2. Forward Looking Statements
The information in this document has been prepared as at April 28, 2011. 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,
2010, 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 16, 2011
press release on the Company’s website. That press release also lists the Qualified Persons for each project.
2
3. 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, 2010, as well as the Company's other filings with the Canadian Securities Administrators and the SEC.
LaRonde Goldex Kittila Lapa Pinos Altos Meadowbank
3
4. Corporate Strategy
Build shareholder value by increasing
PER SHARE metrics
■ Grow gold reserves
■ Increase gold production
■ Acquire small, think big
■ Be a low-cost leader
■ Maintain a solid financial profile
For many years, we have adhered to a consistent, low-risk
strategy for strengthening our gold mining business and
creating shareholder value.
4
5. The Investment Case For AEM
Uniquely positioned to outperform the competition
■ AEM uniquely offers gold investors exposure to
important investment objectives
Junior Senior
Investment Gold Explorers / Gold
Objectives ETF Developers Operators AEM
Yield
× ×
Stable, De-risked
Leverage To Gold Price ×
Meaningful Exploration
& Expansion Upside on
a PER SHARE basis
× ×
5
9. Strong Financial Position
Next phase of growth fully funded
All amounts are in US$, Mar. 31
unless otherwise indicated 2011
Cash and cash equivalents $114.8
(millions)
Long term debt $600.0
(millions)
Available credit facilities $1.2B
Common shares outstanding 169.0
(millions)
Common shares, fully diluted 186.7
(millions)
9
10. Grow Gold Reserves
Reserves increased 545% since 2001. Shares outstanding up 148%.
■ Targeting more than 22 million oz at year end 2011
■ 2011 exploration budget up 30% to record $145 million
■ Deposits also contain an additional 6.4 million ounces of indicated gold
resources and 9.8 million ounces of inferred resource*
Gold reserves* (millions of ounces)
21.3 22.0+
22
20 18.4
18.1
18 16.7
16
14 12.4
12 10.4
10
7.9 7.9
8
6
4.0
4 3.3
2
0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E
* See attached reserve and resource tables
10
11. Grow Gold Reserves Per Share
AEM is among the top 3 gold equities in reserves per share
Proven and Probable Reserves per 1,000 Shares
250
200
NEM
150
ABX
AEM
126
100 117 117 117
106 103
93 92
50
48
0
2002 2003 2004 2005 2006 2007 2008 2009 2010
11
12. Targeting 1.5 million oz by 2014, a 50% increase over 2010
Growth fully funded from operating cash flows
Payable Gold Production Estimates (ounces)
1,600,000
1,500,000
1,400,000
1,300,000
1,200,000
1,100,000
1,000,000
900,000
800,000
2010 2011E 2012E 2013E 2014E
Production growth for 2015 and beyond expected to include:
Kittila expansion, Meliadine, Pinos Altos mill and satellite zones
12
13. Growing Production Per Share
AEM is among the top 3 gold equities in production per share
Gold Production (Oz per 1,000 Shares)
14
12
NEM
10
8 ABX
6 AEM
5.9
4
2
3.1
2.0 1.8
1.6
0
2006 2007 2008 2009 2010
13
14. Acquire Small, Think Big
Established track record of adding value via quality acquisitions and exploration
Transaction Date Purchase Reserve Resource Purchase Oz Added Total Exploration Time to
Price (Net Then Then Cost per Since Exploration Cost per oz Drill, Permit
