DENVER GOLD FORUM. September 2014

Transcription

1 DENVER GOLD FORUM September 2014

2 FORWARD LOOKING STATEMENTS The information in this presentation has been prepared as at September 10, 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. Such statements include without limitation: statements the regarding Agnico Eagle Mines Limited ( Agnico Eagle or the Company ) s forward-looking production guidance, including estimated ore grades, project timelines, drilling results, metal production, mine estimates horizons, production, total cash costs per ounce, minesite costs per tonne; all-in sustaining costs and cash flows; expected dates for timing and outcome of certain aspects of the transaction to acquire Cayden Resources Inc. (the "Transaction"), including the shareholder meeting date and the closing date, statements regarding the potential of deposits and strike lengths; 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, and projected exploration expenditures, including costs and other estimates upon which such projections are based; estimates of depreciation expense, general and administrative expense and tax rates; the impact of maintenance shutdowns; 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 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 regarding anticipated future exploration; the anticipated timing of events with respect to the Company s mine and project sites and statements and information 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 document 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 and information 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, 2103 filed with Canadian securities regulators and that are included in its Annual Report on Form 40-F for the year ended December 31, 2013 ( 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 and expansion at each of Agnico Eagle's properties proceeds on a basis consistent with current expectations and plans; that Cayden shareholders approve the Transaction and the Transaction closes as currently expected; that all of the necessary regulatory approvals are received for the Transaction; that the relevant metals 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 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 AIF and MD&A filed on SEDAR at and included in the Form 40-F filed on EDGAR at as well as the Company s other filings with the Canadian securities regulators and the SEC. The Company does not intend, and does not assume any obligation, to update these forward-looking statements and information. For a detailed breakdown of the Company s reserve and resource position see the AIF or Form 40-F. AGNICO EAGLE DENVER GOLD FORUM 2

3 FORWARD LOOKING STATEMENTS The information in this presentation has been prepared as at September 10, 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 and are referred to herein as forward-looking statements. When used in this document, the words "anticipate", "believe", "could", "expect", "estimate", "forecast", "potential", "planned", "will" and similar expressions are intended to identify forward-looking statements. Such statements and information include without limitation: statements regarding, statements regarding the potential of the properties to contain reserves and resources, statements regarding Agnico Eagle Mines Limited ( Agnico Eagle or the Company ) s expectations regarding estimated ore grades, project timelines, drilling results, and the methods by which ore will be extracted or processed; statements as to the projected development of certain ore deposits, including estimates of exploration, development and production, 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 regarding anticipated future exploration. 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; undue reliance should not be placed on such statements and information. 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 and information 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, 2103 filed with Canadian securities regulators and that are included in its Annual Report on Form 40-F for the year ended December 31, 2013 ("Form 40-F") filed with the U.S. Securities and Exchange Commission (the "SEC") as well asthat exploration activities at the acquired properties is consistent with Agnico Eagle s current expectations; that there are no significant disruptions affecting operations; that production, permitting and expansion at each of Agnico Eagle's properties proceeds on a basis consistent with current expectations and plans; that the relevant metals 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 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 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 document, see the AIF and MD&A filed on SEDAR at and included in the Form 40-F filed on EDGAR at as well as the Company's other filings with the Canadian securities regulators and the SEC. The Company does not intend, and does not assume any obligation, to update these forward-looking statements and information. For a detailed breakdown of the Company's reserve and resource position see the AIF or Form 40-F. AGNICO EAGLE DENVER GOLD FORUM 3

4 NOTES TO INVESTORS Note Regarding the Use of Non-GAAP Financial Measures This document discloses certain measures, including total cash costs per ounce and minesite costs per tonne that are not recognized measures under US GAAP. This data may not be comparable to data presented by other gold producers. For a reconciliation of these measures to the most directly comparable financial information presented in the consolidated financial statements prepared in accordance with US GAAP and for an explanation of how management uses these measures, see Reconciliation of Non-GAAP Financial Performance Measures in the Company s earnings news release dated July 30, 2014 as well as the Company s MD&A and Form 40-F. All references herein to total cash costs per ounce are to total cash costs per ounce on a by-product basis, that is, deducting byproduct metal revenue from production costs. For further information on this measure and for information on total cash costs per ounce on a co-product basis, that is before the effect of by-product metals revenues, please see the Company s earnings news release dated July 30, The Company believes that the generally accepted industry measures that it uses are realistic indicators of operating performance and are useful in allowing year over year comparisons. However, non-us GAAP measures should be considered together with other data prepared in accordance with US GAAP, and such measures, taken by themselves, are not necessarily indicative of operating costs or income measures prepared in accordance with US GAAP. This document also contains information as to estimated future total cash costs per ounce and minesite costs per tonne. The 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 its mines and projects and, consistent with the reconciliation of these actual costs referred to above, 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-us GAAP financial measures to the most comparable US GAAP measure. 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. AGNICO EAGLE DENVER GOLD FORUM 4

