cfa society april 9 2014

CFA Society Toronto Gold Mining: Big Discoveries and Senior Gold Players

April 9, 2014

CORPORATE UPDATE

AGNICO EAGLE | CORPORATE UPDATE | 2

FORWARD LOOKING STATEMENTS

The information in this document has been prepared as at April 7, 2014. Certain statements contained in this document constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward looking information under the provisions of Canadian provincial securities laws. When used in this document, the words “anticipate”, “expect”, “estimate”, “forecast”, “will”, “planned”, and similar expressions are intended to identify forward-looking statements or information. Such statements include without limitation: statements regarding timing and amounts of capital expenditures and other assumptions; estimates of future reserves, resources, mineral production, optimization efforts and sales; estimates of mine life; estimates of future internal rates of return, mining costs, total cash costs, minesite costs, all-in sustaining costs and other expenses; estimates of future capital expenditures and other cash needs, and expectations as to the funding thereof; statements and information as to the projected development of certain ore deposits, including estimates of exploration, development and production and other capital costs, and estimates of the timing of such exploration, development and production or decisions with respect to such exploration, development and production; estimates of reserves and resources, and statements and information regarding anticipated future exploration; the anticipated timing of events with respect to the Company’s mine sites and statements and information regarding the sufficiency of the Company’s cash resources. Such statements and information reflect the Company’s views as at the date of this document and are subject to certain risks, uncertainties and assumptions, and undue reliance should not be placed on such statements and information. Many factors, known and unknown could cause the actual results to be materially different from those expressed or implied by such forward looking statements and information. Such risks include, but are not limited to: the volatility of prices of gold and other metals; uncertainty of mineral reserves, mineral resources, mineral grades and mineral recovery estimates; uncertainty of future production, capital expenditures, and other costs; currency fluctuations; financing of additional capital requirements; cost of exploration and development programs; mining risks; community protests; risks associated with foreign operations; governmental and environmental regulation; the volatility of the Company’s stock price; and risks associated with the Company’s byproduct metal derivative strategies. For a more detailed discussion of such risks and other factors that may affect the Company’s ability to achieve the expectations set forth in the forward-looking statements contained in this document, see the Company’s Annual Information Form for the year ended December 31, 2013 filed on SEDAR at www.sedar.com and included in the Company’s Form 40-F for the year ended December 31, 2013 filed on EDGAR at www.sec.gov, as well as the Company’s other filings with the Canadian securities regulators 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 Company’s Annual Information Form or Form 40-F.


NOTES TO INVESTORS

Note Regarding the Use of Non-GAAP Financial Measures

This document presents estimates of future “total cash cost per ounce”, “minesite cost per tonne”, and “all-in sustaining cost” 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 sites and do not include production costs attributable to accretion expense and other asset retirement costs, which will vary over time as each project is developed and mined. It is therefore not practicable to reconcile these forward-looking non-GAAP financial measures to the most comparable GAAP measure. A reconciliation of the Company’s total cash cost per ounce, all-in sustaining cost per ounce, and minesite cost per tonne to the most comparable financial measures calculated and presented in accordance with US GAAP for the Company’s historical results of operations is set forth in the Company’s annual management’s discussion and analysis (“MD&A”) for the year ended December 31, 2013 available on SEDAR at www.sedar.com and included in the Company’s Form 40-F (the “Form 40-F”) available on EDGAR at www.sec.gov, as well as the Company’s other filings with the Canadian securities regulators 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.


