AGNICO-EAGLEAGNICO EAGLE MINES LIMITEDCorporate Update   p       pJanuary 2013
Forward Looking Statements The information in this document has been prepared as at January 18, 2013. Certain statements c...
Notes To Investors   Note Regarding The Use Of Non-GAAP Financial Measures   This document presents estimates of future "t...
2012 – AEM one of the best performing gold equities       Share price increased ~ 40%       Market outperformance driven...
Operating Results – Nine MonthsRecord production with improved costs                                                      ...
Financial ResultsStrong earnings and cash flow                                                                Nine        ...
Financial PositionStrong, liquid balance sheet   ALL AMOUNTS ARE IN US$,   unless otherwise indicated                     ...
Generating Net Free Cash FlowCash flow to fund dividend and growth plans      Capital Expenditures (US$ 000s)      $1,200,...
2013 – “Building for the next leg of growth”     Current guidance calls for production of 990,000 ounces in 2013.     Tr...
Upcoming News Flow    February 13, 2013         Q4 Results         New reserve/resource estimates         Updated thre...
Exploration and Development  p                   p
La India & Tarachi ProjectsFive high priority targets on AEM’s 56,000 ha property                                         ...
La IndiaCommercial Production Expected in H2 2014                                                                   P&P GO...
La India – Infill Drilling Confirming Grades And Widths                                     North Zone            2.13 g/t...
Tarachi Deposit - exploration potential still unfolding Tarachi is believed to be a gold   porphyry which is located   po...
Goldex – Commercial Production Expected in Q2 2014CM & E satellite zones will be the initial focus. Significant resource r...
Hanhimaa Project – could have similar potential to Kittila Can earn up to 70% interest   from Dragon Mining. 360 km2 pro...
Kittila’s Rimpi Zone Extended With High-grade Step-outIntercepts                                                         R...
Meliadine Project – 80 km long property position                                                   19
MeliadinePermitting and road construction underway     Updated feasibility study expected   P&P GOLD RESERVES (million oz)...
Meliadine Project Continues to GrowPlan view of mineralized zones                                      21
Wesmeg & Normeg Show Significant Resource GrowthComposite Longitudinal Section          M12‐1794                          ...
Tiriganiaq Deposit Remains Open for ExpansionComposite Longitudinal Section                M12‐1725                       ...
Operations p
LaRondeTransition period to lower mine extended                                                       P&P GOLD RESERVES (m...
LapaStable production and cost control continues                                                         P&P GOLD RESERVES...
KittilaRecord quarterly production at low costs    Q3’12 gold production – a record                   P&P GOLD RESERVES (...
Mexico - Pinos Altos & Creston MascotaStrong Q3 production at record low cash costs    Q3’12 gold production of 61,973 oz...
MeadowbankRecord production and operating profit    Record gold production in Q3’12 of                 P&P GOLD RESERVES ...
Appendix           30
Operating Metrics                                                               LaRonde - Ore milled (000 tonnes)         ...
Operating Metrics                                                                                                         ...
Gold and Silver Reserves and ResourcesDecember 31, 2011                       Tonnes Gold                        Gold     ...
Copper, Zinc and Lead Reserves and ResourcesDecember 31, 2011                     Tonnes Copper Copper                    ...
Notes to Investors Regarding the Use of Resources   Cautionary Note to Investors Concerning Estimates of Measured and Indi...
Notes to Investors Regarding the Use of Resources    A mineral reserve is the economically mineable part of a measured or ...
A solid financial position, well funded growth projects in regions of low political risk                  position well-fu...