5 AGNICO EAGLE A PREMIUM GOLD EQUITY Experienced Management with Diversified Technical Expertise Delivering on Production Guidance 45% Expected Production Growth Through 2016* Pipeline Expected to Drive Future Production Growth Low Political Risk RUNNING A MANAGEABLE BUSINESS 2014 AISC expected to be below $1000 per ounce Highest Reserve Grade Amongst North American Peers 32 years of Consecutive Dividend Payments Low Share Count after 57 Years Balance Sheet Flexibility *Includes Agnico Eagle s 50% share of production from the Canadian Malartic mine AGNICO EAGLE DENVER GOLD FORUM 5

6 2014 H1 HIGHLIGHTS Gold production of 692K oz Total cash costs at $579/oz, better than $678/oz guidance Joint acquisition with Yamana Gold of Osisko Mining Corporation completed on June 16, reserve and resource update recently completed for the Canadian Malartic mine; studies underway to optimize the Canadian Malartic mine plan Production guidance increased to 1.35M oz M oz of gold, with cash costs forecasted to be between $650 and $675 per ounce, All-in sustaining cost are unchanged at $990/oz Mid-Year 2014 Exploration Update IVR discovery near Meadowbank continues to expand; new deep intersection at Kittila; and technical studies progress at Meliadine and Akasaba West projects La India Pinos Altos Creston Mascota Meadowbank LaRonde Lapa Goldex Canadian Malartic (50%) Kittila NORTHERN BUSINESS SOUTHERN BUSINESS AGNICO EAGLE DENVER GOLD FORUM 6

7 Q OPERATING RESULTS CONTINUED STRONG OPERATING PERFORMANCE All amounts are in US$ (Unless Otherwise Indicated) Northern Business Production (Gold oz) Q YTD 2014 Total Cash Cost* ($/oz) Operating Margin ($000 s) Production (Gold oz) Total Cash Cost* ($/oz) LaRonde 48,494 $691 $27, ,846 $642 Lapa 18,821 $847 $8,763 42,230 $747 Goldex 23,929 $654 $13,674 43,359 $678 Canadian Malartic (50%)** 11,878 $614 $547 11,878 $614 Kittila 31,830 $862 $14,002 70,382 $825 Meadowbank 118,161 $577 $80, ,605 $ ,113 $664 $145, ,300 $603 Southern Business Pinos Altos 43,978 $481 $33,324 89,195 $465 Creston Mascota 11,159 $616 $7,336 21,476 $615 La India 17,809 $457 $12,678 31,509 $446 72,946 $496 $53, ,180 $484 Total 326,059 $626 $198, ,480 $579 Q Revenue by Metal Q Total Operating Margin $198.8 M Canadian Malartic, 0.3% Creston Mascota, 4% Base Metals 1% Silver 4% Gold 95% Lapa, 4% La India, 6% Goldex, 7% Meadowbank, 41% Kittila, 7% *Total cash costs are presented on a by-product basis, that is net of by-product revenue ** Operating results for the stub period of June 16-30, 2014 relate to Agnico's 50% share of the Canadian Malartic General Partnership (CMGP) LaRonde, 14% Pinos Altos, 17% AGNICO EAGLE DENVER GOLD FORUM 7

8 Q2 AND H FINANCIAL RESULTS CONTINUED STRONG OPERATING RESULTS AND LOW COSTS DRIVE EARNINGS AND CASH FLOW PERFORMANCE All amounts are in US$ (Unless Otherwise Indicated) Q Q H H Realized Gold Price ($/oz) $1,291 $1,336 $1,300 $1,474 Revenues (millions) $438 $336 $930 $757 Earnings (millions) $38 ($24) $147 ($1) Earnings per share (basic) $0.20 ($0.14) 0.81 ($0.00) Cash provided by operating activities (millions) Payable Production $197.7 $75.3 $445.4 $221.4 Gold (ounces) 326, , , ,064 Silver (ounces in thousands) 861 1,066 1,741 2,317 Zinc (tonnes) 3,793 3,455 5,853 11,694 Copper (tonnes) 1,058 1,280 2,612 2,362 Total cash costs ($/oz) $626 $785 $579 $762 AGNICO EAGLE DENVER GOLD FORUM 8

