The document provides an overview of Agnico Eagle's Kittila mine site visit in November 2016. Some key points:
- Kittila is Agnico Eagle's largest gold mine in Europe and has estimated reserves to continue operations through 2035.
- Underground development and mining rates are being optimized to fully access the Rimpi and newly discovered Sisar zones.
- Drilling in Q3 2016 yielded the widest intercept to date in the Sisar Central Zone of 6.6 g/t gold over 12.7 metres.
- The processing plant uses pressure oxidation in an autoclave to treat the refractory gold ore, followed by milling, flotation, leaching and electrowin
The document provides an overview of Scotiabank's BBQ on August 18, 2015. It includes forward-looking statements about Agnico Eagle's expected future production, costs, projects, and studies. Highlights from the first half of 2015 include strong operating performance with 807,888 ounces of gold produced at total cash costs of $595 per ounce. Production guidance for 2015 is maintained at 1.6 million ounces with reduced costs. The Goldex Deep 1 project was approved to add 7 years of mine life. Drilling is expanding resources at Amaruq and the Vault extension could reduce the potential production gap with Amaruq.
The document provides an overview of Agnico Eagle's Amaruq investor tour on August 20, 2015. It begins with forward-looking statements and notes of caution for investors. It then provides an agenda that will discuss Nunavut, the Meadowbank operations including the Vault extension, details on Amaruq, and information on Meliadine. Exploration and development highlights are provided, noting increased resources at Amaruq and optimization studies continuing at Meliadine.
Agnico Eagle provided a corporate update for January 2015 including the following key points:
- 2015 gold production is expected to increase 14% to approximately 1.6 million ounces compared to 2014, driven by higher production at Meadowbank, Kittila, and Mexican operations. Total cash costs per ounce are expected to decline 6% from 2014.
- The company has manageable expansion capital requirements with projects like the Kittila plant expansion and Pinos shaft completion expected to increase production capacity.
- Agnico Eagle has financial flexibility with a net debt of $1.2 billion and $700 million in undrawn credit lines to fund future growth.
Macquarie 2015 Global Metals, Mining % Materials Conference, New YorkAgnico Eagle Mines
This document provides an overview of Agnico Eagle's presentation at the Macquarie 2015 Global Metals, Mining & Materials Conference on June 10-11, 2015. It discusses Agnico Eagle's assets in Nunavut, Finland, Mexico, and the Abitibi Region, which are focused in four low-risk mining jurisdictions. Production is forecast to be approximately 1.6 million ounces in 2015 at a cash cost of $618 per ounce. The presentation also highlights Agnico Eagle's reserve quality, production and cost profile, opportunities to enhance future production, 2014 reserve highlights, and exploration/development pipeline.
The document provides an update on Agnico Eagle, a gold mining company. It discusses forward-looking production guidance estimates for 2015, including expected ore grades, metal production, costs per ounce, and estimated timing of technical reports. It notes Agnico Eagle expects around 14% production growth in 2015 and all-in sustaining costs in 2015 are expected to decline by 6% from 2014 levels. The document also contains standard cautionary notes about forward-looking statements and the use of non-GAAP measures in evaluations performance.
The document provides forward-looking statements and notes of caution for Agnico Eagle's presentation at a metals and mining conference. It notes that forward-looking production estimates involve risks and uncertainties beyond Agnico Eagle's control. It also explains that the presentation discloses non-GAAP financial measures like total cash costs per ounce of gold produced, and provides reconciliations to IFRS measures. Finally, it states that the gold production guidance is based on mineral reserves but includes contingencies and price assumptions different than those used for reserves.
Agnico Eagle held a Denver Gold Forum in September 2016 to provide information to investors. The document included forward-looking statements about production guidance, costs, and other estimates. It noted the risks that actual results may differ from expectations due to uncertainties in metal prices, costs, and other factors. It also summarized the company's strategy of production growth from its existing assets, high-quality gold reserves with above-average grades, and exploration adding new resources.
This document provides an overview of a site tour that was conducted at El Barqueño on September 23, 2015. It begins with standard forward-looking statements and disclaimers about projections. It then provides notes to investors about the use of non-GAAP financial measures in evaluations, production guidance assumptions, mineral resource categories, and scientific and technical data standards. Key points covered include projected total cash costs, all-in sustaining costs, mineral reserve estimates used, and qualifications of individuals who approved the scientific and technical content.
The document provides an overview of Scotiabank's BBQ on August 18, 2015. It includes forward-looking statements about Agnico Eagle's expected future production, costs, projects, and studies. Highlights from the first half of 2015 include strong operating performance with 807,888 ounces of gold produced at total cash costs of $595 per ounce. Production guidance for 2015 is maintained at 1.6 million ounces with reduced costs. The Goldex Deep 1 project was approved to add 7 years of mine life. Drilling is expanding resources at Amaruq and the Vault extension could reduce the potential production gap with Amaruq.
The document provides an overview of Agnico Eagle's Amaruq investor tour on August 20, 2015. It begins with forward-looking statements and notes of caution for investors. It then provides an agenda that will discuss Nunavut, the Meadowbank operations including the Vault extension, details on Amaruq, and information on Meliadine. Exploration and development highlights are provided, noting increased resources at Amaruq and optimization studies continuing at Meliadine.
Agnico Eagle provided a corporate update for January 2015 including the following key points:
- 2015 gold production is expected to increase 14% to approximately 1.6 million ounces compared to 2014, driven by higher production at Meadowbank, Kittila, and Mexican operations. Total cash costs per ounce are expected to decline 6% from 2014.
- The company has manageable expansion capital requirements with projects like the Kittila plant expansion and Pinos shaft completion expected to increase production capacity.
- Agnico Eagle has financial flexibility with a net debt of $1.2 billion and $700 million in undrawn credit lines to fund future growth.
Macquarie 2015 Global Metals, Mining % Materials Conference, New YorkAgnico Eagle Mines
This document provides an overview of Agnico Eagle's presentation at the Macquarie 2015 Global Metals, Mining & Materials Conference on June 10-11, 2015. It discusses Agnico Eagle's assets in Nunavut, Finland, Mexico, and the Abitibi Region, which are focused in four low-risk mining jurisdictions. Production is forecast to be approximately 1.6 million ounces in 2015 at a cash cost of $618 per ounce. The presentation also highlights Agnico Eagle's reserve quality, production and cost profile, opportunities to enhance future production, 2014 reserve highlights, and exploration/development pipeline.
The document provides an update on Agnico Eagle, a gold mining company. It discusses forward-looking production guidance estimates for 2015, including expected ore grades, metal production, costs per ounce, and estimated timing of technical reports. It notes Agnico Eagle expects around 14% production growth in 2015 and all-in sustaining costs in 2015 are expected to decline by 6% from 2014 levels. The document also contains standard cautionary notes about forward-looking statements and the use of non-GAAP measures in evaluations performance.