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January 2013 corporate update

  1. 1. AGNICO-EAGLEAGNICO EAGLE MINES LIMITEDCorporate Update p pJanuary 2013
  2. 2. Forward Looking Statements The information in this document has been prepared as at January 18, 2013. 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 Companys mine sites and statements and information regarding the sufficiency of the Companys cash resources. Such statements and information reflect the Company s Companys views as at the date of this document and are subject to certain risks uncertainties and assumptions and undue reliance should risks, assumptions, 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 Companys stock price; and risks associated with the Companys byproduct metal derivative g ; y p y p ; p y yp 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 Companys Annual Report on Form 20-F for the year ended December 31, 2011, as well as the Companys 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 15, 2012 press release on the Company’s website. Th t press release also li t th Q lifi d P C ’ b it That l l lists the Qualified Persons f each project. for h j t 2
  3. 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 costs, mined. forward-looking non-GAAP financial measures to the most comparable GAAP measure. A reconciliation of the Companys 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 Companys historical results of operations is set forth in the notes to the financial statements included in the Companys Annual Information Form and Annual Report on Form 20-F, for the year ended December 31, 2011, as well as the Companys 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. 3
  4. 4. 2012 – AEM one of the best performing gold equities  Share price increased ~ 40%  Market outperformance driven by better than expected operating results at Meadowbank  Record annual gold production in 2012  Raised quarterly dividend by 10% in December  Announced near-term growth with production decisions at Goldex and La India  Disciplined acquisition strategy 4
  5. 5. Operating Results – Nine MonthsRecord production with improved costs YTD Sep. 2012 Production Total Cash Cost Gross Operating Margin (Gold oz) ($/oz) (US $M) LaRonde 123,964 514 138 Kittila 130,605 564 133 Lapa 81,570 683 80 Pinos Altos1 182,345 182 345 284 236 Meadowbank 288,792 836 226 Total 807,276 602 $813 YTD Sep. 2012 Revenue By Metal YTD 2012 Forecast Sep. 2012 (as of Oct 24. 2012) Gold (oz) 807,276 1,025,0002 Base Metals Silver (000’s oz) 3,450 n.a. 3% Gold 89% Zinc (t) 29,915 n.a. Silver 8% Copper (t) 3,312 3 312 n.a. na Total cash costs ($/oz) 602 6602 1. Pinos Altos figures include Creston Mascota 2. Adjusted forecast  5
  6. 6. Financial ResultsStrong earnings and cash flow Nine Nine Y/Y months months Change 2012 2011 Total cash costs ($ per ounce) $602 $553 9% Revenues from mining operations (millions) $1,468 $1,366 7% Net income ( illi ) (millions) $228 $32 603% Net income per share (basic) $1.33 $0.19 600% Cash provided by operating activities (millions) y g $590 $535 10% YTD 2012 Total Operating Margin - $813M Pinos Altos Meadowbank 29% 28% Laronde Kittila 17% 16% Lapa 10% 6
  7. 7. Financial PositionStrong, liquid balance sheet ALL AMOUNTS ARE IN US$, unless otherwise indicated Sep. 30, 2012 CASH AND CASH EQUIVALENTS (millions) $321 LONG TERM DEBT (millions) $800 AVAILABLE CREDIT FACILITIES $1.2 Billion $1 2 Billi COMMON SHARES OUTSTANDING, BASIC (Q3’12 Weighted average, millions) 171 COMMON SHARES OUTSTANDING, FULLY DILUTED (Q3’12 Weighted average, millions) 172 7