9 FINANCIAL POSITION CASH, EXPECTED CASH FLOWS AND AVAILABLE CREDIT PROVIDE FLEXIBILITY All Amounts Are In US$ (Unless Otherwise Indicated) June 30, 2014 Cash And Cash Equivalents (millions) $241 Outstanding Debt (millions) $1,320 Available Credit Facilities (millions) $680 Common Shares Outstanding, Basic (Q Weighted Average, millions)* Common Shares Outstanding, Fully Diluted (Q Weighted Average, millions) Long-term Debt Maturities Notes Outstanding (millions) $115 $360 $225 $100 Coupon 6.13% 6.67% 5.93% 5.02% * Shares outstanding as at August 31, 2014 were 209,875,097 AGNICO EAGLE DENVER GOLD FORUM 9

10 NORTHERN BUSINESS FINLAND AND CANADA GENERALLY REQUIRE MORE CAPITAL, BUT TEND TO HAVE LONG LIFE PRODUCTION H HIGHLIGHTS LARONDE CANADIAN MALARTIC GP MEADOWBANK 107,846 ozs at a total cash cost of $642/oz 11,878 ozs at a total cash cost of $614/oz (June 16 30, 2014) 274,605 ozs at a total cash cost of $496/oz Production and service hoist drive upgrade completed Production from the deeper mine expected to increase in H as higher grade ore from the deeper level 293 pyramid advances to maturity A new NI report has been released for the Canadian Malartic mine and the partners expect to provide an update on optimization plans by the end of Q Record daily throughput in Q due to continued optimization of mine plan and improved equipment availability Increase in year-over-year production reflecting higher grades, increased throughput and better recoveries KITTILA GOLDEX LAPA 70,382 ozs at a total cash cost of $825/oz 43,359 ozs at a total cash cost of $678/oz 42,230 ozs at a total cash cost of $747/oz Mill expansion expected to be completed by the end of 2014 (ahead of original mid-2015 schedule) Expansion scope increased from 750 tpd to 1,000 tpd; mill expected to process over 4,000 tpd and expected to be completed within original budget of $103 million Throughput forecast to increase to 6,000 tpd by year-end 2014 Accelerated development of the exploration ramp into the D zone (the top of the Deep zone) is underway Lower minesite costs in Q due to lower labor costs and continued cost reduction efforts despite mining at a deeper depth Grades are expected to improve in H with mining commissioned in the Zulapa 7 zone AGNICO EAGLE DENVER GOLD FORUM 10

11 SOUTHERN BUSINESS MEXICO GENERALLY LOWER CAPITAL COST ASSETS WITH POTENTIAL FOR SIGNIFICANT CASH FLOW GENERATION H HIGHLIGHTS PINOS ALTOS CRESTON MASCOTA LA INDIA 89,195 ozs at a total cash cost of $465/oz 21,476 ozs at a total cash cost of $615/oz 31,509 ozs at a total cash cost of $446/oz Costs in the 2014 period were favorably impacted by shorter hauls and better drilling and blasting performance (lower explosives consumption) in the open pit and lower consumable costs The shaft is currently excavated to a depth of 228 metres with concrete lining to a depth of 212 metres The expanded capacity for the agglomerator and overland conveyors was installed in May and commissioned in early June Phase 3 leach pad was completed in June and has been fully commissioned Throughput continues to ramp up - stacking rates currently averaging approximately 12,500 tpd Planned modifications to the crushing and stacking circuits are expected to be completed during Q AGNICO EAGLE DENVER GOLD FORUM 11

12 ACQUISITION OF CAYDEN RESOURCES

13 ACQUISITION OF CAYDEN RESOURCES OPPORTUNITY TO ESTABLISH A NEW OPERATING BASE IN A HOME JURISDICTION La India Pinos Altos Tracking Cayden since early attracted by impressive grades, widths and apparent strike length with potential for numerous deposits at El Barqueño Acquisition is consistent with Agnico Eagle s long-term strategy of acquiring early stage projects and adding value through focused exploration Acquisition is expected to enhance growth in the Company s Southern Business AGNICO EAGLE DENVER GOLD FORUM 13