The document provides forward-looking statements and notes of caution for Agnico Eagle's presentation at a metals and mining conference. It notes that forward-looking production estimates involve risks and uncertainties beyond Agnico Eagle's control. It also explains that the presentation discloses non-GAAP financial measures like total cash costs per ounce of gold produced, and provides reconciliations to IFRS measures. Finally, it states that the gold production guidance is based on mineral reserves but includes contingencies and price assumptions different than those used for reserves.
Agnico Eagle held a Denver Gold Forum in September 2016 to provide information to investors. The document included forward-looking statements about production guidance, costs, and other estimates. It noted the risks that actual results may differ from expectations due to uncertainties in metal prices, costs, and other factors. It also summarized the company's strategy of production growth from its existing assets, high-quality gold reserves with above-average grades, and exploration adding new resources.
This document provides an overview of a site tour that was conducted at El Barqueño on September 23, 2015. It begins with standard forward-looking statements and disclaimers about projections. It then provides notes to investors about the use of non-GAAP financial measures in evaluations, production guidance assumptions, mineral resource categories, and scientific and technical data standards. Key points covered include projected total cash costs, all-in sustaining costs, mineral reserve estimates used, and qualifications of individuals who approved the scientific and technical content.
This document is an introduction and forward-looking statement from Agnico Eagle for their presentation at the Bank of America Merrill Lynch 21st Annual Canada Mining Conference in September 2015. It outlines key assumptions and risk factors for forward-looking production guidance, cost estimates, and timelines. It also provides notes to investors on the use of non-GAAP financial measures and production guidance included in the presentation.
This document provides forward-looking statements and notes to investors regarding Agnico Eagle's presentation at the Jefferies 11th Annual Industrials Conference in August 2015. It cautions readers that forward-looking statements are subject to risks and uncertainties. It also notes that the presentation discloses non-GAAP financial measures such as total cash costs per ounce and minesite costs per tonne, and provides reconciliations to IFRS measures. Finally, it states that the gold production guidance is based on mineral reserves but includes contingencies and price assumptions different from reserve estimates.
Agnico Eagle reported record annual gold production in 2014 of 1.429 million ounces at total cash costs of $637 per ounce. For the fourth quarter of 2014, gold production was 387,538 ounces at total cash costs of $662 per ounce. Agnico Eagle expects gold production to increase to approximately 1.6 million ounces in 2015 at total cash costs of $610 to $630 per ounce, and all-in sustaining costs of $880 to $900 per ounce. Agnico Eagle also provided three-year production guidance for 2015 to 2017, with expected average annual gold production of approximately 1.6 million ounces.
Raymond James 38th Annual Institutional Investors ConferenceAgnico Eagle Mines
The document provides forward-looking statements and notes regarding Agnico Eagle's presentation at the Raymond James 38th Annual Institutional Investors Conference in March 2017. It discusses Agnico Eagle's solid production base, high quality long life assets, and proven value creating strategy. It also summarizes Agnico Eagle's 2016 operating and financial highlights, 2016 exploration and reserve highlights, and track record of meeting production guidance. Finally, it notes Agnico Eagle mined below its average reserve grade in 2016 and successfully replaced reserves and resources with grades remaining unchanged.
Agnico Eagle reported its first quarter 2015 results on May 1, 2015. The document discusses forward-looking statements and provides notes to investors regarding non-GAAP financial measures and production guidance. It reports that the first quarter saw record quarterly gold production of 404,210 ounces at total cash costs per ounce. Key factors discussed include metal prices, exchange rates, mineral reserves and resource estimates, production costs, expansion projects, and estimated mine lives. Risk factors that could affect actual results are also outlined.
- Agnico Eagle reported strong Q3 2014 operating performance with gold production of 349,273 oz and total cash costs of $716/oz.
- Production for 2014 is expected to exceed guidance and reach approximately 1.4 Moz, while 2015 guidance is increased to approximately 1.6 Moz due to higher forecasts at Meadowbank, Kittila, and Mexican operations.
- Upgrades at LaRonde, lower costs at Goldex, and optimization at Canadian Malartic position the Abitibi operations for increased performance going forward.
The Barsele Gold Project is located in northern Sweden near existing infrastructure. Agnico Eagle has a 55% interest in the project. Previous exploration identified gold mineralization at the Central, Avan, and Skiråsen zones. In 2015-2016, Agnico Eagle conducted drilling programs to expand and define these zones, with the goal of releasing an initial inferred resource estimate by the end of 2016. Drilling to date has shown potential to extend mineralization to depth at the Avan zone.
Agnico Eagle reported its second quarter 2015 results. Key highlights included:
- Payable gold production of 403,678 ounces at total cash costs per ounce of $601.
- Production guidance for 2015 maintained at 1.6 million ounces with costs reduced.
- Approval of mining at the Vault Extension and Goldex Deep 1 projects expected to extend mine life.
- Infill drilling at Amaruq confirmed grades and thicknesses with mineralization extended to depth.
- Continued focus on debt reduction with $25 million repaid on the credit facility in Q2 2015.
This document provides a corporate update for Agnico Eagle. It discusses Agnico Eagle's increased gold production guidance for 2014 and 2015, driven by strong operational performance at Meadowbank, Kittila, and Mexican operations. Production is forecast to increase 14% to 1.6 million ounces in 2015 while total cash costs are expected to decline 6% from 2014 levels. The document also addresses Agnico Eagle's financial position and flexibility.
The document provides an overview of Agnico Eagle's corporate update presentation from January 2018. It includes forward-looking statements and notes regarding non-GAAP measures. The summary highlights Agnico Eagle's growing production base, high quality long life assets, strategy of value creation, track record of meeting guidance, mineral reserves and resources, successful M&A and exploration adding value, and project pipeline expected to drive further production growth to 2 million ounces by 2020.
The document provides forward-looking statements and production guidance for Agnico Eagle at the BMO Capital Markets 24th Global Metals and Mining Conference in February 2015. It notes key assumptions used in projections, such as metal prices and exchange rates, and risks that could impact projections. It also provides context on non-GAAP terms used, such as total cash costs per ounce and minesite costs per tonne, and reconciles them to GAAP financial reporting. Finally, it states that the gold production guidance is based on mineral reserves but includes contingencies, and does not reconcile exactly to reserve models due to factors like metal price and exchange rate assumptions.
Agnico Eagle reported its first quarter 2016 results on April 29, 2016. The document provides forward-looking statements regarding Agnico Eagle's expectations for production, costs, capital expenditures, and other estimates. It notes that actual results may differ materially from expectations due to risks and uncertainties in the business. The document also explains non-GAAP measures used to evaluate performance such as total cash costs per ounce and all-in sustaining costs per ounce.