GOLD – THE INVESTMENT THESIS REMAINS INTACT

Geopolitical Instability

Central Bank

Buying

Inflation Hedge

Safe Haven Asset Class

Strong Physical

Demand in China and

India

Flat Mine Supply

Continued Debasement

of International Currencies


AGNICO EAGLE – A PREMIUM GOLD EQUITY

RUNNING A MANAGEABLE

BUSINESS

Delivering on

Production Guidance 16%

Production Growth

Through 2016

2014 AISC below $1000

per ounce

Highest Reserve Grade

amongst North

American Peers

Balance Sheet

Flexibility Low Share Count after

57 Years

32 years of

Consecutive Dividend Payments

Low Political Risk

Long term Experienced Management

Diversified Technical Expertise


2013 HIGHLIGHTS

Record annual gold production of 1.10M oz, vs. guidance of 1.06M oz – Total cash costs at $672/oz, below $690/oz guidance – All-in sustaining cost at $952/oz, below guidance of $1,025/oz

Record annual gold production at Meadowbank – 430,613 oz at a total cash cost of $774/oz

Commercial production declared at Goldex and commissioning on track at La India

Lower gold price environment leads to : – Non-cash after-tax impairment charge of

$436M at Meadowbank, Meliadine and Lapa – Quarterly dividend reduced to $0.08 per share

to ensure financial flexibility – Average reserve grade increased by 11% to

3.5 g/t and 0.7 M oz reduction in reserves at year end 2013 (before production)

Meadowbank Kittila

Pinos Altos La India

LaRonde Lapa Goldex

NORTHERN BUSINESS

SOUTHERN BUSINESS


2013 OPERATING RESULTS RECORD PRODUCTION AND IMPROVED COST PERFORMANCE

2013

Production (oz) Total Cash Cost ($/oz) Operating Margin ($, 000’s)

Northern Business LaRonde 181,781 $763 $99,989 Lapa 100,730 $678 $71,635 Goldex 20,810 $782 $8,246 Kittila 146,421 $601 $111,277 Meadowbank 430,613 $774 $227,579

880,355 $732 $518,726 Southern Business Pinos Altos 181,773 $412 $173,074 Creston Mascota 34,027 $485 $21,679 La India 3,180 n.a. n.a. 218,980 $424 $194,753 Total 1,099,335 $672 $713,479

2013 Total Operating Margin – $713 M 2013 Revenue by Metal

Gold 92%

Silver 6%

Base Metals 2%

Creston Mascota, 3%

Meadowbank32%

LaRonde, 14%

Lapa, 10%

Goldex, 1%

Kittila, 16% Pinos Altos, 24%


IMPROVED OPERATING METRICS PRODUCTIVITY AND COST SAVING INITIATIVES DELIVERING RESULTS

No production in Q2/13 due to scheduled shutdown No production in Q1/13 due to temporary suspension

Production (koz) Cost/tonne

$80

$88

$96

$104

$112

-

10

20

30

40

50

60

Q4-12 Q1-13 Q2-13 Q3-13 Q4-13

Laronde

$100

$105

$110

$115

$120

-

5

10

15

20

25

30

Q4-12 Q1-13 Q2-13 Q3-13 Q4-13

Lapa

$70

$76

$82

$88

$94

-

25

50

75

100

125

150

Q4-12 Q1-13 Q2-13 Q3-13 Q4-13

Meadowbank

$64

$68

$72

$76

$80

-

10

20

30

40

50

60

Q4-12 Q1-13 Q3-13 Q4-13

Kittila

$-

$14

$28

$42

$56

-

10

20

30

40

50

60

Q4-12 Q1-13 Q2-13 Q3-13 Q4-13

Pinos Altos

$-

$5

$10

$15

$20

6

7

8

9

10

11

12

Q2-13 Q3-13 Q4-13

Creston Mascota

Includes milling and heap leach tonnes


MODERATE, ACHIEVABLE PRODUCTION GROWTH 16% FUNDED PRODUCTION GROWTH THROUGH 2016

204,380 234,837 218,980 235,000 295,000 300,000 781,080 808,974 880,355 955,000 955,000 975,000

$580

$640

$672 $678

2011A 2012A 2013A 2014E 2015E 2016E

Payable Gold Production Profile

985,460 1,043,811

1,099,335 1,190,000

1,250,000 1,275,000

Northern Business (oz) Southern Business (oz) Cash Costs ($)


