AEM Corporate Update - December 2009 Presentation

With its emphasis on quality , an exceptional record of creating shareholder value, and one of the most robust growth profiles in the industry, Agnico-Eagle Mines Limited has emerged as the gold stock of choice. AGNICO-EAGLE MINES LIMITED Corporate Update December 2009 Member of the World Gold Council www.gold.org Meadowbank, Canada

Forward Looking Statements The information in this document has been prepared as at December 1, 2009. 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 18, 2009 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 ■ Record nine month gold production of 329,628 oz ■ Five internal expansions expected to contribute to continued growth post-2010 ■ Grow gold reserves ■ Record reserves of 18.1 million ounces* ■ Four of six deposits may ultimately exceed 5 million oz ■ Acquire small, think big ■ Since being acquired, gold reserves and resources up 89%* in Finland, Mexico and Nunavut ■ Be a low-cost leader ■ Expect to remain in the lowest quartile of total cash cost per ounce long term ■ Maintain a solid financial profile ■ Credit facilities of $900M with a large syndicate of banks * See attached reserve and resource tables 4

Operating Results Record quarterly gold production expected in Q4/09 Q3 Q3 2009 Total Cash Costs All $ amounts are in US$, unless otherwise indicated 2009 2008 Estimate ($/oz) $340 est. Gold 118,763* 68,753** 500,000 (ounces) $269 $188 $155 $182 $162 Silver 1,011* 1,167 4,200 $56 $43 (ounces in thousands) Zinc 12,516 18,040 58,000 (tonnes) Copper 1,400 1,567 6,800 -$365 (tonnes) Total cash $449 $240 $340*** costs ($/oz) -$690 * Includes 3,175 ounces Au and 16,000 ounces Ag of non commercial production from Pinos Altos 00 01 02 03 04 05 06 07 08 09E ** Includes 1,784 ounces of non commercial production from Goldex *** Assumptions for 2009 include Ag $11/oz, Zn $1,300/t, Cu $4,000/t, C$/US$ of 1.22.and US$/Euro of 1.30 5

Strong Financial Position Only 171 million shares, fully diluted, over 52 years of operating history All amounts are in US$, Sept. 30 June 30 unless otherwise indicated 2009 2009 Cash and cash equivalents $239.0 $173.9 (millions) Long term debt $685.0 $485.0 (millions) Available credit facilities $194.8 $394.9 (millions) Common shares outstanding 156.5 156.0 (millions) Common shares, fully diluted 171.3 170.8 (millions) 6

Growth Pinos Altos site, Mexico 7

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 13.9 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 (Millions of Ounces) 18.1 16.7 Meadowbank 12.5 10.4 Pinos Altos 7.9 7.9 Kittila Lapa 4.0 3.0 3.3 3.3 Goldex 1.3 LaRonde 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2010 EST. 8

Gold Reserves Per Share Among Highest In Industry Growth In Proven and Probable Reserves / Share 300% 250% Agnico-Eagle Goldcorp 200% 150% IAMGOLD 100% Barrick Newmont Kinross Eldorado Yamana 50% 0% 2002 2003 2004 2005 2006 2007 2008 A g ni co - Eag le B ar r i ck El d o r ad o G o ld co r p I A M GO LD Ki nr o ss N ew mo nt Y amana Source: Company filings 9

Industry Leading1 Gold Production Growth Estimates Studies on potential internal expansions underway at Pinos Altos, Meadowbank & Kittila Payable Gold Production (ounces) 1,800,000 1,600,000 1,400,000 1,200,000 1,000,000 800,000 600,000 400,000 200,000 0 2008A 2009E 2010E 2011E 2012E 2013E 2014E LaRonde Goldex Lapa Kittila Pinos Altos Meadowbank 1 For an intermediate or senior gold producer 10

Leading Growth Profile Among Senior Producers Gold production (oz) / 1000 shares 14 2007A 2008A 2009E 2010E 2011E 12 10 8 6 4 2 0 New m ont Buenaventura Randgold Agnico-Eagle Barrick Goldcorp Kinross IAMGold Yam ana Eldorado Source: AEM guidance, Merrill Lynch estimates – Oct/09 11