14 TRANSACTION SUMMARY SHARE DEAL BY WAY OF A PLAN OF ARRANGEMENT Bid Price C$3.79 per Cayden share 1 Consideration Offered C$205 million equity value of an Agnico Eagle common share and C$0.01 in cash per Cayden common share Structure Offer to acquire 100% of Cayden s outstanding common shares Agnico Eagle becomes the owner of a suite of high potential exploration projects in Jalisco State and Guerrero State, Mexico Premium 42.5% premium to the 30-day VWAP and a 51.9% premium to the 60-day VWAP Financing Share acquisition Conditions Cayden shareholder vote (66 2/3% of shareholders who vote) Mexican anti-trust, other regulatory and court approvals Other Terms C$5.7 million break fee All of Cayden s directors and officers, holding approximately 19.8% of the shares, have entered into voting agreements with Agnico Eagle Non-solicitation and 5-day right to match superior proposal provision Options and warrants are all in the money and will expire at closing Indicative Timetable Cayden shareholder vote expected to be held in late October or early November 2014 Closing expected before year-end 2014 Notes: ( 1 ) Based on 30-day weighted average price (VWAP) of Agnico Eagle (C$42.01 on the TSX) and Cayden (C$2.66 on the TSX-V) at September 5, AGNICO EAGLE DENVER GOLD FORUM 14

15 EL BARQUEÑO PROPERTY HISTORICAL MINING REGION WITH MULTIPLE DEPOSITS/TARGETS OUTLINED TO DATE Mineralization may extend under a thin veneer of younger rocks from Azteca to Peña de Oro Potential to delineate an eight kilometer strike length A $10-15 million exploration program is anticipated in 2015, with first maiden resource expected thereafter Source: Cayden Resources AGNICO EAGLE DENVER GOLD FORUM 15

16 EXPLORATION & DEVELOPMENT

17 PROJECT PIPELINE EXPECTED TO PROVIDE FURTHER GROWTH Expansion EXPLORATION ADVANCED DEVELOPMENT & FEASIBILITY EXPANSIONS IVR NORTHERN BUSINESS Hanhimaa Kirkland Lake Partnership (50%) Meliadine Bousquet 5 UG Kittila Plant Expansion Goldex Satellites Rimpi Development Akasaba West Pinos Altos Satellites SOUTHERN BUSINESS Pinos Altos Shaft Tarachi and La India AGNICO EAGLE DENVER GOLD FORUM 17

18 SIGNIFICANT EXPLORATION FOOTPRINT NEAR MEADOWBANK IVR (APPROXIMATELY 50KM FROM MEADOWBANK) AND GREYHOUND PROJECTS PROVIDE POTENTIAL EXPLORATION UPSIDE AGNICO EAGLE DENVER GOLD FORUM 18

19 IVR DISCOVERY NEAR MEADOWBANK CONTINUES TO EXPAND FOUR MINERALIZED ZONES HAVE BEEN OUTLINED MINERALIZATION OPEN IN ALL DIRECTIONS IVR g/t Au / 3.3 m IVR g/t Au / 12.8 m Incl g/t Au / 4.6 m IVR g/t Au / 2.9 m IVR g/t Au / 2.7 m And g/t Au / 3.8 m IVR g/t Au / 16.7 m Incl g/t Au / 8.0 m IVR g/t Au / 9.0 m Incl g/t Au / 4.5 m And 7.25 g/t Au / 3.5 m IVR g/t Au / 21.6 m Incl g/t Au / 3.6 m Incl g/t Au / 4.5 m IVR g/t Au / 6.5 m And 5.54 g/t Au / 19.8 m Incl g/t Au / 9.6 m Incl g/t Au / 5.4 m And 3.11 g/t Au /5.2 m IVR g/t Au / 23.7 m Incl g/t Au / 4.8 m Incl g/t Au / 5.7 m Incl g/t Au / 6.3 m And 7.18 g/t Au / 7.5 m Incl g/t Au / 3.0 m For more information, see AEM Aug 25, 2014 press release. AGNICO EAGLE DENVER GOLD FORUM 19