of Cash) oz Acquisition Investment & Build
Comaplex – Apr +1.7 Moz
$668 M nil 5.0 Moz $134 $9.9 M ~$6/oz tbd
Meliadine 10 (+34%)
Cumberland – Feb +1.9 Moz
$480 M 2.9 Moz 1.1 Moz $120 $44.3 M ~$23/oz 3 yrs
Meadowbank 07 (+48%)
Mar +3.0 Moz
Pinos Altos $67 M nil 2.1 Moz $32 $77.8 M ~$26/oz 3.5 yrs
06 (+143%)
Riddarhyttan – May +4.2 Moz
$145 M nil 2.8 Moz $52 $83.4 M ~20/oz 4 yrs
Kittila 05 (150%)
10.8 Moz
Total $1.4B 2.9 Moz 11 Moz $98 $215 M ~$20/oz
(78%)
14
21. LaRonde – Canada
Increasing gold output in 2012
■ 2011
■ Estimated production of 157,000oz Au at total cash costs
of $54/oz
■ 2012-2015
■ Estimated average annual production of 290,000 oz Au
at total cash costs of $381/oz
■ Exploration Focus
■ Additional potential at depth, to the East and to the West
■ Expand and convert resource on Zone 5
■ Defining a gold resource at Ellison (2 km west of LaRonde)
Gold reserves (m oz) 4.8
Average gold reserve grade (g/t) 4.3
Indicated resource (m oz) 0.4
Inferred resource (m oz) 1.4
Est. LOM (years) 13
Estimated average LOM production (k oz/yr) 324
2011 exploration budget (LaRonde & regional) $11M
21
21
22. Bousquet – LaRonde Gold Trend – Ellison Target
Established mining camp still has potential to grow
22
23. Goldex – Canada
Strong free cash flow generator
■ 2011
■ Estimated production of 184,000oz Au at total cash
costs of $349/oz
■ 2012-2015
■ Estimated average annual production of 179,000oz Au
at total cash costs of $344/oz
■ Exploration Focus
■ Resource definition and expansion at D zone at depth,
exploration to west, east and at depth
■ Potential to add reserves and increase mine life
Gold reserves (m oz) 1.6
Average reserve grade (g/t) 1.8
Indicated resource (m oz) 0.5
Inferred resource (m oz) 1.4
Est. LOM (years) 8
Estimated average production (k oz/yr) 164
2011 exploration budget $6M
23
23
24. Goldex - Composite Longitudinal Section
76-011
1.64 g/t Au / 165.0 m
73-414
1.77 g/t Au / 108 m
76-012
1.70 g/t Au / 192.0 m
76-013
76-014
2.47 g/t Au / 240.0 m
2.17 g/t Au / 192.00 m
24
25. Lapa – Canada
Steady state mine with good tonnage
and cost performance
■ 2011
■ Estimated production of 125,000oz Au at total cash costs
of $518/oz
■ 2012-2014
■ Estimated average annual production of 117,000oz Au
at total cash costs of $535/oz
■ Exploration Focus
■ Extension of underground exploration drift to provide
access to drill targets to extend mine life
Gold reserves (m oz) 0.7
Average reserve grade (g/t) 7.4
Indicated resource (m oz) 0.2
Inferred resource (m oz) 0.1
Est. LOM (years) 4
Estimated average production (k oz/yr) 119
2011 exploration budget $6M
25
25
26. Lapa – Composite Longitudinal Section
LA11-98-28
8.9 g/t Au / 2.8 m
LA11-98-25
15.5 g/t Au / 2.8 m
LA11-98-23
23.5 g/t Au / 2.8 m
LA10-98-19 LA11-98-40
12.8 g/t Au / 2.8 m 13.5 g/t Au / 2.8 m
26
27. Kittila – Finland
Record production in Q1/11; Focus on cost reduction
■ 2011
■ Estimated production of 150,000oz Au at total cash costs
of $548/oz
■ Expansion study expected to be completed Q4 2011;
Targeting 50% increase in production rate
■ 2012-2015
■ Estimated average annual production of 173,000oz Au
at total cash costs of $501/oz
■ Exploration Focus
■ Resource conversion, expansion below Suuri and Roura,
and along strike