  8. 8. Generating Net Free Cash FlowCash flow to fund dividend and growth plans Capital Expenditures (US$ 000s) $1,200,000 Approximate Average EBITDA* $1,000,000 $800,000 Illustrative Ongoing Re‐Investment $ $600,000 , $400,000 $200,000 $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/€ 8
  9. 9. 2013 – “Building for the next leg of growth”  Current guidance calls for production of 990,000 ounces in 2013.  Transition to higher grade, deeper part of the mine continuing at Laronde.  Constructing La India and Goldex – commercial production expected by mid-2014  25% expansion study at Kittila expected to be complete in Q1’13.  Updated Meliadine feasibility study expected in early 2014. 9
  10. 10. Upcoming News Flow  February 13, 2013  Q4 Results  New reserve/resource estimates  Updated three-year production and cost guidance  Kittila expansion study – Q1’13  Q1’13 results – April 25 p  Annual General Meeting – April 26 10
  11. 11. Exploration and Development p p
  12. 12. La India & Tarachi ProjectsFive high priority targets on AEM’s 56,000 ha property 12
  13. 13. La IndiaCommercial Production Expected in H2 2014 P&P GOLD RESERVES (million oz) 0.9 (45 M tonnes @ 0.7g/t) AVERAGE GOLD RESERVE GRADE (g/t) (g ) 0.7 Indicated gold resource (million oz) 0.4 (27 M tonnes @ 0.5g/t) Inferred gold resource (million oz) 1.1 (103 M tonnes @ 0.3g/t) Est. LOM (years) 8 Note: La India reserves and resource estimate is as of June 30, 2012, disclosed in AEM  September 4, 2012 press release. Estimated annual gold p g production of approx. 90 koz @ average total cash costs of approx. $500/oz Open pit, heap leach mine, with stripping ratio of 1:1 Estimated total construction capital costs of $158M Estimated after-tax internal rate of return ret rn – 31%* * Assumes $1379/oz gold, $26.49/oz silver, 13.00 MXP per USD 13
  14. 14. La India – Infill Drilling Confirming Grades And Widths North Zone 2.13 g/t Au / 46.4 m 4.17 g/t Au / 9.1 m 1.76 g/t Au / 15.2 m 2.15 g/t Au / 17.7 m 0.95 g/t Au / 30.3 m La India Pit Main Zone 1.05 g/t Au / 25.0 m 14
  15. 15. Tarachi Deposit - exploration potential still unfolding Tarachi is believed to be a gold  porphyry which is located  porphyry which is located about 10 km north of La India. Current indicated resource of  0.4 million ounces (21.5 M  tonnes at 0.6 g/t gold). 2012 exploration  demonstrated that the  mineralized envelope is larger  and more continuous. Mineralized envelope Initial metallurgical testing Initial metallurgical testing  0.68 g/t Au / 29.0 m g planned for 2013. 0.4 g/t Au / 230.0 m 0.6 g/t Au / 107.0 m Incl. 0.8 g/t Au / 61.0 m 0.4 g/t Au / 169.0 m 0.64 g/t Au / 52.0 m 1.77 g/t Au / 18.0 m 1 77 g/t Au / 18 0 m 0.9 g/t Au / 253.0 m Incl. 1.5 g/t Au / 117.0 m 0.9 g/t Au / 244.0 m 15
  16. 16. Goldex – Commercial Production Expected in Q2 2014CM & E satellite zones will be the initial focus. Significant resource remains. P&P GOLD RESERVES (million oz) 0.3 M & E satellite zones have been (6.5 M tonnes @ 1.5 g/t) approved for construction AVERAGE GOLD RESERVE GRADE (g/t) 1.5 following extensive review – GEZ g Measured & Indicated gold resource (million oz) 1.7 17 remains suspended (30.4 M tonnes @ 1.8 g/t) Inferred gold resource (million oz) Feasibility study parameters for (31.1 M tonnes @ 1.6 g/t) 1.6 M & E zones: Est. LOM (years) 4 See Oct 14, 2012 Technical Report for detailed breakdown of reserves and resources. Daily Throughput 5,100 tpd Gold Grade 1.5 g/t LOM Gold Prod’n to 2017 300,000 oz Minesite Cost C$41 per tonne Total Cash Costs $900 per ounce Life f Mi Lif of Mine 4 years Net Free Cash Flow $70 million 16
