q3 2012 Q2 2012 Q1 2012 Q4 2011 Q3 2011 Q2 2011 - 19
  • 20. LA INDIA Commercial production expected in Q1 2014 • Leaching commenced in Q4 2013, with the first gold pour in November • Gold production expected to average approximately 90 koz/yr @ average total cash costs of approximately $500/oz • Project ahead of schedule and on budget -$157.6 million • Commissioning began 22 months after acquisition • Low technical risk • Metallurgical testing of La India sulphides and Tarachi mineralization continues agnicoeagle.com 20
  • 22. CANADA - QUEBEC Established, experienced business with upside potential  LaRonde – Agnico Eagle’s flagship mine, operating for 25 years with 14 years of remaining mine life  Commissioning of cooling plant underway  Gold production expected to expand to over 300,000 oz in 2015-2018; Driven by significant increases in expected gold grade  Lapa – Steady operation demonstrates effective cost control  Potential to expand mine life past 2015 through Zulapa extension  Goldex – Commercial production achieved in Q4’13  Expected to add approximately 90,000 oz annually to the Company’s production profile  Technical studies continue on other satellite zones; Could provide meaningful extension to the mine life agnicoeagle.com 22
  • 23. CANADA - NUNAVUT Record quarterly gold production at Meadowbank  Meadowbank - Record quarterly production – 133 koz at $623 cash costs  Excellent cost control due to improved productivity and cost reduction initiatives  Grades forecast to remain strong through the first half of 2014  Meliadine - Project has possibility to be the Company’s largest producing asset  2014 capital expenditures reduced by $80 million to $45 million  Program will focus on ramp development and exploration drilling  Updated technical study on track for H2 2014  Encouraging exploration results from Tiriganiaq, Normeg, Pump South, and F Zones agnicoeagle.com 23
  • 24. FINLAND – KITTILA Production positively impacted by high-grade pit pillar  Better SAG mill performance and simplified autoclave operation following the Q2 2013 relining  Record 3Q’13 gold production on increased throughput, and recoveries  750 tpd mill expansion remains on budget and schedule  Remains Agnico Eagle’s largest reserve asset, with significant exploration and expansion potential agnicoeagle.com P&P GOLD RESERVES (million oz) 4.8 AVERAGE GOLD RESERVE GRADE (g/t) 4.5 Indicated resource (million oz) (7.8 M tonnes @ 2.65 g/t) 0.7 Inferred resource (million oz) (19.0 M tonnes @ 3.88 g/t) 2.4 Estimated LOM (years) 25 See AEM Feb 13, 2013 press release for detailed breakdown of reserves and resources. 24
  • 25. Why Agnico Eagle? ► Delivering on production - strong operating performance expected to continue into 2014 ► Funded production growth - expecting ~20% growth from 2013 to 2015 ► Experienced management team with historical perspective – CEO Sean Boyd has been with the company for 28 years ► Diversified technical expertise – deep UG, open pit, high arctic, and autoclave operations ► Mines in stable, low political risk jurisdictions ► Balance sheet flexibility ► 31 years of consecutive dividend payments ► Consistent acquisition strategy – small scale, early stage investments with exploration upside agnicoeagle.com 25
  • 27. 15-Year Indexed Share Performance AEM - US Start Date 2/6/1998 End Date 12/31/2013 Start Price $6.19 Final Price $26.79 CAGR 10.37% XAU Index Start Date 2/6/1998 End Date 12/31/2013 Start Price $76.18 Final Price $85.77 CAGR 0.69% Gold Spot Start Date 2/6/1998 End Date 12/31/2013 Start Price $298.15 Final Price $1,225.99 CAGR 9.33% 2000% 1500% 1000% AEM US Equity XAU Index Gold Spot 500% 0% 02/01/1998 19/05/2000 11/10/2002 02/03/2005 20/07/2007 04/12/2009 24/04/2012 Source: Bloomberg agnicoeagle.com 27