20 MELIADINE 2014 DRILLING EXPECTED TO FURTHER EXPAND RESOURCE BASE Proven Gold Reserves (million oz) (0.03 M 7.31 g/t) Probable Gold Reserves (million oz) (11.9 M 7.38 g/t) Indicated gold resource (million oz) (19.0 M 5.05 g/t) Inferred gold resource (million oz) (11.7 M 7.20 g/t) Estimated LOM (years) Exploration ramp extended by 301 metres during Q2 2014, now 527 metres long, to a depth of 168 metres below surface Surface drilling program completed early August 130 holes (37,991 metres) completed Conversion drilling at Wesmeg/Normeg and Tiriganiaq zones and exploration drilling at Pump, Discovery and Wolf zones Significant new discovery in the Pump zone, indicating potential for high-grade resources including hole M that yielded 19.8 g/t gold over 5.2 metres at 12 metres depth Final Environmental Impact Statement (FEIS) delivered in Q Updated technical study scheduled for late 2014 or early 2015 See AEM Feb 12, 2014 press release for detailed breakdown of reserves and resources. AGNICO EAGLE DENVER GOLD FORUM 20

21 MELIADINE DEPOSIT LOCATIONS 38,000 METRES OF INFILL AND CONVERSION DRILLING CARRIED OUT ON MULTIPLE ZONES AGNICO EAGLE DENVER GOLD FORUM 21

22 2014 LARONDE DEEP EXPLORATION PROGRAM DRILLING FOCUSED ON UPGRADING RESOURCES BELOW 3.1 KM A 3,600 metre drill program scheduled to be carried out to develop new resources at depth A 2,500 metre drill program is planned for the 20 North Zone - good potential for conversion of resources to reserves AGNICO EAGLE DENVER GOLD FORUM 22

23 GOLDEX RAMP DEVELOPMENT ACCELERATED INTO TOP OF THE D ZONE DEVELOPMENT OF ADDITIONAL SATELLITES COULD POTENTIALLY EXTEND MINE LIFE Development is progressing on the M2, M5 and E2 satellite zones A new surface portal has been collared and the old ramp is being refurbished to provide access to the M3 and M4 zones. The ramp will also facilitate the movement of equipment from surface to UG Ramp into the top of the D zone has been accelerated to provide access for additional exploration drilling Development of additional satellite zones could potentially extend the mine life, and improve costs given the mill has capacity for 8,000 tpd The Goldex mining approach may also open up other mining opportunities in the region. AGNICO EAGLE DENVER GOLD FORUM 23

24 DEEP DRILLING EXTENDS SUURI ZONE AT DEPTH AT KITTILA MINERALIZATION APPEARS OPEN APPROXIMATELY 240M BELOW CURRENT RESERVES ROD14-002C 6.81 g/t Au / 6.4 m Incl g/t Au / 2.2 m AGNICO EAGLE DENVER GOLD FORUM 24

25 EXPLORING BULK TONNAGE PORPHYRY TARGETS CLOSE TO LA INDIA ARROYO HONDO TARGET YIELDS ENCOURAGING RESULTS Drill highlights include: Both high Sulphidation and Porphyry targets have been defined to date AH g/t Au over 111m AH g/t Au over 347m incl g/t Au over 35.7m AH g/t Au over 67m AGNICO EAGLE DENVER GOLD FORUM 25

26 SUMMARY

27 FUTURE CATALYSTS Details on the optimization plan for Canadian Malartic expected to be presented by the Partnership by the end of Q Anticipated update to 2015 guidance by the end of Q Completion of 1,000 tpd mill expansion at Kittila expected by year end-2014 Update on Akasaba West project expected in late 2014 or early 2015 Updated Meliadine technical study expected in late 2014 or early 2015 Installation of new ore conveyor at LaRonde Deep expected in late 2015 should help reduce costs Continuing evaluation of satellite deposits at Pinos Altos and Goldex, which could enhance production and cost profiles AGNICO EAGLE DENVER GOLD FORUM 27

28 INCREASED 2014 PRODUCTION AND LOWER COST GUIDANCE STRONG OPERATIONAL PERFORMANCE AND OSISKO ACQUISITION DRIVES 14% INCREASE FROM ORIGINAL GUIDANCE OF 1.19M OZ Payable Gold Production Profile Northern Business (oz) Southern Business (oz) Annual Production Cash Cost $640 $672 $663 1,546,000 1,590,000 1,360,000* 1,043,811 1,099, , , , , A 2013A 2014E 2015E** 2016E** * Mid range of estimated 2014 revised guidance ** Includes 50% of Osisko s March 2014 LOM production for the Canadian Malartic mine AGNICO EAGLE DENVER GOLD FORUM 28