Production Growth At Low Costs Leads To Strong Cash Flow Generation Strong cash flow per share in 2010* $6 2009 2010 $5 4.16 $4 $3 $2 1.18 $1 $0 Newmont IAMGOLD NXG Yamana YGAM GSS Barrick Kinross YCG Agnico-Eagle Goldcorp Eldorado * Source: Merrill Lynch Research - 11/23/09. Before working capital adjustments. Assumes Au price of US$960/oz in 2009 and US$1,110/oz in 2010. 12

Outperforming Major Indices Over Multiple Horizons 2 Year 400% 5 Year 55% 350% 35% 300% 250% 15% 200% 150% -5% 11/07 01/08 03/08 05/08 07/08 09/08 11/08 01/09 03/09 05/09 07/09 09/09 11/09 100% -25% 50% 0% -45% 11/04 02/05 05/05 08/05 11/05 02/06 05/06 08/06 11/06 02/07 05/07 08/07 11/07 02/08 05/08 08/08 11/08 02/09 05/09 08/09 11/09 -50% -65% TSX S&P 500 DOW AEM Gold FTSE GOLD Index -100% TSX S&P 500 DOW AEM Gold FTSE GOLD Index 1200% 10 Year Historical Performance of Gold vs. Gold Equities 1000% Years 800% 5 10 15 20 Gold (US$/oz) 187% 339% 193% 205% 600% Gold Indices 400% FTSE Gold Mines Index (US$) 129% 298% 71% 80% S&P/TSX Gold Index (C$) 111% 164% 34% 126% 200% Agnico-Eagle (US$) 372% 1061% 415% 705% 0% S&P 500 -1% -19% 137% 214% 01/00 07/00 01/01 07/01 01/02 07/02 01/03 07/03 01/04 07/04 01/05 07/05 01/06 07/06 01/07 07/07 01/08 07/08 01/09 07/09 -200% TSX S&P 500 DOW AEM Gold FTSE GOLD Index 13

Quality Lapa site, Canada 14

Operations At A Glance Five mines now operating. One new gold mine nearing completion ■ 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 15

LaRonde – Canada Good production and cost performance continues ■ Project ■ Shaft sinking for Extension complete. 2,854 metres final depth ■ Start of production from Extension expected in 2011. On time, on budget ■ 2009 Exploration Au reserves (m oz) Average reserve 5.0 ■ Focus on resource conversion, additional grade (g/t) 4.3 potential at depth and to the East Measured & Indicated 0.4 resource (m oz) ■ Drilling possible extension of Westwood zone on Ellison Inferred resource 3.0 (m oz) Estimated average 320 production (k oz/yr) Est. LOM (years) 13 2009 exploration budget $1M 16

Goldex – Canada Drilling and blasting approximately 1.5 years ahead of schedule ■ Mined lower grade eastern stope during Q3 ■ Project ■ Increase production rate from 6,900 tpd to 8,000 tpd (an additional 20,000 oz/yr), starting in late-2011 ■ Capital cost approximately $10 million. Estimated IRR 76% Au reserves (m oz) 1.6 ■ 2009 Exploration Average reserve 2.1 grade (g/t) ■ Focus on resource conversion, exploration to west, Measured & Indicated resource (m oz) 0.0 east and at depth Inferred resource 0.9 (m oz) Estimated average 175 production (k oz/yr) Est. LOM (yrs) 8 2009 exploration budget $1M 17

Lapa – Canada Efforts focused on reducing mining cycle time ■ Operations ■ Commercial production achieved May 1, 2009 ■ Milled grade reconciles with expected reserve grade ■ Process optimization underway – mill recoveries approaching design Au reserves (m oz) 1.1 ■ 2009 Exploration Average reserve grade (g/t) 8.8 ■ Focus on resource conversion, further exploration upside Measured & Indicated 0.1 at depth and to the East resource (m oz) Inferred resource 0.2 (m oz) Estimated average 115 production (k oz/yr) Est. LOM (yrs) 6 2009 exploration budget $1M 18

Kittila – Finland Overall mill recoveries now exceeding 80% ■ Mill has periodically exceeded design throughput and recoveries. Optimization ongoing ■ Project ■ Examining options to significantly increase production rate of this growing deposit. Study results expected in 2010 Au reserves (m oz) 3.2 ■ 2009 Exploration Average reserve grade (g/t) 4.7 ■ Focus on resource conversion, expansion below Suuri Measured & Indicated 0.3 and Roura, and along strike resource (m oz) Inferred resource 2.5 (m oz) Estimated average 150 production (k oz/yr) Est. LOM (yrs) 14 2009 exploration budget $16M 19