Bank of America Merrill Lynch 2016 Global Metals, Mining EventAgnico Eagle Mines
This document provides an overview of Agnico Eagle Mines Limited's presentation at the 22nd Annual Canada Mining Event hosted by Bank of America Merrill Lynch in September 2016. It contains forward-looking statements about Agnico Eagle's production guidance, costs, projects and growth plans. It also notes the risks associated with forward-looking statements and provides details on Agnico Eagle's non-GAAP financial measures and production guidance methodology. Finally, it highlights Agnico Eagle's strategy of value creation through consistent performance, production growth, high-quality reserves, exploration success and financial strength.
This document provides an overview of Agnico Eagle Mines Limited's annual and special meeting on April 29, 2016. It includes forward-looking statements about production guidance, costs, and projects. It notes the risks associated with forward-looking statements and provides non-GAAP financial measures to assess performance. The company has a strong track record of exceeding production guidance and lowering costs. It is positioned for growth through optimizing existing operations, exploration success adding reserves, and a pipeline of development projects expected to increase production by 30-40% by 2020.
Agnico Eagle reported its fourth quarter and full year 2017 results. Some highlights include:
- Production guidance for 2018 of 1.75-1.8 million ounces of gold at total cash costs between $650-700 per ounce and AISC of $950-1000 per ounce.
- Continued progress on construction at the Meliadine and Amaruq projects in Nunavut, with production expected to begin in 2019.
- Exploration success at several mines, with potential to extend mine lives and add new resources.
This document provides an overview of Agnico Eagle's European Gold Forum presentation in Zurich in April 2016. It includes forward-looking statements about production guidance and costs. It also notes that total cash costs, all-in sustaining costs, and minesite costs per tonne are non-GAAP measures and provides definitions for these terms. Finally, it directs readers to Agnico Eagle's regulatory filings for further information.
Agnico Eagle reported strong results for the second quarter of 2016, including:
- Gold production of 408,932 ounces at total cash costs of $592 per ounce
- Increased 2016 production guidance to 1.58-1.6 million ounces at lower costs
- Repaid $210 million credit facility balance and $20 million loan, reducing net debt to $742 million
- Declared a 25% increased quarterly dividend to $0.10 per share
The LaRonde mine achieved record quarterly gold production of 105,345 ounces due to higher tonnage and grades from mining areas. Production guidance for 2017 was increased to over 1.68 million ounces of gold and unit costs were reduced based on strong year-to-date operational performance across Agnico Eagle's mines. Exploration continues at LaRonde to evaluate mining below current levels and infill drilling is ongoing to define higher grade mineralization in the western portions of the deposit.
- Agnico Eagle reported second quarter 2018 results with total payable gold production of 404,961 ounces and total cash costs per ounce of $656.
- Production guidance for 2018 was increased to 1.58 million ounces of gold from 1.53 million ounces previously.
- The Amaruq project received permit approval and preliminary construction work began, while the Meliadine project remains on schedule for first production in Q2 2019.
- LaRonde Zone 5 declared commercial production as of June 1, 2018 and the mine life at Lapa was extended until the fourth quarter of 2018.
The Nunavut Experience Mining and Exploring North of 60Agnico Eagle Mines
The document discusses permitting for mining and exploration projects in Nunavut, Canada. It notes that [1] Inuit organizations own subsurface and surface rights to portions of the land in Nunavut. [2] Key Inuit organizations that must be engaged with for agreements include Nunavut Tungavik Incorporated and regional Inuit organizations. [3] Permitting for exploration projects in Nunavut involves engaging with both Inuit organizations and various federal and territorial government bodies.
The document discusses Agnico Eagle's third quarter 2016 results. It provides forward-looking statements regarding production guidance, projects, and costs. It notes the risks and assumptions underlying the forward-looking statements. It also discusses non-GAAP measures used to evaluate performance such as total cash costs per ounce and all-in sustaining costs per ounce.
- Agnico Eagle provides a corporate update for November 2016, outlining its consistent strategy and solid execution that drives superior per share returns.
- Production is expected to grow to approximately 2.0 million ounces of gold in 2020 from its existing asset base.
- Agnico Eagle has high quality gold reserves with an average grade more than double that of North American peers that will support production growth.
- Exploration continues to be a key value driver, with several prospects delivering results.
This document is an introduction and forward-looking statement from Agnico Eagle for their presentation at the Bank of America Merrill Lynch 21st Annual Canada Mining Conference in September 2015. It outlines key assumptions and risk factors for forward-looking production guidance, cost estimates, and timelines. It also provides notes to investors on the use of non-GAAP financial measures and production guidance included in the presentation.
This document provides forward-looking statements and notes to investors regarding Agnico Eagle's presentation at the Jefferies 11th Annual Industrials Conference in August 2015. It cautions readers that forward-looking statements are subject to risks and uncertainties. It also notes that the presentation discloses non-GAAP financial measures such as total cash costs per ounce and minesite costs per tonne, and provides reconciliations to IFRS measures. Finally, it states that the gold production guidance is based on mineral reserves but includes contingencies and price assumptions different from reserve estimates.
Agnico Eagle reported record annual gold production in 2014 of 1.429 million ounces at total cash costs of $637 per ounce. For the fourth quarter of 2014, gold production was 387,538 ounces at total cash costs of $662 per ounce. Agnico Eagle expects gold production to increase to approximately 1.6 million ounces in 2015 at total cash costs of $610 to $630 per ounce, and all-in sustaining costs of $880 to $900 per ounce. Agnico Eagle also provided three-year production guidance for 2015 to 2017, with expected average annual gold production of approximately 1.6 million ounces.
Raymond James 38th Annual Institutional Investors ConferenceAgnico Eagle Mines
The document provides forward-looking statements and notes regarding Agnico Eagle's presentation at the Raymond James 38th Annual Institutional Investors Conference in March 2017. It discusses Agnico Eagle's solid production base, high quality long life assets, and proven value creating strategy. It also summarizes Agnico Eagle's 2016 operating and financial highlights, 2016 exploration and reserve highlights, and track record of meeting production guidance. Finally, it notes Agnico Eagle mined below its average reserve grade in 2016 and successfully replaced reserves and resources with grades remaining unchanged.
Agnico Eagle reported its first quarter 2015 results on May 1, 2015. The document discusses forward-looking statements and provides notes to investors regarding non-GAAP financial measures and production guidance. It reports that the first quarter saw record quarterly gold production of 404,210 ounces at total cash costs per ounce. Key factors discussed include metal prices, exchange rates, mineral reserves and resource estimates, production costs, expansion projects, and estimated mine lives. Risk factors that could affect actual results are also outlined.