29 APPENDIX

30 NORTHERN BUSINESS

31 LARONDE GOOD COST PERFORMANCE CONTINUES Proven Gold Reserves (million oz) (6.0 M 3.48 g/t) Probable Gold Reserves (million oz) (18.1 M 5.50 g/t) Indicated resource (million oz) (4.2 M 2.12 g/t) Inferred resource (million oz) (10.5 M 4.61 g/t) Estimated LOM (years) 12 Production and service hoist drive upgrade completed Strong costs per tonne performance driven by reduced labor and contractor costs and lower material costs Production (koz) Cost/tonne $110 $100 Production from the deeper mine expected to increase in H as higher grade ore from the deeper level 293 pyramid advances to maturity Mined grade forecast to increase towards the average reserve grade over the next several years $90 - Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 $80 See AEM Feb 12, 2014 press release for detailed breakdown of reserves and resources. AGNICO EAGLE DENVER GOLD FORUM 31

32 MEADOWBANK RECORD THROUGHPUT AND CONTINUED COST CONTROL DRIVES STRONG PERFORMANCE Proven Gold Reserves (million oz) (1.1 M 2.88 g/t) Probable Gold Reserves (million oz) (15.7 M 3.26 g/t) Indicated gold resource (million oz) (7.3 M 3.28 g/t) Inferred gold resource (million oz) (3.3 M 3.96 g/t) Estimated LOM (years) 4 Record daily throughput in Q due to continued optimization of mine plan and improved equipment availability Increase in year-over-year production reflecting higher grades, increased throughput and better recoveries 60:40 split of production between H1 and H2 anticipated as the higher grade Goose pit expected to be mined out by year-end 2014 Exploration drilling has expanded the scope of the mineralization at the IVR property a second phase, 20,000 metres drill program has commenced Production (koz) Cost/tonne $94 $88 $82 $76 - Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 $70 See AEM Feb 12, 2014 press release for detailed breakdown of reserves and resources. AGNICO EAGLE DENVER GOLD FORUM 32

33 CANADIAN MALARTIC GP (50% INTEREST) OPTIMIZATION AND COST SAVING STUDIES UNDERWAY Proven Gold Reserves (million oz) (28.8 M 0.91 g/t) Probable Gold Reserves (million oz) (102.8 M 1.10 g/t) Measured & Indicated Gold Resources (Undiluted), Including Reserves (million oz) (157.1 M 1.07 g/t) Inferred gold resource (million oz) (23.2 M 0.77 g/t) Estimated LOM (years) *AEM s 50% portion as of June 15, Agnico Eagle and Yamana each acquired a 50% interest in Osisko Mining and formed a joint committee to operate the Canadian Malartic mine on June 16, 2014 A new NI report for Canadian Malartic was released August 13, 2014 and an update on optimization plans is expected at the end of Q Partners will also jointly explore the Kirkland Lake Assets, where one drill is currently active on each of the Upper Beaver and Canadian Kirkland properties. Exploration programs and budgets for the Kirkland Lake camp are expected to be released later this fall Production (koz) Cash Costs Q1-14 Q2-14* *Includes 11,878 ounces attributable to AEM post the Osisko acquisition $620 $600 $580 $560 $540 See AEM August 13, 2014 press release for detailed breakdown of reserves and resources. AGNICO EAGLE DENVER GOLD FORUM 33

34 KITTILA PLANT EXPANSION TO BE COMPLETED AHEAD OF SCHEDULE Proven Gold Reserves (million oz) (1.1 M 4.27 g/t) Probable Gold Reserves (million oz) (30.5 M 4.65 g/t) Measured & Indicated gold resource (million oz) (11.0 M 2.79 g/t) Inferred gold resource (million oz) (7.5 M 4.12 g/t) Estimated LOM (years) 21 Mill expansion expected to be completed by the end of 2014 (ahead of original mid-2015 schedule) Expansion scope increased from 750 tpd to 1,000 tpd; mill expected to process over 4,000 tpd and expected to be completed within original budget of $103 million Studies for Rimpi zone and shaft completed Focus on developing the Rimpi zone through a ramp system to provide additional mill feed Deep drilling indicates Suuri zone remains open below 1,340m (approximately 240m below the reserve base) Production (koz) Cost/tonne Q4-12 Q1-13 Q3-13 Q4-13 Q1-14 Q2-14 No production in Q2-13 due to scheduled shutdown See AEM Feb 12, 2014 press release for detailed breakdown of reserves and resources. AGNICO EAGLE DENVER GOLD FORUM 34