Kittila – Mill Optimization Underway Gold recoveries progressing as expected Gold Recovery Gold Payable (%) (ounces) 90 33,500 oz 14000 18,284 oz 80 23,000 oz 12000 13,771 oz 70 13,300 oz 10000 60 8000 50 E 6000 s 40 t 4,514 oz i m 4000 30 a t e 2000 20 10 0 J F M A M J J A S O N D Au Ounces : Realised Forecasted / May 2009 Estimated / October 2009 Au Recovery : Forecasted / May 2009 Realised 20

Kittila – Expansion Opportunity Examining large capacity increase. Potential reserve increases at depth ■ Studying production rate of 300,000 ounces per year ■ Examining underground mining via shaft access ■ Orebody remains open at depth and along strike ■ Eleven drills currently operating 21

Pinos Altos – Mexico Plant commissioning in progress. Commercial production expected in Q4 2009 ■ Mill recoveries as expected but slower tonnage ramp-up due to tailings filters ■ Project ■ Plant expansion from 4,000 tpd to 6,000 tpd is being studied. Reflects 125% increase in reserve tonnage Au reserves (m oz) 3.6 since 2007 Average reserve 2.7 grade (g/t) ■ Stand-alone heap leach project at Creston Mascota underway Measured & Indicated ■ 2009 Exploration resource (m oz) 0.4 Inferred resource ■ Potential to develop additional satellite (m oz) 0.2 deposits (Cubiro, Sinter, San Eligio) Estimated average 165 ■ Focus on resource conversion, expansion of production (k oz/yr) Pinos Altos zones, Reyna de Plata, Creston Mascota Est. LOM (yrs) 20 2009 exploration budget $12M 22

Meadowbank – Canada Plant start-up on schedule for Q1 2010 ■ All necessary supplies and consumables for project completion now on site ■ Cushion for start-up provided by large surface ore stockpile ■ Project Au reserves (m oz) 3.6 ■ Potential production increase from 8,500 tpd to 10,000 tpd Average reserve 3.5 ■ Study results expected Q3 2009; review in Q4 2009 grade (g/t) Measured & Indicated ■ 2009 Exploration 1.5 resource (m oz) Inferred resource ■ Focus on resource conversion and expansion of Vault, (m oz) 0.4 Goose South and Portage Estimated average 350 production (k oz/yr) Est. LOM (yrs) 10 2009 exploration budget $11M 23

Upcoming News Exploration driving expansions • Scoping study on Q4 expansion at Meadowbank • Budget and production guidance • Technical Session in Toronto • Dividend announcement • 2009 Reserves and Q1 Resources 24