- Agnico Eagle reported strong Q3 2014 operating performance with gold production of 349,273 oz and total cash costs of $716/oz.
- Production for 2014 is expected to exceed guidance and reach approximately 1.4 Moz, while 2015 guidance is increased to approximately 1.6 Moz due to higher forecasts at Meadowbank, Kittila, and Mexican operations.
- Upgrades at LaRonde, lower costs at Goldex, and optimization at Canadian Malartic position the Abitibi operations for increased performance going forward.
The Barsele Gold Project is located in northern Sweden near existing infrastructure. Agnico Eagle has a 55% interest in the project. Previous exploration identified gold mineralization at the Central, Avan, and Skiråsen zones. In 2015-2016, Agnico Eagle conducted drilling programs to expand and define these zones, with the goal of releasing an initial inferred resource estimate by the end of 2016. Drilling to date has shown potential to extend mineralization to depth at the Avan zone.
Agnico Eagle reported its second quarter 2015 results. Key highlights included:
- Payable gold production of 403,678 ounces at total cash costs per ounce of $601.
- Production guidance for 2015 maintained at 1.6 million ounces with costs reduced.
- Approval of mining at the Vault Extension and Goldex Deep 1 projects expected to extend mine life.
- Infill drilling at Amaruq confirmed grades and thicknesses with mineralization extended to depth.
- Continued focus on debt reduction with $25 million repaid on the credit facility in Q2 2015.
This document provides a corporate update for Agnico Eagle. It discusses Agnico Eagle's increased gold production guidance for 2014 and 2015, driven by strong operational performance at Meadowbank, Kittila, and Mexican operations. Production is forecast to increase 14% to 1.6 million ounces in 2015 while total cash costs are expected to decline 6% from 2014 levels. The document also addresses Agnico Eagle's financial position and flexibility.
The document provides an overview of Agnico Eagle's corporate update presentation from January 2018. It includes forward-looking statements and notes regarding non-GAAP measures. The summary highlights Agnico Eagle's growing production base, high quality long life assets, strategy of value creation, track record of meeting guidance, mineral reserves and resources, successful M&A and exploration adding value, and project pipeline expected to drive further production growth to 2 million ounces by 2020.
The document provides forward-looking statements and production guidance for Agnico Eagle at the BMO Capital Markets 24th Global Metals and Mining Conference in February 2015. It notes key assumptions used in projections, such as metal prices and exchange rates, and risks that could impact projections. It also provides context on non-GAAP terms used, such as total cash costs per ounce and minesite costs per tonne, and reconciles them to GAAP financial reporting. Finally, it states that the gold production guidance is based on mineral reserves but includes contingencies, and does not reconcile exactly to reserve models due to factors like metal price and exchange rate assumptions.
Agnico Eagle reported its first quarter 2016 results on April 29, 2016. The document provides forward-looking statements regarding Agnico Eagle's expectations for production, costs, capital expenditures, and other estimates. It notes that actual results may differ materially from expectations due to risks and uncertainties in the business. The document also explains non-GAAP measures used to evaluate performance such as total cash costs per ounce and all-in sustaining costs per ounce.
Bank of America Merrill Lynch 2016 Global Metals, Mining EventAgnico Eagle Mines
This document provides an overview of Agnico Eagle Mines Limited's presentation at the 22nd Annual Canada Mining Event hosted by Bank of America Merrill Lynch in September 2016. It contains forward-looking statements about Agnico Eagle's production guidance, costs, projects and growth plans. It also notes the risks associated with forward-looking statements and provides details on Agnico Eagle's non-GAAP financial measures and production guidance methodology. Finally, it highlights Agnico Eagle's strategy of value creation through consistent performance, production growth, high-quality reserves, exploration success and financial strength.
This document provides an overview of Agnico Eagle Mines Limited's annual and special meeting on April 29, 2016. It includes forward-looking statements about production guidance, costs, and projects. It notes the risks associated with forward-looking statements and provides non-GAAP financial measures to assess performance. The company has a strong track record of exceeding production guidance and lowering costs. It is positioned for growth through optimizing existing operations, exploration success adding reserves, and a pipeline of development projects expected to increase production by 30-40% by 2020.
Agnico Eagle reported its fourth quarter and full year 2017 results. Some highlights include:
- Production guidance for 2018 of 1.75-1.8 million ounces of gold at total cash costs between $650-700 per ounce and AISC of $950-1000 per ounce.
- Continued progress on construction at the Meliadine and Amaruq projects in Nunavut, with production expected to begin in 2019.
- Exploration success at several mines, with potential to extend mine lives and add new resources.
This document provides an overview of Agnico Eagle's European Gold Forum presentation in Zurich in April 2016. It includes forward-looking statements about production guidance and costs. It also notes that total cash costs, all-in sustaining costs, and minesite costs per tonne are non-GAAP measures and provides definitions for these terms. Finally, it directs readers to Agnico Eagle's regulatory filings for further information.
Agnico Eagle reported strong results for the second quarter of 2016, including:
- Gold production of 408,932 ounces at total cash costs of $592 per ounce
- Increased 2016 production guidance to 1.58-1.6 million ounces at lower costs
- Repaid $210 million credit facility balance and $20 million loan, reducing net debt to $742 million
- Declared a 25% increased quarterly dividend to $0.10 per share
The LaRonde mine achieved record quarterly gold production of 105,345 ounces due to higher tonnage and grades from mining areas. Production guidance for 2017 was increased to over 1.68 million ounces of gold and unit costs were reduced based on strong year-to-date operational performance across Agnico Eagle's mines. Exploration continues at LaRonde to evaluate mining below current levels and infill drilling is ongoing to define higher grade mineralization in the western portions of the deposit.
- Agnico Eagle reported second quarter 2018 results with total payable gold production of 404,961 ounces and total cash costs per ounce of $656.
- Production guidance for 2018 was increased to 1.58 million ounces of gold from 1.53 million ounces previously.
- The Amaruq project received permit approval and preliminary construction work began, while the Meliadine project remains on schedule for first production in Q2 2019.
- LaRonde Zone 5 declared commercial production as of June 1, 2018 and the mine life at Lapa was extended until the fourth quarter of 2018.
The Nunavut Experience Mining and Exploring North of 60Agnico Eagle Mines
The document discusses permitting for mining and exploration projects in Nunavut, Canada. It notes that [1] Inuit organizations own subsurface and surface rights to portions of the land in Nunavut. [2] Key Inuit organizations that must be engaged with for agreements include Nunavut Tungavik Incorporated and regional Inuit organizations. [3] Permitting for exploration projects in Nunavut involves engaging with both Inuit organizations and various federal and territorial government bodies.