35 GOLDEX EXCELLENT COST PERFORMANCE; MILL RAMP UP TO 6,000 TPD AHEAD OF SCHEDULE Probable Gold Reserves (million oz) (7.5 M 1.52 g/t) Measured gold resource (million oz) (12.4 M 1.86 g/t) Indicated gold resource (million oz) (17.7 M 2.03 g/t) Inferred gold resource (million oz) (26.1 M 1.64 g/t) Estimated LOM (years) 4 Throughput forecast to increase to 6,000 tpd by year-end 2014 Q minesite costs per tonne were C$33, significantly lower than 2014 guidance (C$37/t) 25 Production (koz) Cost/tonne $36 Accelerated development of the exploration ramp into the D zone (the top of the Deep zone) is underway Development progressing on the M2, M5 and E2 satellite zones and technical studies on development of additional satellites expected in early $33 Akasaba West technical study expected by year end Q4-13 Q1-14 Q2-14 $30 See AEM Feb 12, 2014 press release for detailed breakdown of reserves and resources. AGNICO EAGLE DENVER GOLD FORUM 35

36 LAPA HIGHER GRADES EXPECTED FROM ZULAPA ZONE 7 IN Q Proven Gold Reserves (million oz) (1.0 M 5.99 g/t) Probable Gold Reserves (million oz) (0.5 M 5.92 g/t) Indicated gold resource (million oz) (1.6 M 4.28 g/t) Inferred gold resource (million oz) (1.0 M 5.49 g/t) Estimated LOM (years) 3 Lower minesite costs in Q due to lower labor costs and continued cost reduction efforts despite mining at a deeper depth Grades are expected to improve in H with mining commissioned in the Zulapa 7 zone Production (koz) Cost/tonne $120 $115 $ $ Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 $100 See AEM Feb 12, 2014 press release for detailed breakdown of reserves and resources. AGNICO EAGLE DENVER GOLD FORUM 36

37 SOUTHERN BUSINESS

38 PINOS ALTOS STRONG CASH FLOW GENERATION CONTINUES Proven Gold Reserves (million oz) (2.0 M 2.54 g/t) Probable Gold Reserves (million oz) (26.7 M 2.45 g/t) Indicated gold resource (million oz) (13.9 M 1.54 g/t) Inferred gold resource (million oz) (17.7 M 1.28 g/t) Estimated LOM (years) 14 Costs in the 2014 period were favorably impacted by shorter hauls and better drilling and blasting performance (lower explosives consumption) in the open pit and lower consumable costs Production (koz) Cost/tonne $65 The shaft is currently excavated to a depth of 228 metres with concrete lining to a depth of 212 metres 30 $50 Cost per tonne variation primarily due to normal fluctuations in milled vs. heap leach ratio ore mix See AEM Feb 12, 2014 press release for detailed breakdown of reserves and resources. - $35 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 AGNICO EAGLE DENVER GOLD FORUM 38

39 CRESTON MASCOTA PHASE 3 LEACH PAD NOW COMMISSIONED Proven Gold Reserves (million oz) (0.3 M 0.61 g/t) Probable Gold Reserves (million oz) (6.8 M 1.31 g/t) Indicated gold resource (million oz) (2.4 M 0.66 g/t) Inferred gold resource (million oz) (0.8 M 0.82 g/t) Estimated LOM (years) 5 The expanded capacity for the agglomerator and overland conveyors was installed in May and commissioned in early June Production (koz) Cost/tonne $20 Phase 3 leach pad was completed in June and has been fully commissioned 9 8 $ See AEM Feb 12, 2014 press release for detailed breakdown of reserves and resources. 5 $10 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 No production in Q4-12 and Q1-13 due to temporary suspension of Phase one leach pad AGNICO EAGLE DENVER GOLD FORUM 39