  • 28. COST EFFECTIVE EXPLORATION REFLECTS SUCCESSFUL M&A STRATEGY Significant exploration results at acquired properties 9,000 +5644 koz 6,000 +3085 koz +3161 koz Mined Proven & Probable Measured & Indicated Inferred +1105 koz 3,000 +1097 koz $200 $150 $100 $50 $18 La India '12 La India '11 Meliadine '12 Meliadine '10 Meadow bank '12 $186 $173 Purchase Cost per Oz Discovery Cost per Oz $54 Meadow bank '07 Pinos Altos '12 Pinos Altos '06 Kittila '12 Kittila '05 0 $121 $43 $27 $48 $26 $10 $0 Kittila Pinos Altos Meadowbank Meliadine La India Note: The terms “measured resources”, “indicated resources” and “inferred resources” are not recognized under the SEC guidelines. Detailed information can be found in the February 13, 2013 press release. agnicoeagle.com 28
  • 29. GOLD AND SILVER RESERVES AND RESOURCES December 31, 2012 Gold Tonnes (000’s) Gold (g/t) Gold (ounces) (000’s) Proven 13,836 3.13 1,394 Probable 170,300 3.16 17,286 Total Reserves 184,136 3.16 18,681 Measured & Indicated 140,995 1.79 8,104 Inferred 199,503 1.90 12,159 Tonnes (000’s) Silver (g/t) Silver (ounces) (000’s) 9,390 47.30 14,281 Probable 57,536 43.93 81,256 Total Reserves 66,926 44.40 95,537 Measured & Indicated 23,379 31.95 24,015 Inferred 36,479 20.66 24,228 Silver Proven See AEM Feb 13, 2013 press release for detailed breakdown of reserves and resources. Reserves are not a subset of resources. agnicoeagle.com 29
  • 30. COPPER, ZINC AND LEAD RESERVES AND RESOURCES December 31, 2012 Copper Tonnes Copper Copper Zinc Tonnes Zinc Zinc (000’s) (%) (tonnes) 6,323 1.06 67,211 Lead Tonnes Lead (%) (tonnes) 6,323 0.30 18,744 Proven Probable 22,462 0.24 53,835 Probable 22,462 0.68 152,973 Probable 22,462 0.05 10,304 Total Reserves 28,786 0.25 72,580 Total Reserves 28,786 0.76 220,184 Total Reserves 28,786 0.06 18,042 Indicated 5,432 0.12 Indicated 5,432 1.50 81,551 Indicated 5,432 0.15 8,071 11,887 0.58 69,048 Inferred 11,887 0.05 5,375 Proven Inferred 11,887 6,644 0.25 29,317 Inferred Proven (000’s) Lead (000’s) 6,323 (%) (tonnes) 0.12 7,738 See AEM Feb 13, 2013 press release for detailed breakdown of reserves and resources. Reserves are not a subset of resources. agnicoeagle.com 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 at the Lapa, Meadowbank and Creston Mascota mines and the Goldex and Meliadine projects reported by the Company on February 13, 2013 are based on three-year average prices for the period ending December 31, 2012 of $1,490 per ounce gold, $29.00 per ounce silver, $0.95 per pound zinc, $3.67 per pound copper, $1.00 per pound lead and C$/US$, US$/Euro and MXP/US$ exchange rates of 1.00, 1.34 and 12.75, respectively. The assumptions used for the mineral reserves and resources estimates at the LaRonde, Pinos Altos and Kittila mines and the La India and Tarachi projects reported by the Company on February 13, 2013 were based on three-year average prices for the period ending June 30, 2012 of $1,345 per ounce gold, $25.00 per ounce silver, $0.95 per pound zinc, $3.49 per pound copper, $0.99 per pound lead and C$/US$, US$/Euro and MXP/US$ exchange rates of 1.00, 1.30 and 13.00, 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. agnicoeagle.com agnicoeagle.com 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 presentation is December 31, 2012. 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 this news release dated February 13, 2013. Alain Blackburn, a Qualified Person and the Company’s Senior Vice-President, Exploration, reviewed the technical information disclosed herein. agnicoeagle.com agnicoeagle.com 32
  • 33. agnicoeagle.com Trading Symbol: AEM on TSX & NYSE Investor Relations: 416-847-8665 info@agnicoeagle.com agnicoeagle.com