The document discusses Agnico Eagle's third quarter 2016 results. It provides forward-looking statements regarding production guidance, projects, and costs. It notes the risks and assumptions underlying the forward-looking statements. It also discusses non-GAAP measures used to evaluate performance such as total cash costs per ounce and all-in sustaining costs per ounce.
- Agnico Eagle provides a corporate update for November 2016, outlining its consistent strategy and solid execution that drives superior per share returns.
- Production is expected to grow to approximately 2.0 million ounces of gold in 2020 from its existing asset base.
- Agnico Eagle has high quality gold reserves with an average grade more than double that of North American peers that will support production growth.
- Exploration continues to be a key value driver, with several prospects delivering results.
Agnico Eagle reported its fourth quarter and full year 2016 results. Key highlights included:
1) Continued strong operating performance in 2016 with gold production exceeding guidance and lower than expected costs.
2) The Amaruq satellite deposit at Meadowbank and the Meliadine project were approved for development with both expected to start up in Q3 2019.
3) A four-year production guidance was issued with gold production expected to increase from current levels to 2 million ounces by 2020 and unit costs expected to decline over that period.
- The document is a presentation from Agnico Eagle Mines Limited given at a Scotia BBQ on August 18, 2016.
- It discusses Agnico Eagle's forward-looking statements and production guidance, provides an overview of the company's strong financial position and long history of dividend payments, and outlines its growth strategy through projects in its development pipeline.
- Agnico Eagle has successfully grown production and reserves through acquisitions and exploration over the past decade and expects its project pipeline to drive a new phase of 30-40% production growth by 2020.
Operations continue to deliver strong performance in the second quarter of 2017, with total gold production of 427,743 ounces and total cash costs per ounce of $556. Infill and exploration drilling at multiple properties, including LaRonde and Amaruq, yielded positive results that are expected to result in mineral resource additions and conversions. The Meliadine project is progressing on schedule and budget, with underground development ahead of plan and engineering 80% complete at the end of June 2017.
- Agnico Eagle provides a corporate update for September 2016, outlining key points such as production growth targets, high quality gold reserves, ongoing exploration success, and a strong balance sheet.
- The company has a goal of producing over 2 million ounces of gold annually by 2020 through exploiting its existing asset base, which contains high average grade reserves over double the industry average.
- Exploration continues to deliver value by expanding reserves and resources at mines such as Kittila, Meadowbank, Meliadine, Pinos Altos, and La India.
The document provides an update on Agnico Eagle Mines for August 2016. It includes forward-looking statements and notes of caution regarding the use of non-GAAP measures in financial presentations. The update discusses Agnico Eagle's consistent strategy of production growth, high quality gold reserves with above peer average grades, strong balance sheet, and exploration as a value driver. It also provides highlights on recent operational and financial results and production guidance into 2019 and beyond.
Bank of America Merrill Lynch 2016 Global Metals, Mining & Steel ConferenceAgnico Eagle Mines
This document is from Agnico Eagle's presentation at the 2016 Bank of America Merrill Lynch Global Metals, Mining & Steel Conference in May 2016. It includes forward-looking statements regarding Agnico Eagle's estimated production metrics, costs, and project timelines that are based on certain assumptions that may prove to be incorrect. It also notes that certain non-GAAP financial measures are used such as total cash costs per ounce and all-in sustaining costs per ounce, and provides definitions for these terms. The presentation contains cautionary language regarding the risks and uncertainties inherent in forward-looking information.
BMO Capital Markets 26th Global Metals & Mining ConferenceAgnico Eagle Mines
- The document discusses Agnico Eagle's forward-looking statements and provides context for non-GAAP financial measures used. It notes key assumptions and risks that could impact projections.
- Agnico Eagle exceeded 2016 production guidance of 1.6 million ounces at total cash costs of $600 per ounce. Production was 1.66 million ounces at total cash costs of $573 per ounce.
- New four-year guidance forecasts production growth to over 2 million ounces in 2020 as the Amaruq and Meliadine projects come online. Costs are expected to decline as production increases.
- Agnico Eagle reported its third quarter 2015 results on October 29, 2015.
- The document discusses forward-looking statements regarding production guidance, costs, and expansion projects and contains risks and assumptions.
- It also notes that certain measures used are non-GAAP measures and provides reconciliations to IFRS, and that production guidance is based on reserves but includes contingencies and different price assumptions than reserves.
This document provides forward-looking statements and notes to investors regarding Agnico Eagle's corporate update presentation at the Scotiabank Mining Conference in December 2017. It outlines key assumptions and risk factors for Agnico Eagle's projections, including commodity prices, production estimates, costs estimates, currency fluctuations, and permitting/development timelines. It also notes that certain terms used in the presentation, such as total cash costs per ounce and all-in sustaining costs per ounce, are non-GAAP measures and provides reconciliations to IFRS measures.
- Agnico Eagle reported strong fourth quarter and full year 2015 results, exceeding annual gold production guidance for the fourth consecutive year.
- For 2016, the company expects gold production of 1.525-1.565 million ounces at total cash costs of $590-630 per ounce, with continued stable production and costs through 2018.
- Significant increases in gold resources were reported at the Amaruq, El Barqueño, and Sisar Zone projects, which could support future production growth beyond 2019.
- Agnico Eagle exceeded gold production guidance for the fourth consecutive year, producing 1.671 million ounces of gold in 2015 at total cash costs of $567 per ounce.
- Stable production of approximately 1.53 million ounces per year is expected from 2016-2018, with 2016 guidance of 1.525-1.565 million ounces at total cash costs of $590-630 per ounce.
- Gold reserve grades increased at key mines in 2015 and significant increases in measured, indicated, and inferred gold resources were reported, while gold reserves declined only slightly.