NORTHERN BUSINESS – FINLAND AND CANADA HIGHER CAPITAL REQUIREMENTS, BUT GENERALLY LONGER LIFE PRODUCTION ASSETS

2014 FORECAST HIGHLIGHTS

LARONDE 215,000 ozs at a total cash cost of $671/oz

Cooling plant now operational – provides additional flexibility to mining plan

Production from deeper, higher grade area of the mine expected to ramp up substantially through 2016

MEADOWBANK 430,000 ozs at a total cash cost of $629/oz

Record low minesite costs per tonne in the fourth quarter 2013 expected to continue in 2014

Higher grades at Goose expected to persist into 2014, leading to strong first half production

KITTILA 150,000 ozs at a total cash cost of $759/oz

750 tpd mill expansion remains on budget with start-up expected in mid-2015

Production shaft and Rimpi zone development under consideration

GOLDEX 80,000 ozs at a total cash cost of $799/oz

Throughput expected to increase to 6,000 tpd in 2015

Continuing evaluation of satellite deposits – potential to enhance production and cost profile

LAPA 80,000 ozs at a total cash cost of $850/oz

Improved minesite costs due to ongoing cost saving measures

Positive exploration at Zulapa 8 zone could extend mine life


SOUTHERN BUSINESS – MEXICO LOWER CAPITAL COST ASSETS WITH POTENTIAL FOR SIGNIFICANT CASH FLOW GENERATION

2014 FORECAST HIGHLIGHTS

PINOS ALTOS 145,000 ozs at a total cash cost of $532/oz

Strong mill performance continued in 2013

Shaft sinking project at Pinos Altos on schedule for 2015 startup which should allow for better matching of mill and mining capacity

CRESTON MASCOTA

40,000 ozs at a total cash cost of $754/oz

Phase 3 leach pad construction at Creston Mascota expected to be completed by late March 2014

Stronger production expected in 2H 2014 with commissioning of a new agglomerator

LA INDIA 50,000 ozs at a total cash cost of $743/oz

Commercial production expected in Q1 2014

Throughput continues to ramp up - stacking rates currently averaging approx. 12,000 tpd


CAPITAL SPENDING CONTINUED FOCUS ON REDUCING CAPITAL SPENDING TO GENERATE MORE FREE CASH FLOW

Actual Estimate

$908

$655

$511 $482 $445

$577

$416

2008A 2009A 2010A 2011A 2012A 2013A 2014E

Capital Expenditures (US$ millions)


CASH AND ALL-IN SUSTAINING COSTS EXPECTED TO TREND LOWER GOING FORWARD

Cash and All-in Sustaining Costs (AISC) Per Ounce

Cash Costs and AISC for 2014 expected to be approximately

$678 and

$990*

$672

$952

$690

$1,025

2013 Cash Costs 2013 AISC

Actual Guidance

*AISC per ounce are calculated as total cash costs + sustaining capital (including capitalized exploration) + general and administrative expenses (including stock option expenses) + reclamation remediation expense


3.64 3.51

1.17 1.14 1.02 1.01 0.98 0.88 0.74

GOLD AEM EGO IAG NEM OSK GG AUY KGC

HIGHEST RESERVE GRADE AMONGST NORTH AMERICAN PEERS

Reserve Grade (g/t)

Source: company reports

AVERAGE 1.18

Approximately

of Agnico’s gold reserves have forecast total cash costs below $950/oz and

have forecast total cash costs below $700/oz

89% 64%

Note: Estimates not based on detailed mining plans


FINANCIAL POSITION CASH, EXPECTED CASH FLOWS, AND AVAILABLE CREDIT PROVIDE FLEXIBILITY

Long-term Debt Maturities

2017 2020 2022 2024

Notes Outstanding (millions) $115 $360 $225 $100

Coupon 6.13% 6.67% 5.93% 5.02%

All Amounts Are In US$, (Unless Otherwise Indicated) Dec 31, 2013

Cash And Cash Equivalents (millions) $170

Outstanding Debt (billion) $1.0

Available Credit Facilities (billion) $1.0

Common Shares Outstanding, Basic (FY 2013 Weighted Average, millions) 172.9

Common Shares Outstanding, Fully Diluted (FY 2013 Weighted Average, millions) 172.9