Gold reserves (m oz) 4.9
Average reserve grade (g/t) 4.6
Indicated resource (m oz) 1.2
Inferred resource (m oz) 0.7
Est. LOM (years) 22
Estimated average production (k oz/yr) 146
2011 exploration budget $16M
27
27
28. Kittila – Composite Longitudinal Section
Deposit remains open at depth and along strike
ROU10035
4.78 g/t Au / 3.8 m
ROU10036C
4.10 g/t Au / 6.8 m
5.08 g/t Au / 4.2 m
ROU10036B
5.97 g/t Au / 5.9 m
ROU10037
9.50 g/t Au / 6.0 m
28
29. Pinos Altos – Mexico
Operating costs declining as
start-up phase complete
■ 2011
■ Estimated production of 199,000oz Au at
total cash costs of $406/oz
■ 2012-2015
■ Estimated average annual production of 230,000oz Au
at total cash costs of $334/oz
■ Studying underground expansion
■ Exploration Focus
■ Potential to develop satellite deposits
Gold reserves (m oz) 3.3
Average gold reserve grade (g/t) 2.3
Indicated resource (m oz) 0.8
Inferred resource (m oz) 0.9
Est. LOM (years) 16
Estimated average production (k oz/yr) 187
2011 exploration budget $2M
29
29
31. Meadowbank – Canada
Newest mine – largest gold producer
■ 2011
■ Estimated production of 310,000oz Au at
total cash costs of approximately $700/oz
■ Secondary crushing plant expected to be
commissioned in Q3
■ 2012-2015
■ Estimated average annual production of 399,000oz Au
at total cash costs of $511/oz
■ Exploration Focus
■ Focus on resource conversion and expansion of Vault,
Goose South and Portage
Gold reserves (m oz) 3.5
Average reserve grade (g/t) 3.2
Measured & Indicated resource (m oz) 1.4
Inferred resource (m oz) 0.7
Est. LOM (years) 10
Estimated average production (k oz/yr) 297
2011 exploration budget $7M
31
31
32. Meadowbank Regional Geology Map
Focus on resource conversion and expansion of Vault deposit
PDF
Vault
Portage
Goose Island
Goose South
32
33. Meliadine – Canada
Fast growing gold reserve and resource
■ Initial Gold Reserve
■ 2.6 million ounces from 9.5 million tonnes @ 8.5 g/t
■ 2011 Exploration budget
■ $65 million to be spent, including 90,000m of drilling
■ Potential to accelerate underground development to test
deposit at depth
■ Production decision expected in 2013
Gold reserves (m oz) 2.6
Average reserve grade (g/t) 8.5
Indicated resource (m oz) 1.5
Inferred resource (m oz) 2.6
2011 exploration budget $65M
33
33
34. Meliadine Project - Local Geology Map
100% ownership of 80km greenstone belt
North trend
34
35. Meliadine Project – Wesmeg Composite Longitudinal Section
Growing, near-surface gold deposit
M11-1004 M11-1008
4.78g/t Au / 13.5 m 2.2 g/t Au / 3.0 m
M11-1021
3.79 g/t Au / 4.0 m
5.84 g/t Au / 4.2 m
M11-1014 M11-1010 M11-1013
8.17 g/t Au / 5.4 m 5.89 g/t Au / 3.9 m 3.1 g/t Au / 6.7 m
35
36. Meliadine Project - Tiriganiaq Longitudinal Section
High grade gold deposit remains open for expansion
36
42. 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:
Vice-Chairman and 145 King Street East, Suite 400
Chief Executive Officer Toronto, Ontario, Canada, M5C 2Y7
Ebe Scherkus Tel: 416-947-1212
President and Toll-Free: 888-822-6714
Chief Operating Officer Fax: 416-367-4681
Ammar Al-Joundi
SVP Finance and
Chief Financial Officer
David Smith
SVP Investor Relations
Trading Symbol:
AEM on TSX & NYSE
Investor Relations:
416-947-1212
info@agnico-eagle.com agnico-eagle.com