2. AGNICO EAGLE | KITTILA SITE VISIT NOVEMBER 2016 | 2
Forward Looking Statements
The information in this presentation has been prepared as at November 11, 2016. Certain statements contained in this presentation 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 and are referred to herein as “forward-looking statements”. When used in this presentation, the words “anticipate”, “could”,
“estimate”, “expect”, “forecast”, “future”, “plan”, “potential”, “will” and similar expressions are intended to identify forward-looking statements. Such statements
include, without limitation: the Company's forward-looking production guidance, including estimated ore grades, project timelines, drilling results, metal production,
life of mine estimates, production, total cash costs per ounce, all-in sustaining costs per ounce, minesite costs per tonne, other expenses and cash flows; the
estimated timing and conclusions of technical reports and other studies; the methods by which ore will be extracted or processed; statements concerning expansion
projects, recovery rates, mill throughput, optimization and projected exploration expenditures, including costs and other estimates upon which such projections are
based; statements regarding timing and amounts of capital expenditures and other assumptions; estimates of future mineral reserves, mineral resources, mineral
production, optimization efforts and sales; estimates of mine life; estimates of future capital expenditures and other cash needs, and expectations as to the funding
thereof; statements 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 mineral reserves and mineral resources; statements regarding the Company’s ability to obtain the necessary permits and authorizations in connection with its
exploration, development and mining operations and the anticipated timing thereof; and statements regarding anticipated future exploration; the anticipated timing of
events with respect to the Company’s mine sites and statements regarding the sufficiency of the Company’s cash resources and other statements regarding
anticipated trends with respect to the Company's operations, exploration and the funding thereof. Such statements reflect the Company’s views as at the date of
this presentation and are subject to certain risks, uncertainties and assumptions, and undue reliance should not be placed on such statements. Forward-looking
statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Agnico Eagle as of the date of such statements,
are inherently subject to significant business, economic and competitive uncertainties and contingencies. The material factors and assumptions used in the
preparation of the forward looking statements contained herein, which may prove to be incorrect, include, but are not limited to, the assumptions set forth herein and
in management's discussion and analysis (“MD&A”) and the Company's Annual Information Form (“AIF”) for the year ended December 31, 2015 filed with Canadian
securities regulators and that are included in its Annual Report on Form 40-F for the year ended December 31, 2015 (“Form 40-F”) filed with the U.S. Securities and
Exchange Commission (the "SEC") as well as: that there are no significant disruptions affecting operations; that production, permitting, development and expansion
at each of Agnico Eagle's properties proceeds on a basis consistent with current expectations and plans; that the relevant metal prices, exchange rates and prices
for key mining and construction supplies will be consistent with Agnico Eagle's expectations; that Agnico Eagle's current estimates of mineral reserves, mineral
resources, mineral grades and metal recovery are accurate; that there are no material delays in the timing for completion of ongoing growth projects; that the
Company's current plans to optimize production are successful; and that there are no material variations in the current tax and regulatory environment. Many
factors, known and unknown, could cause the actual results to be materially different from those expressed or implied by such forward looking statements. 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, project development, capital expenditures and other costs; exchange rate 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 currency, fuel and by-product 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 presentation, see the AIF and MD&A filed on SEDAR at www.sedar.com and included in the Form 40-F filed on EDGAR at
www.sec.gov, as well as the Company’s other filings with the Canadian securities regulators and the SEC. Other than as required by law, the Company does not
intend, and does not assume any obligation, to update these forward-looking statements.
3. AGNICO EAGLE | KITTILA SITE VISIT NOVEMBER 2016 | 3
Notes to Investors
Note Regarding the Use of Non-GAAP Financial Measures
This presentation discloses certain measures, including “total cash costs per ounce”, “all-in sustaining costs per ounce”, “minesite costs per tonne” and “net debt” that are not
standardized measures under IFRS. These data may not be comparable to data reported by other issuers. For a reconciliation of these measures to the most directly comparable
financial information reported in the consolidated financial statements prepared in accordance with and for an explanation of how management uses these measures, see “Non-
GAAP Financial Performance Measures” in the MD&A filed on SEDAR at www.sedar.com and included in the Form 6-K filed on EDGAR at www.sec.gov, as well as the Company’s
other filings with the Canadian securities regulators and the SEC. The total cash costs per ounce of gold produced is reported on both a by-product basis (deducting by-product
metal revenues from production costs) and co-product basis (before by-product metal revenues). The total cash costs per ounce of gold produced on a by-product basis is
calculated by adjusting production costs as recorded in the consolidated statements of income for by-product revenues, unsold concentrate inventory production costs, smelting,
refining and marketing charges and other adjustments, and then dividing by the number of ounces of gold produced. The total cash costs per ounce of gold produced on a co-
product basis is calculated in the same manner as the total cash costs per ounce of gold produced on a by-product basis except that no adjustment is made for by-product metal
revenues. Accordingly, the calculation of total cash costs per ounce of gold produced on a co-product basis does not reflect a reduction in production costs or smelting, refining and
marketing charges associated with the production and sale of by-product metals. The total cash costs per ounce of gold produced is intended to provide information about the cash-
generating capabilities of the Company’s mining operations. Management also uses these measures to monitor the performance of the Company’s mining operations. As market
prices for gold are quoted on a per ounce basis, using the total cash costs per ounce of gold produced on a by-product basis measure allows management to assess a mine’s cash-
generating capabilities at various gold prices. All-in sustaining costs per ounce is used to show the full cost of gold production from current operations. The Company calculates all-
in sustaining costs per ounce of gold produced on a by-product basis as the aggregate of total cash costs per ounce on a by-product basis, sustaining capital expenditures
(including capitalized exploration), general and administrative expenses (including stock options) and reclamation expenses divided by the number of ounces of gold produced. The
all-in sustaining costs per ounce of gold produced on a co-product basis is calculated in the same manner as the all-in sustaining costs per ounce of gold produced on a by-product
basis, except that the total cash costs per ounce on a co-product basis is used, meaning no adjustment is made for by-product metal revenues. The Company's methodology for
calculating all-in sustaining costs per ounce may differ from to the methodology used by other producers that disclose all-in sustaining costs per ounce. The Company may change
the methodology it uses to calculate all-in sustaining costs per ounce in the future, including in response to the adoption of formal industry guidance regarding this measure by the
World Gold Council. Management is aware that these per ounce measures of performance can be affected by fluctuations in exchange rates and, in the case of total cash costs per
ounce of gold produced on a by-product basis, by-product metal prices. Management compensates for these inherent limitations by using these measures in conjunction with
minesite costs per tonne (discussed below) as well as other data prepared in accordance with IFRS. Minesite costs per tonne are calculated by adjusting production costs as shown
in the interim condensed consolidated statements of income for unsold concentrate inventory production costs, and then dividing by tonnes of ore processed. As the total cash
costs per ounce of gold produced can be affected by fluctuations in by-product metal prices and exchange rates, management believes that the minesite costs per tonne provides
additional information regarding the performance of mining operations, eliminating the impact of varying production levels. Management also uses this measure to determine the
economic viability of mining blocks. As each mining block is evaluated based on the net realizable value of each tonne mined, in order to be economically viable the estimated
revenue on a per tonne basis must be in excess of the minesite costs per tonne. Management is aware that this per tonne measure of performance can be impacted by fluctuations
in processing levels and compensates for this inherent limitation by using this measure in conjunction with production costs prepared in accordance with IFRS. Net debt is
calculated by adjusting the total of the current portion of long-term debt and non-current long-term debt as recorded on the consolidated balance sheet for deferred financing costs,
cash and cash equivalents and short-term investments. Management uses net debt to determine the overall debt position and to evaluate future debt capacity of the Company.