32 YEARS OF CONTINUOUS DIVIDEND PAYMENTS

2.22%

1.48%

0.89% 0.87%

0.64% 0.62% 0.44%

0.00% 0.00% GG AUY AEM ABX NEM GOLD EGO IAG KGC

Annualized 2014E Dividend Yield

Source: Bloomberg, company reports


LOW POLITICAL RISK, MINING FRIENDLY JURISDICTIONS HELPS CREATE A MANAGEABLE BUSINESS

72% 68%

64% 60% 59%

54% 52%

40% 40%

AEM NEM ABX NGD GG AUY KGC IAG EGO

NA Gold Producers Political Risk Ranking

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

Source: Fraser Institute, Barclays Research


PROJECT PIPELINE EXPECTED TO PROVIDE FURTHER GROWTH

Expansion EXPANSIONS FEASIBILITY EXPLORATION

Kittila Plant Expansion

Potential Kittila Shaft

Hanhimaa

IVR

Goldex Satellites

Meliadine

NO

RTH

ERN

BU

SIN

ESS

Pinos Altos Shaft

Pinos Altos Satellites

Tarachi and La India

SOU

THER

N B

USI

NES

S


COST EFFECTIVE EXPLORATION REFLECTS SUCCESSFUL M&A STRATEGY SIGNIFICANT EXPLORATION RESULTS AT ACQUIRED PROPERTIES

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

Kittila

2005 2013

Mined through 2013 (koz) Proven & Probable (koz) Measured & Indicated (koz) Inferred (koz) Cost per Oz ($)

$54

$23

Purchase Discovery

2,800 koz

7,517 koz

+4,717 koz

Meadowbank

2007 2013

$173

$107

Purchase Discovery

3,830 koz 4,357 koz

+527 koz

Meliadine

2010 2013

$121

$28

Purchase Discovery

5,020 koz

8,635 koz +3,615 koz

Pinos Altos

2006 2013

$43 $35

Purchase Discovery

2,100 koz

4,648 koz

+2,548 koz

La India

2011 2013

$186

$16

Purchase Discovery

1,266 koz

2,423 koz

+1,157 koz

AGNICO EAGLE | CORPORATE UPDATE | 20 Source: Bloomberg

0%

500%

1000%

1500%

2000%

2500%

04/01/1999 04/01/2001 04/01/2003 04/01/2005 04/01/2007 04/01/2009 04/01/2011 04/01/2013

AEM US Equity XAU Index Gold Spot

AEM US Equity CAGR

12.94% Gold Spot CAGR

10.00% XAU Index CAGR

1.68%

15-YEAR INDEXED SHARE PERFORMANCE AGNICO EQUITY POISED FOR OUTPERFORMANCE


Strong H1 2014 production expected at Meadowbank due to increased grades and accelerated stripping at Goose deposit

Commercial production expected at La India in Q1 2014 Continuing evaluation of satellite deposits at Pinos Altos and Goldex, which could enhance

production and cost profiles Updated Meliadine technical study in Q4 2014 Update on a production shaft and Rimpi Zone development at Kittila in late 2014 Completion of 750 tpd mill expansion at Kittilla by mid-2015 Installation of new ore conveyor at LaRonde Deep in 2015 – should help reduce costs and

congestion

FUTURE CATALYSTS

APPENDIX


ESTIMATED PAYABLE GOLD PRODUCTION (2014 – 2016)

2014 2015 2016 Estimated Mid Point (oz) Total Cash Cost ($/oz) Estimated Mid Point (oz) Estimated Mid Point (oz)