  17. 17. Hanhimaa Project – could have similar potential to Kittila Can earn up to 70% interest  from Dragon Mining. 360 km2 property covers the  north‐south Hanhimaa shear  zone. Previous exploration by  Dragon outlined several gold  Dragon outlined several gold prospects. At Kilmalaki, drilling by Dragon  yielded intercepts including  11.7 metres core length at  4.48 g/t gold and 7.5 metres  / ld d core length at 5.88 g/t gold.  17
  18. 18. Kittila’s Rimpi Zone Extended With High-grade Step-outIntercepts RIE12012 8.3 g/t Au/ 35.3 m RIE12016 3.8 g/t Au/ 5.4 m 6.4 g/t Au/ 3.0 m 4.3 g/t Au/ 7.5 m RIE12016B 5.6 g/t Au/ 40.0 m Incl. 10.2 g/t Au/ 9.2 m Incl. 6.9 g/t Au/ 7.7 m  3.9 g/t Au/ 5.8 m RIE11019B 3.9 g/t Au/ 14.3 m 18
  19. 19. Meliadine Project – 80 km long property position 19
  20. 20. MeliadinePermitting and road construction underway Updated feasibility study expected P&P GOLD RESERVES (million oz) 2.9 (12.5 M tonnes @ 7.2 g/t) in early 2014 Exploration success at Wesmeg Wesmeg, AVERAGE GOLD RESERVE GRADE (g/t) 7.2 72 Normeg improving open pit and Indicated gold resource (million oz) 1.7 underground production scenarios (12.6 M tonnes @ 4.1 g/t) Recent exploration results at Inferred gold resource (million oz) 2.4 (12.7 (12 7 M tonnes @ 6 0 g/t) 6.0 Pump, F Zone and P Z d Wesmeg/Normeg expected to add 2012 exploration budget $40M meaningful reserve and resource See AEM Feb 15, 2012 press release for detailed breakdown of reserves and resources. ounces at year-end 20
  21. 21. Meliadine Project Continues to GrowPlan view of mineralized zones 21
  22. 22. Wesmeg & Normeg Show Significant Resource GrowthComposite Longitudinal Section M12‐1794 M12‐1806  M12‐1794 M12‐1822 7.2 g/t Au / 7.9 m 7.3 g/t Au / 11.5 m 11.3 g/t Au / 4.3 m 6.0 g/t Au / 3.9 m Incl. 12.1 g/t Au / 3.0 m Incl. 23.3 g/t Au / 2.9 m 5 km  2011M12‐1800 M12‐17755.4 g/t Au / 6.3 m M12‐1765 10.3 g/t Au / 3.8 m M12‐1840 M12‐1843Incl. 7.7 g/t Au / 3.6 mIncl 7 7 g/t Au / 3 6 m 13.7 g/t Au / 2.6 m 13.7 g/t Au / 2.6 m 8.8 g/t Au / 3. m 18.8 g/t Au / 3.2 m .5 g/t Au / 3.0 m 11.5 g/t Au / 3.0 m 5.1 g/t Au / 9.3 m 5.1 g/t Au / 9.3 m 22
  23. 23. Tiriganiaq Deposit Remains Open for ExpansionComposite Longitudinal Section M12‐1725 M12‐1759 M12‐1371B M12‐1589 M12‐1722 12.6 g/t Au / 9.7 m 8.9 g/t Au / 6.5 m 13.2 g/t Au / 6.5 m 8.1 g/t Au / 3.2 m 16.9  g/t Au / 2.7 m Incl. 21.4 g/t Au / 5.1 m 14.0 g/t Au / 6.9 m 6.0 g/t Au / 6.8 mM12‐175018.0 g/t Au / 6.1 m27.0 g/t Au / 4.7 m M12‐1729 M12‐1764 M12‐1791 M12‐1644 M12‐1688 20.8 g/t Au / 3.3 m 6.5 g/t Au / 6.2 m 13.8 g/t Au / 4.0 m 10.9 g/t Au / 10.0 m 14.0 g/t Au / 6.6 m Incl. 9.3 g/t Au / 3.7 m I l 93 / A /37 Incl. 15.9 g/t Au / 5.1 m I l 15 9 /t A / 5 1 9.1 g/t Au / 16.0 m 9 1 / A / 16 0 23
  24. 24. Operations p
  25. 25. LaRondeTransition period to lower mine extended P&P GOLD RESERVES (million oz)  Gold production to Sept 30, 2012 of (33.2 M tonnes @ 4.4 g/t) 4.7 123,964 oz at total cash costs of $514 per AVERAGE GOLD RESERVE GRADE (g/t) 4.4 ounce  Q3’12 gold grade 2.5 g/t vs. 1.7 g/t in Q3’11 Indicated gold resource (million oz) (7.2 M tonnes @ 1.8 g/t) 0.4  Heat, congestion and lack of flexibility Inferred gold resource (million oz) 1.3 extend production ramp-up period through (11.4 M tonnes @ 3.7 g/t) 2015; Life of mine profile remains Estimated LOM (years) 15 unchanged 2012 exploration budget $1M  Value of ore per tonne approximately 50% (LaRonde & Regional) See AEM Feb 15, 2012 press release for detailed breakdown of reserves and resources. higher over life of mine versus 2012 $75M Cash Operating Margin $60M $45M $30M $15M $0M Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 25