40 LA INDIA RAMP-UP CONTINUES; CRUSHING CIRCUIT REFINEMENTS EXPECTED TO ENHANCE STACKING RATES Probable Gold Reserves (million oz) (26.9 M 0.87 g/t) Measured gold resource (million oz) (5.0 M 0.33 g/t) Indicated gold resource (million oz) (51.3 M 0.38 g/t) Inferred gold resource (million oz) (82.1 M 0.36 g/t) Estimated LOM (years) 7 1.1M tonnes of ore stacked on heap leach pad during Q which yielded 17,809 ounces of payable gold production Throughput continues to ramp up - stacking rates currently averaging approximately 12,500 tpd Planned modifications to the crushing and stacking circuits are expected to be completed during Q La India closed the first water year (July 1, 2013 to June 30, 2014) with approximately 200,000 m3 in storage See AEM Feb 12, 2014 press release for detailed breakdown of reserves and resources. AGNICO EAGLE DENVER GOLD FORUM 40

41 GOLD AND SILVER RESERVES AND RESOURCES DECEMBER 31, 2013 Gold Silver Proven & Probable Reserves Tonnes (000 s) Gold (g/t) Gold (ounces) (000 s) Tonnes (000 s) Silver (g/t) Silver (ounces) (000 s) Northern Business* 93, ,841 24, ,192 Southern Business 55, ,024 28, ,354 Total 149, ,865 52, ,546 Measured & Indicated Resources Northern Business* 86, ,276 4, ,436 Southern Business 70, ,378 13, ,066 Total 157, ,654 18, ,502 Inferred Resources Northern Business* 69, ,434 10, ,986 Southern Business 99, ,686 17, ,962 Total 169, ,121 28, ,948 See AEM Feb 12, 2014 press release for detailed breakdown of reserves and resources. Reserves are not a subset of resources. * Does not include Canadian Malartic AGNICO EAGLE DENVER GOLD FORUM 41

42 COPPER, ZINC AND LEAD RESERVES AND RESOURCES DECEMBER 31, 2013 Proven & Probable Reserves Tonnes (000 s) Copper Zinc Lead Copper (%) Copper (tonnes) Tonnes (000 s) Zinc (%) Zinc (tonnes) Tonnes (000 s) Lead (%) Lead (tonnes) Northern Business 24, ,519 24, ,108 24, ,964 Southern Business Total 24, ,519 24, ,108 24, ,964 Measured & Indicated Resources Northern Business 4, ,981 4, ,127 4, ,793 Southern Business Total 4, ,981 4, ,127 4, ,793 Inferred Resources Northern Business 10, ,118 10, ,463 10, ,176 Southern Business Total 10, ,118 10, ,463 10, ,176 See AEM Feb 12, 2014 press release for detailed breakdown of reserves and resources. Reserves are not a subset of resources. AGNICO EAGLE DENVER GOLD FORUM 42

43 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. 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 reserves. Cautionary Note to Investors Concerning Estimates of Inferred Resources This document also uses the term inferred resources. Investors are advised 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 prefeasibility 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 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 Mines Limited reports mineral resource and reserve estimates in accordance with the CIM guidelines for the estimation, classification and reporting of resources and reserves in accordance with the Canadian securities regulatory authorities' (the "CSA") National Instrument Standards of Disclosure for Mineral Projects ("NI "). 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 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 "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. A "final" or "bankable" feasibility study is required to meet the requirements to designate reserves under Industry Guide 7. Agnico Eagle uses certain terms in this news 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. 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. For the reserves estimate at the jointly owned Canadian Malartic mine as of June 15, 2014, reported by the Company in a news release dated August 13, 2014, Agnico Eagle and Yamana Gold have decided to use the assumptions of $1,300 per ounce gold, a cut-off grade between 0.28 g/t and 0.35 g/t (depending on the deposit), and a C$/US$ exchange rate of NI 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. AGNICO EAGLE DENVER GOLD FORUM 43

44 NOTES TO INVESTORS REGARDING THE USE OF 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 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 reserve estimates in this document is December 31, 2013 except for the Canadian Malartic mine where the effective date of the estimates is June 15, Additional information about each of the mineral projects that is required by NI , sections 3.2 and 3.3 and paragraphs 3.4 (a), (c) and (d) can be found in Technical Reports, which may be found at 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 reserves and resources contained herein has been approved by Daniel Doucet, Corporate Director, Reserve Development. Mr. Doucet is a designated P.Eng. with the Ordre ingenieurs du Québec and a qualified person as defined by NI AGNICO EAGLE DENVER GOLD FORUM 44

45 Trading Symbol: AEM on TSX & NYSE Investor Relations: agnicoeagle.com