Northern Business

LaRonde 215,000 $671 245,000 285,000

Lapa 80,000 $850 75,000 45,000

Goldex 80,000 $799 100,000 90,000

Kittila 150,000 $759 160,000 170,000

Meadowbank 430,000 $629 375,000 385,000

955,000 $692 955,000 975,000 Southern Business Pinos Altos 145,000 $532 165,000 170,000

Creston Mascota 40,000 $754 40,000 40,000

La India 50,000 $743 90,000 90,000

235,000 $615 295,000 300,000 Total Gold Production 1,190,000 $678 1,250,000 1,275,000

2014

Ag Production (000’s oz) Zn Production (tonnes) Cu Production (tonnes)

Northern Business 1,027 7,830 5,126

Southern Business 2,173 - -

Total Byproduct Production 3,200 7,830 5,126

Estimated Byproduct Production – 2014


GOLD AND SILVER RESERVES AND RESOURCES DECEMBER 31, 2013

Gold Silver

Tonnes (000’s)

Gold (g/t)

Gold (ounces) (000’s)

Tonnes (000’s)

Silver (g/t)

Silver (ounces) (000’s)

Reserves

Northern Business 93,618 4.60 13,841 24,127 19.59 15,192

Southern Business 55,800 1.69 3,024 28,703 64.32 59,354

Total 149,418 3.51 16,865 52,830 43.89 74,546

Measured & Indicated Resources



Total 157,040 1.91 9,654 18,177 33.37 19,502

Inferred Resources



Total 169,470 1.86 10,121 28,243 21.97 19,948

See AEM Feb 12, 2014 press release for detailed breakdown of reserves and resources. Reserves are not a subset of resources.


COPPER, ZINC AND LEAD RESERVES AND RESOURCES DECEMBER 31, 2013

Copper Zinc Lead

Tonnes (000’s)

Copper (%)

Copper (tonnes)

Tonnes (000’s)

Zinc (%)

Zinc (tonnes)

Tonnes (000’s)

Lead (%)

Lead (tonnes)

Reserves

Northern Business 24,127 0.25 59,519 24,127 0.67 161,108 24,127 0.04 9,964

Southern Business

Total 24,127 0.25 59,519 24,127 0.67 161,108 24,127 0.04 9,964

Measured & Indicated Resources


Southern Business

Total 4,242 0.16 6,981 4,242 1.61 68,127 4,242 0.16 6,793

Inferred Resources


Southern Business

Total 10,536 0.27 28,118 10,536 0.55 58,463 10,536 0.05 5,176

See AEM Feb 12, 2014 press release for detailed breakdown of reserves and resources. Reserves are not a subset of resources.

NORTHERN BUSINESS


MEADOWBANK RECORD PRODUCTION IN 2013

In 2013, reserve grade at Meadowbank improved 16% to 3.24 g/t gold due to reinterpretation of Goose and Portage block models

Record low minesite costs per tonne in the fourth quarter expected to continue in 2014

With increased grades and accelerated stripping at Goose, Meadowbank expected to have strong first half production in 2014

P&P Gold Reserves (million oz) 1.8

Average Gold Reserve Grade (g/t) 3.2

Indicated gold resource (million oz) (7.3 M tonnes @ 3.28 g/t) 0.8

Inferred gold resource (million oz) (3.3 M tonnes @ 3.96 g/t) 0.4

Estimated LOM (years) 4

See AEM Feb 12, 2014 press release for detailed breakdown of reserves and resources.