Management also performs sensitivity analyses in order to quantify the effects of fluctuating exchange rates and metal prices.
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 mineral reserve estimates. These factors and others mean that the gold production guidance presented in this presentation does not reconcile exactly with the
production models used to support these mineral reserves.
Currency
All amounts in this presentation are expressed in U.S. dollars except as otherwise noted.
4. AGNICO EAGLE | KITTILA SITE VISIT NOVEMBER 2016 | 4
Kittilä Mine - Areal View, Looking North
The Kittila underground mine in northern Finland is the largest primary gold producer in Europe and operates at over 5,000
tonnes per day.
With a life mine estimated through 2035, Kittila is Agnico Eagle’s longest-life mine.
Proven and probable gold reserve currently contain 4.4 million ounces (138 tonnes), or 28.2 million tonnes ore at 4.80 g/t gold.
5. AGNICO EAGLE | KITTILA SITE VISIT NOVEMBER 2016 | 5
Kittilä Mine - Finland
Location and Infrastructure
55 km north of Kittilä
900 km north of Helsinki
Excellent infrastructure: roads, airports, communication
Mining license 857 Ha
Barsele
6. AGNICO EAGLE | KITTILA SITE VISIT NOVEMBER 2016 | 6
1986
First gold finding by the Geological
Survey of Finland
2010 Stable production
1998
Exploration started by Swedish
Riddarhyttan Recourses AB
2012
Open pit mining ended, solely
underground mining
2002 Environmental permit for mining 2014
Completion of the mill expansion
project
2003 Mining license 2016
Poured one millionth ounce on
February 1st
2005
Agnico Eagle Mines Limited
became the sole owner of
Riddarhyttan
2006
Completion of the final feasibility
study, decision to build the mine
2008
Ore production started in May,
milling in September
2009
The first gold pour in January; the
Grand Opening in June
Kittila Mine - History
7. AGNICO EAGLE | KITTILA SITE VISIT NOVEMBER 2016 | 7
From Exploration to Doré Bar
8. AGNICO EAGLE | KITTILA SITE VISIT NOVEMBER 2016 | 8
Gold Bar No. 1
Poured January 14, 2009
Weight 32.50 kg
Gold Bar No. 1,000
Poured March 27, 2014
Weight 20.9 kg
Value: 624,736 EUR
Production as of February 1, 2016
1 M ounces ; 32.2 tonnes
Value: 1.26 billion USD
1.18 billion EUR
Seven Years Of Gold Production
9. AGNICO EAGLE | KITTILA SITE VISIT NOVEMBER 2016 | 9
Higher throughput in the 2016 period is a result of
increased development leading to improved ore access
and strong mining productivity
Studies are continuing to optimize underground mining
rates and fully integrate the upper and lower Rimpi zones
and the newly discovered Sisar Zone in a new Kittila mine
plan
Infill drilling in Q3 2016 yielded the widest intercept to date
in the Sisar Central Zone. Hole ROD16-702D returned 6.6
g/t gold over 12.7 metres at 1,303 metres depth
Underground development to access the upper portion of
the Sisar Zone continued during Q3 2016. The Sisar
Zone is located approximately 150 to 200 metres from
existing underground infrastructure
Kittila – Q3 2016 Highlights
60 €
70 €
80 €
90 €
100 €
110 €
120 €
-
10
20
30
40
50
60
Production (koz) Minesite Cost/tonne (€)
See AEM February 10, 2016 press release and appendix for detailed breakdown of mineral reserves and mineral resources
Proven & probable gold
reserves (million oz)
4.4
Measured & indicated
gold resource (million oz)
1.5
Inferred gold resource
(million oz)
1.8
Q3 2016 Total Cash
Costs/oz
Q3 2016 Production
(koz)
55 $663
10. AGNICO EAGLE | KITTILA SITE VISIT NOVEMBER 2016 | 10
MINING
11. AGNICO EAGLE | KITTILA SITE VISIT NOVEMBER 2016 | 11
As per July 31, 2015
Underground Mine and Open Pits
12. AGNICO EAGLE | KITTILA SITE VISIT NOVEMBER 2016 | 12
Underground Development
5.3 m
5.5
m
Gradient 1:7
Typical ramp profile
5,268 m in 2006–2008
4,232 m in 2009
5,045 m in 2010
6,439 m in 2011
7,518 m in 2012
7,153 m in 2013
8,884 m in 2014
13,641 m in 2015
14,637 m in 2016
(estimate)
21. AGNICO EAGLE | KITTILA SITE VISIT NOVEMBER 2016 | 21
Kittilä Mine Tailings Facility
22. AGNICO EAGLE | KITTILA SITE VISIT NOVEMBER 2016 | 22
Main dam of the pond CIL2
Main dam of the pond NP3
Suotoveden keräys
Kittilä Mine Tailings Facility
23. AGNICO EAGLE | KITTILA SITE VISIT NOVEMBER 2016 | 23
Tailings Area
Total area approximately 110 ha
All ponds are lined with waterproof
bitumen liners.
24. AGNICO EAGLE | KITTILA SITE VISIT NOVEMBER 2016 | 24
Kittilä Mine – Leader in Environmental Protection
Human and financial resources
Good cooperation with Municipality, tourist industry, authorities, local people and
associations - “Social License” to operate
In full compliance with environmental legislation and permits
Water treatment – maintaining the ecological state of the Seurujoki river
Process water - closed circuit - cyanide destruction
26. AGNICO EAGLE | KITTILA SITE VISIT NOVEMBER 2016 | 26
Kittilä Mine – Workforce
The mine employs directly approximately 800 people
440 are Agnico Eagle employees
over 55% from Kittilä and 90% from Finnish Lapland
360 contractor employees
15% from Kittilä and 41% from Lapland
Average age 39.3 years
11.7% of the workforce are women
27. AGNICO EAGLE | KITTILA SITE VISIT NOVEMBER 2016 | 27
MINE EXPLORATION
28. AGNICO EAGLE | KITTILA SITE VISIT NOVEMBER 2016 | 28
Kittila
Drilling Continues to Infill and Extend Mineralization in the Sisar Zone
Inferred resources at Sisar are
estimated at 651,000 ounces of
gold (3.4 million tonnes at 5.91
g/t gold)
See AEM February 10, 2016 press release and appendix for detailed breakdown of mineral reserves and mineral resources
29. AGNICO EAGLE | KITTILA SITE VISIT NOVEMBER 2016 | 29
Section 38 800mN
+100/- 200m
RIE16701 new intercept at
Sisar Deep area below -
1400m.