  26. 26. LapaStable production and cost control continues P&P GOLD RESERVES (million oz)  Gold production to Sept 30, 2012 of (2.4 M tonnes @ 6.5 g/t) 0.5 81,570 oz at total cash costs per ounce AVERAGE GOLD RESERVE GRADE (g/t) 6.5 of $683 Indicated gold resource (million oz) 0.3  Anticipated life of mine extended into (2.0 M tonnes @ 4.1 g/t) 2016 Inferred gold resource (million oz) 0.1 (0.7 M tonnes @ 4.7 g/t)  Underground exploration drifts to east Estimated LOM (years) 4 and west will provide access to drill targets that could extend mine life 2012 exploration budget $5M See AEM Feb 15, 2012 press release for detailed breakdown of reserves and resources. $40M Cash Operating Margin $20M $0M Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 26
  27. 27. KittilaRecord quarterly production at low costs  Q3’12 gold production – a record P&P GOLD RESERVES (million oz) 5.2 (34.6 M tonnes @ 4.7 g/t) 48,619 oz at total cash costs of $478 p per ounce AVERAGE GOLD RESERVE GRADE (g/t) 4.7  Initial 25% expansion study expected Indicated gold resource (million oz) 1.0 (13.0 M tonnes @ 2.5 g/t) in Q1’13 Inferred gold resource (million oz) 1.2  Good exploration results at Rimpi p p (8.0 M tonnes @ 4.6 g/t) suggest potential for ongoing phased Estimated LOM (years) 33 expansions 2012 exploration budget $17M  Transitioning fully to underground See AEM Feb 15, 2012 press release for detailed breakdown of reserves and resources. operations in 2013; Expecting higher unit costs $55M Cash Operating Margin $40M $25M $10M Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 27
  28. 28. Mexico - Pinos Altos & Creston MascotaStrong Q3 production at record low cash costs  Q3’12 gold production of 61,973 oz at P&P GOLD RESERVES (million oz) (88.5 M tonnes @ 2.1 g/t) 3.1 record low total cash costs per ounce of $212 AVERAGE GOLD RESERVE GRADE (g/t) 2.1 Indicated gold resource (million oz)  La India expected to add to production (18.6 M tonnes @ 1.3 g/t) 0.8 profile in 2014 Inferred gold resource (million oz) 0.8 (16.8 M tonnes @ 1.1 g/t )  Production delays at Creston Mascota; Ramp-up to resume in Q2 2013 Estimated LOM (years) 18 2012 exploration budget $6M See AEM Feb 15, 2012 press release for detailed breakdown of reserves and resources. $100M Cash Operating Margin $80M $60M $40M Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 28
  29. 29. MeadowbankRecord production and operating profit  Record gold production in Q3’12 of P&P GOLD RESERVES (million oz) (24.5 M tonnes @ 2.8 g/t) 2.2 110,988 oz at total cash costs per ounce of $734 AVERAGE GOLD RESERVE GRADE (g/t) 2.8 Indicated resource (million oz)  De-risked mine plan continuing to (17.2 M tonnes @ 2.4 g/t) 1.3 hit/exceed targets on throughput Inferred resource (million oz) 0.5 (10,902 tpd in Q3’12) and grade (3.7 (3.7 M tonnes @ 3.8 g/t) g/t in Q3’12) Estimated LOM (years) 6 2012 exploration budget $7M See AEM Feb 15, 2012 press release for detailed breakdown of reserves and resources. Cash Operating Margin $100M $80M $60M $40M $20M Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 29
  30. 30. Appendix 30
  31. 31. Operating Metrics LaRonde - Ore milled (000 tonnes) LaRonde LaRonde - Minesite costs per tonne (C$) 7,500tpd $140/t 7,000tpd $120/t 6,500tpd $100/t 6,000tpd $80/t 5,500tpd $60/t 5,000tpd $40/t 4,500tpd $20/t 4,000tpd $0/t Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Lapa - Ore milled (000 tonnes) Lapa Lapa - Minesite costs per tonne (C$) 2,000tpd $170/t 1,800tpd $150/t 1,600tpd 1,400tpd $130/t 1,200tpd 1,000tpd $110/t 800tpd $90/t 600tpd 400tpd $70/t 200tpd 0tpd p $50/t Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 31