270,801

366,030 430,613

$1,000 $913 $774

2011 2012 2013

Production (oz) Cash Costs


LARONDE IN 2014, 80% OF ORE EXPECTED TO BE SOURCED FROM DEEPER HIGHER GRADE ZONES

Cooling plant now operational – provides additional flexibility to mining plan

Production from deeper, higher grade area of mine expected to ramp up substantially through 2016

In 2015, new ore conveyor system expected to be installed in the deeper portion of the mine – should help further reduce costs and congestion

Reserve grade increased from 4.5 to 5.0 g/t gold



Indicated resource (million oz) (4.2 M tonnes @ 2.12 g/t) 0.3

Inferred resource (million oz) (10.5 M tonnes @ 4.61 g/t) 1.6



124,173

160,875 181,781

$77

$569

$763

2011 2012 2013



Record annual mill recovery of 90.2% in 2013

750 tpd mill expansion remains on budget with start-up expected in mid-2015

Production shaft and Rimpi Zone development under consideration – shaft could provide operational savings and sustain long-term production at higher throughput levels



Measured & Indicated gold resource (million oz) (11.0 M tonnes @ 2.79 g/t) 1.0




KITTILA LONG LIFE ASSET WITH FURTHER EXPANSION POTENTIAL

143,560

175,878

146,421

$739

$565 $601

2011 2012 2013



19,305 oz gold produced during fourth quarter 2013, exceeding 15,000 oz guidance

Throughput expected to increase to 6,000 tpd in 2015 from 5,500 tpd in 2014

Development activities will begin on the MX and E2 satellite zones in 2014 with exploration activities to continue on other zones

Newly acquired Akasaba West deposit could provide future mill feed to Agnico’s Abitibi facilities







GOLDEX COMMERCIAL PRODUCTION DECLARED ON THE M AND E ZONES IN Q4 2013

135,478

20,810 $401

$782

2011 2013


Note: Goldex did not operate in 2012


Improved minesite costs due to ongoing cost saving measures

Steady state operation

Positive exploration results in the Zulapa area could extend the mine life







LAPA STRONG COST CONTAINMENT AND STEADY PRODUCTION IN 2013

107,068 106,191 100,730

$650 $697 $678

2011 2012 2013



2014 capital expenditures forecast to be $47 million Main focus on ramp development Program also includes in-fill drilling on Tiriganiaq and Wesmeg/ Normeg zones

Reserve grade increased from 7.0 g/t to 7.4 g/t gold

Encouraging exploration results from Tiriganiaq, Normeg, Pump South, and F Zones in 2013

Updated technical study on track for Q4 2014

MELIADINE RAMP EXTENSION IN 2014 PROVIDES DEVELOPMENT FLEXIBILITY





Estimated LOM (years)


SOUTHERN BUSINESS


PINOS ALTOS

Strong mill performance continued in 2013

Shaft sinking project at Pinos Altos on schedule for 2015 startup which should allow for better matching of mill and mining capacity

At Pinos Altos, evaluation continues on a number of potential satellite deposits that could enhance production and cost profile

P&P Gold Reserves (million oz)* 2.3


Indicated gold resource (million oz)* (13.9 M tonnes @ 1.54 g/t) 0.7

Inferred gold resource (million oz)* (17.7 M tonnes @ 1.28 g/t) 0.7


166,158 183,662 181,773

$284 $276

$412

2011 2012 2013


*Pinos Altos reserves and resources include the Creston Mascota mine See AEM Feb 12, 2014 press release for detailed breakdown of reserves and resources.


CRESTON MASCOTA

Phase 3 leach pad construction at Creston Mascota expected to be completed by late March 2014

Stronger production expected in 2H 2014 with commissioning of a new agglomerator

P&P Gold Reserves (million oz)* 2.3


Indicated gold resource (million oz)* (13.9 M tonnes @ 1.54 g/t) 0.7

Inferred gold resource (million oz)* (17.7 M tonnes @ 1.28 g/t) 0.7


*Pinos Altos reserves and resources include the Creston Mascota mine See AEM Feb 12, 2014 press release for detailed breakdown of reserves and resources.