Appendix LaRonde site, Canada 25

Operating Mines With Reserves Over 5M oz, Grading Over 2g/t Au Kittila, Meadowbank and Pinos Altos have the potential to join this group of top-tier world class operating assets Total Prod'n Cash (000's oz) Location Reserves Reserves - Costs (100% % Property Name Country Ranking* Grade Contained $/oz basis) Owned Operator/Significant Owner 1 Turquoise Ridge (Getchell) United States - Nevada 3 15.58 g/t 5,313,000 oz $515 165 75% Barrick Gold Corporation (Operator) 2 Moab Khotsong Gold Mine South Africa 49 10.86 g/t 7,320,000 oz $379 192 100% AngloGold Ashanti Limited 3 Mponeng Gold Mine South Africa 49 10.69 g/t 13,000,000 oz $249 600 100% AngloGold Ashanti Limited Au mines with reserves >5moz, grading >2 g/t 4 Bulyanhulu Gold Operation Tanzania 48 9.86 g/t 11,977,000 oz $620 200 100% Barrick Gold Corporation (Operator) 5 Phakisa Gold Mine South Africa 49 8.05 g/t 5,300,000 oz $555 22 100% Harmony Gold Mining Company Limited 6 Driefontein Gold Mine South Africa 49 7.50 g/t 18,200,000 oz $448 830 100% Gold Fields Limited (Operator) 7 Obuasi Gold Mine Ghana 35 7.50 g/t 9,660,000 oz $633 357 100% AngloGold Ashanti Limited 8 Evander Gold Mine South Africa 49 7.26 g/t 13,800,000 oz $572 190 100% Harmony Gold Mining Company 9 Kloof Gold Mine South Africa 49 6.20 g/t 10,521,000 oz $552 643 100% Gold Fields Limited (Operator) 10 Elandsrand Gold Mine South Africa 49 6.20 g/t 7,500,000 oz $660 174 100% Harmony Gold Mining Company 11 South Deep Gold Mine South Africa 49 6.10 g/t 29,486,000 oz $717 175 100% Gold Fields Limited (Operator) 12 Beatrix Gold Mine South Africa 49 5.00 g/t 6,450,000 oz $507 391 100% Gold Fields Limited (Operator) 13 Loulo Gold Operation Mali 33 4.90 g/t 7,400,992 oz $511 258 80% Randgold Resources Limited 14 LaRonde Gold/Base Metals Mine Canada - Quebec 1 4.32 g/t 5,000,000 oz $106 216 100% Agnico-Eagle Mines Limited 15 Carlin Gold Mine United States - Nevada 3 3.80 g/t 12,709,380 oz na na 100% Newmont Mining Corporation 16 Olimpiada Gold Operation Russia 53 3.75 g/t 15,385,265 oz na 854 100% OJSC Polyus Gold (Operator) 17 Betze-Post Gold Mine - Open Pit United States - Nevada 3 3.70 g/t 10,294,000 oz $452 1,706 100% Barrick Gold Corporation (Operator) 18 Porgera Gold Operation Papua New Guinea 61 3.08 g/t 8,240,000 oz $417 660 95% Barrick Gold Corporation (Operator) 19 Geita Gold Mine Tanzania 48 2.93 g/t 5,140,000 oz $728 264 100% AngloGold Ashanti Limited 20 Lihir Gold Mine Papua New Guinea 61 2.83 g/t 21,778,721 oz $406 771 100% Lihir Gold Limited (Operator) 21 Aksu Gold Mine Kazakhstan 56 2.55 g/t 5,796,297 oz na na 100% KazakhGold Group Limited 22 Ahafo Gold Operation Ghana 35 2.33 g/t 9,380,000 oz $408 521 100% Newmont Mining Corporation Lapa Canada - Quebec 1 8.80 g/t 1,061,000 oz na na 100% Agnico-Eagle Mines Limited Kittila Gold Mine Finland 14 4.69 g/t 3,224,000 oz na na 100% Agnico-Eagle Mines Limited Pinos Altos Mexico 28 2.68 g/t 3,593,000 oz na na 100% Agnico-Eagle Mines Limited Meadowbank Gold Mine Canada - Nunavut 44 3.45 g/t 3,638,000 oz na na 100% Agnico-Eagle Mines Limited Goldex Canada - Quebec 1 2.05 g/t 1,571,000 oz $419 57 100% Agnico-Eagle Mines Limited Notes: *2008/09 Fraser Institute study ranked 71 mining jurisdictions Source: Intierra, Fraser Institute, company websites -- March 2009 26

Gold and Silver Reserves and Resources Tonnes Gold Gold Tonnes Silver Silver (000’s) (g/t) (ounces) (000’s) (g/t)* (ounces) (000’s) (000’s) Proven 4,828 2.77 430 Proven 4,172 66.74 8,952 Probable 154,469 3.55 17,631 Probable 73,404 55.83 131,759 Total 159,297 3.53 18,061 Total 77,576 56.42 140,711 Reserves Indicated 47,569 2.07 3,173 Indicated 18,817 26.31 15,919 Inferred 46,603 3.84 5,760 Inferred 8,937 28.32 8,138 *Calculated grades 27

Copper, Zinc and Lead Reserves and Resources Tonnes Copper Copper Tonnes Zinc Zinc Tonnes Lead Lead (000’s) (%)* (tonnes) (000’s) (%)* (tonnes) (000’s) (%)* (tonnes) Proven 4,075 0.33 13,370 Proven 4,075 3.27 133,442 Proven 4,075 0.37 15,146 Probable 31,735 0.28 89,961 Probable 31,735 1.42 450,246 Probable 31,735 0.12 38,769 Total 35,810 0.29 103,331 Total 35,810 1.63 583,688 Total 35,810 0.15 53,915 Indicated 6,349 0.15 9,399 Indicated 6,349 1.55 98,124 Indicated 6,349 0.16 10,235 Inferred 4,937 0.44 21,515 Inferred 4,937 0.77 38,068 Inferred 4,937 0.08 3,946 *Calculated grades 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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AEM Corporate Update - December 2009 Presentation

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AEM Corporate Update - December 2009 Presentation — Presentation Transcript