  32. 32. Operating Metrics Kittila - Ore milled(000 tonnes) Kittila Kittila - Minesite costs per tonne (EUR) 3,500tpd €85/t 3,000tpd €80/t €75/t 2,500tpd €70/t 2,000tpd €65/t 1,500tpd €60/t €55/t 1,000tpd €50/t 500tpd €45/t 0tpd €40/t Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Pinos Altos Meadowbank 6,000tpd $60/t 12,000tpd $140/t 5,000tpd $50/t 10,000tpd $120/t $100/t 4,000tpd $40/t 8,000tpd $80/t 3,000tpd $30/t 6,000tpd $60/t 2,000tpd $20/t 4,000tpd $40/t 1,000tpd $10/t 2,000tpd $20/t 0tpd $0/t 0tpd $0/t Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Pinos Altos - Ore milled (000 tonnes) Meadowbank - Ore milled (000 tonnes) Pinos Altos - Minesite costs per tonne (USD$) Meadowbank - Minesite costs per tonne (C$) 32
  33. 33. Gold and Silver Reserves and ResourcesDecember 31, 2011 Tonnes Gold Gold Tonnes Silver Silver Gold (000’s) (g/t) (ounces) Silver (000’s) (g/t) (ounces) (000 s) (000’s) (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 & 168,336 168 336 1.78 1 78 9,633 9 633 27,801 27 801 27.24 27 24 24,344 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. Reserves are not a subset of resources.
  34. 34. Copper, Zinc and Lead Reserves and ResourcesDecember 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 I di t d 7,225 7 225 0.12 0 12 8,629 8 629 Indicated I di t d 7,225 7 225 1.49 107,338 1 49 107 338 Indicated I di t d 7,225 7 225 0.15 11,127 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. Reserves are not a subset of resources 34
  35. 35. 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 regulations, them. 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 feasibility. category. 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. 35
  36. 36. 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 indicated, circumstances, 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, parameters to support production planning and evaluation of the economic viability of the deposit The estimate is based on detailed and reliable deposit. 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, except for the La India project (June 30, 2012) and the Goldex project (October 14, 2012). Additional information about each of the mineral projects that is required by NI 43-101, sections 3.2 3 2 and 3 3 and paragraphs 3 4 (a) (c) and (d) can be found in Technical Reports which may be found at www sedar com Other important operating 3.3 3.4 (a), Reports, www.sedar.com. information can be found in the Company’s Form 20-F and its news release dated February 15, 2012. Alain Blackburn, a Qualified Person and the Company’s Senior Vice-President, Exploration, reviewed the technical information disclosed herein. 36
  37. 37. A solid financial position, well funded growth projects in regions of low political risk position well-funded risk,and a focused, consistent strategy put Agnico-Eagle in a strong position to continuecreating exceptional per share value.Sean Boyd Executive and Registered Office:President and  es de t a d 145 King Street East, Suite 400 5 g St eet ast, Su te 00Chief Executive Officer  Toronto, Ontario, Canada, M5C 2Y7David Smith Tel:  416‐947‐1212SVP Finance and Chief Financial Officer Toll‐Free:  888‐822‐6714      Fax:  416‐367‐4681Trading Symbol: AEM on TSX & NYSEInvestor Relations:416‐847‐8665info@agnico‐eagle.comagnico-eagle.com

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