38,222

51,175

34,027

$366 $326

$485

2011 2012 2013



LA INDIA COMMERCIAL PRODUCTION EXPECTED IN Q1 2014

In 2013 mine reported 3,180 oz pre-commercial gold production

Throughput continues to ramp up - stacking rates currently averaging approx. 12,000 tpd

Further work planned in 2014 to better define mineral domains of known sulfide mineralization








NOTES TO INVESTORS REGARDING THE USE OF RESOURCES

Cautionary Note to Investors Concerning Estimates of Measured and Indicated Resources This document uses the terms “measured resources” and “indicated resources”. We advise investors that while those terms are recognized and required by Canadian regulations, the SEC does not recognize them. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. Cautionary Note to Investors Concerning Estimates of Inferred Resources This document also uses the term “inferred resources”. We advise investors that while this term is recognized and required by Canadian regulations, the SEC does not recognize it. “Inferred resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable. Scientific and Technical Data Agnico Eagle Mines Limited is reporting mineral resource and reserve estimates in accordance with the CIM guidelines for the estimation, classification and reporting of resources and reserves. Cautionary Note To U.S. Investors – The SEC permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. Agnico Eagle uses certain terms in this press release, such as “measured”, “indicated”, and “inferred”, and “resources” that the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 40-F and other U.S. filings, which may be obtained from us, or from the SEC’s website at: http://sec.gov/edgar.shtml. In prior periods, 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 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 reserves estimates at all mines and advanced projects as of December 31, 2013, reported by the Company on February 12, 2014, are $1,200 per ounce gold, $18.00 per ounce silver, $0.82 per pound zinc, $3.00 per pound copper, $0.91 per pound lead and C$/US$, US$/Euro and MXP/US$ exchange rates of 1.03, 1.32 and 12.75, 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.


NOTES TO INVESTORS REGARDING THE USE OF RESOURCES

A mineral reserve is the economically mineable part of a measured or indicated mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified. A mineral reserve includes diluting materials and allows for losses that may occur when the material is mined. A proven mineral reserve is the economically mineable part of a measured mineral resource demonstrated by at least a preliminary feasibility study. A probable mineral reserve is the economically mineable part of an indicated, and in some circumstances, a measured mineral resource demonstrated by at least a preliminary feasibility study. A mineral resource is a concentration or occurrence of natural, solid, inorganic material, or natural solid fossilized organic material including base and precious metals in or on the Earth’s crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge. A measured mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough to confirm both geological and grade continuity. An indicated mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed. An inferred mineral resource is that part of a mineral resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. Mineral resources which are not mineral reserves do not have demonstrated economic viability. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable. A Feasibility Study is a comprehensive technical and economic study of the selected development option for a mineral project that includes appropriately detailed assessments of realistically assumed mining, processing, metallurgical, economic, marketing, legal, environmental, social and governmental considerations together with any other relevant operational factors and detailed financial analysis, that are necessary to demonstrate at the time of reporting that extraction is reasonably justified (economically mineable). The results of the study may reasonably serve as the basis for a final decision by a proponent or financial institution to proceed with, or finance, the development of the project. The confidence level of the study will be higher than that of a Pre-Feasibility Study. The effective date for all of the Company’s mineral resource and reserve estimates in this presentation is December 31, 2013. Additional information about each of the mineral projects that is required by NI 43-101, sections 3.2 and 3.3 and paragraphs 3.4 (a), (c) and (d) can be found in the Technical Reports referred to above, which may be found at www.sedar.com. Other important operating information can be found in the Company’s annual information form dated March 21, 2014 available on SEDAR at www.sedar.com and incorporated in the Form 40-F available on EDGAR at www.sec.gov. The mineral reserve and resource information has been reviewed and approved by Daniel Doucet, Corporate Director, Reserve Development, under the supervision of Alain Blackburn, Senior Vice-President, Exploration. Both Mr. Doucet and Mr. Blackburn are designated P.Eng. with the Ordre ingenieurs du Quebec and qualified persons as defined by NI 43-101.

Trading Symbol: AEM on TSX & NYSE

Investor Relations: 416-947-1212 [email protected]

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