Kittilä Mine Exploration
Section 38 100mN
+ / - 80m
Deepest indication below 2km vertical
depth,
265m North and 110m down along
strike and plunge from the ROD15704D
intercept (27.45m @ 6.46ppm).
32. AGNICO EAGLE | KITTILA SITE VISIT NOVEMBER 2016 | 32
Proposed 2017 Regional Exploration Program
Suurikuusikko
5,000m of drilling
Hanhimaa (AEM earn-in from Dragon Mining)
2,000m of drilling to further investigate the Belt Kuotko
Kittila Mine
Hanhimaa
10 km
37. AGNICO EAGLE | KITTILA SITE VISIT NOVEMBER 2016 | 37
Notes to Investors Regarding
The Use of Mineral Resources
Cautionary Note to Investors Concerning Estimates of Measured and Indicated Mineral Resources
This document uses the terms “measured mineral resources” and “indicated mineral resources”. Investors are advised 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
mineral reserves.
Cautionary Note to Investors Concerning Estimates of Inferred Mineral Resources
This document also uses the term “inferred mineral resources”. Investors are advised that while this term is recognized and required by Canadian regulations, the SEC does not
recognize it. “Inferred mineral 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 mineral resource exists, or is
economically or legally mineable.
Scientific and Technical Data
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 reports mineral resource and mineral reserve estimates in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum
Best Practice Guidelines for Exploration and for Estimation of Mineral Resources and Mineral Reserves in accordance with the Canadian securities regulatory authorities' (the "CSA")
National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). These standards are similar to those used by the SEC’s Industry Guide No. 7, as interpreted by
Staff at the SEC ("Guide 7"). However, the definitions in NI 43-101 differ in certain respects from those under Guide 7. Accordingly, mineral reserve information contained herein may
not be comparable to similar information disclosed by U.S. companies. Under the requirements of the SEC, mineralization may not be classified as a "mineral reserve" unless the
determination has been made that the mineralization could be economically and legally produced or extracted at the time the mineral reserve determination is made. A "final" or
"bankable" feasibility study is required to meet the requirements to designate mineral reserves under Industry Guide 7. Agnico Eagle uses certain terms in this presentation, 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.
In prior periods, mineral reserves for all properties were typically estimated using historic three-year average metals prices and foreign exchange rates in accordance with the SEC
guidelines. These guidelines require the use of prices that reflect current economic conditions at the time of mineral reserve determination, which the Staff of the SEC has interpreted
to mean historic three-year average prices. Given the current lower commodity price environment, Agnico Eagle has decided to use price assumptions that are below the three-year
averages. The assumptions used for the mineral reserve estimates at all mines and advanced projects as of December 31, 2015 (other than the Canadian Malartic mine), reported by
the Company on February 10, 2016 and September 15, 2016, are $1,100 per ounce gold, $16.00 per ounce silver, $0.90 per pound zinc, $2.50 per pound copper, and US$/C$,
Euro/US$ and US$/MXP exchange rates for all mines and projects other than the Lapa, Meadowbank and Creston Mascota mines and Santo Niño open pit at Pinos Altos of 1.16, 1.20
and 14.00, respectively. Due to shorter mine life, the assumptions used for the mineral reserve estimates at the short-life mines (the Lapa, Meadowbank and Creston Mascota mines
and Santo Niño open pit) as of December 31, 2015, reported by the Company on February 10, 2016, include the same metal price assumptions, and US$/C$ and US$/MXP exchange
rates of 1.30 and 16.00, respectively. The assumptions used for the mineral reserves estimate at the Canadian Malartic mine as of December 31, 2015, reported by the Company on
February 10, 2016, are $1,150 per ounce gold, a cut-off grade between 0.30 g/t and 0.33 g/t gold (depending on the deposit) and a US$/C$ exchange rate of 1.24.
NI 43-101 requires mining companies to disclose mineral reserves and mineral resources using the subcategories of "proven mineral reserves”, "probable mineral reserves”, "measured
mineral resources”, "indicated mineral resources” and "inferred mineral resources”. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
38. AGNICO EAGLE | KITTILA SITE VISIT NOVEMBER 2016 | 38
Notes to Investors Regarding
The Use of Mineral Resources
A mineral reserve is the economically mineable part of a measured and/or indicated mineral resource. It includes diluting materials and allowances for losses, which may occur when
the material is mined or extracted and is defined by studies at pre-feasibility or feasibility level as appropriate that include application of modifying factors. Such studies demonstrate
that, at the time of reporting, extraction could reasonably be justified.
Modifying factors are considerations used to convert mineral resources to mineral reserves. These include, but are not restricted to, mining, processing, metallurgical, infrastructure,
economic, marketing, legal, environmental, social and governmental factors.
A proven mineral reserve is the economically mineable part of a measured mineral resource. A proven mineral reserve implies a high degree of confidence in the modifying factors. A
probable mineral reserve is the economically mineable part of an indicated and, in some circumstances, a measured mineral resource. The confidence in the modifying factors
applying to a probable mineral reserve is lower than that applying to a proven mineral reserve.
A mineral resource is a concentration or occurrence of solid material of economic interest in or on the Earth's crust in such form, grade or quality and quantity that there are reasonable
prospects for eventual economic extraction. The location, quantity, grade or quality, continuity and other geological characteristics of a mineral resource are known, estimated or
interpreted from specific geological evidence and knowledge, including sampling.
A measured mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with confidence
sufficient to allow the application of modifying factors to support detailed mine planning and final evaluation of the economic viability of the deposit. Geological evidence is derived from
detailed and reliable exploration, sampling and testing and is sufficient to confirm geological and grade or quality continuity between points of observation. An indicated mineral
resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with sufficient confidence to allow the
application of modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately
detailed and reliable exploration, sampling and testing and is sufficient to assume geological and grade or quality continuity between points of observation. An inferred mineral
resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is
sufficient to imply but not verify geological and grade or quality continuity.
Investors are cautioned not to assume that part or all of an inferred mineral 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
applicable modifying factors 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 mineral reserve estimates in this presentation is December 31, 2015 (other than the Amaruq Project). The effective
date for the Amaruq Project mineral resource estimate in this presentation is June 30, 2016. 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 filed by Agnico Eagle, which may be found at www.sedar.com. Other important
operating information can be found in the Company's AIF and Form 40-F.
The scientific and technical information relating to Agnico Eagle’s mineral reserves and mineral resources contained herein (other than the Canadian Malartic mine) has been approved
by Daniel Doucet, Eng., Senior Corporate Director, Reserve Development; and relating to mineral reserves and mineral resources at the Canadian Malartic mine contained herein has
been approved by Donald Gervais, P.Geo., Director of Technical Services at Canadian Malartic Corporation. Each of them is a "Qualified Person" for the purposes of NI 43-101.