UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C Form 6-K

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1 QuickLinks--Clickheretorapidlynavigatethroughthisdocument UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C Form 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 ForthemonthofOctober,2017 CommissionFileNumber (Translationofregistrant'snameintoEnglish) 145 King Street East, Suite 400, Toronto, Ontario M5C 2Y7 (Addressofprincipalexecutiveoffice) IndicatebycheckmarkwhethertheregistrantfilesorwillfileannualreportsundercoverofForm20-ForForm40-F. Form20-F o Form40-F ý IndicatebycheckmarkiftheregistrantissubmittingtheForm6-KinpaperaspermittedbyRegulationS-TRule101(b)(1): Note: RegulationS-TRule101(b)(1)onlypermitsthesubmissioninpaperofaForm6-Kifsubmittedsolelytoprovideanattachedannualreporttosecurityholders. IndicatebycheckmarkiftheregistrantissubmittingtheForm6-KinpaperaspermittedbyRegulationS-TRule101(b)(7): Note: RegulationS-TRule101(b)(7)onlypermitsthesubmissioninpaperofaForm6-Kifsubmittedtofurnishareportorotherdocumentthattheregistrantforeign privateissuermustfurnishandmakepublicunderthelawsofthejurisdictioninwhichtheregistrantisincorporated,domiciledorlegallyorganized(theregistrant's "homecountry"),orundertherulesofthehomecountryexchangeonwhichtheregistrant'ssecuritiesaretraded,aslongasthereportorotherdocumentisnotapress release,isnotrequiredtobeandhasnotbeendistributedtotheregistrant'ssecurityholders,and,ifdiscussingamaterialevent,hasalreadybeenthesubjectofaform6- KsubmissionorotherCommissionfilingonEDGAR. IndicatebycheckmarkwhethertheregistrantbyfurnishingtheinformationcontainedinthisFormisalsotherebyfurnishingtheinformationtotheCommissionpursuant torule12g3-2(b)underthesecuritiesexchangeactof1934. Yes o No ý If"Yes"ismarked,indicatebelowthefilenumberassignedtotheregistrantinconnectionwithRule12g3-2(b):82-.

2 EXHIBITS Exhibit No. Exhibit Description 99.1 ThirdQuarterReport

3 SIGNATURES PursuanttotherequirementsoftheSecuritiesExchangeActof1934,theregistranthasdulycausedthisreporttobesignedonitsbehalfbytheundersigned, thereuntodulyauthorized. Date:October26,2017 AGNICOEAGLEMINESLIMITED (Registrant) By: /s/r.gregorylaing R.GregoryLaing GeneralCounsel,Sr.Vice-President,Legal andcorporatesecretary ExhibitNumber99.1submittedwiththisForm6-KisherebyincorporatedbyreferenceintoAgnicoEagleMinesLimited'sRegistrationStatementsonFormF-3D(Reg. No )andFormS-8(Reg.Nos and ).

4 QuickLinks EXHIBITS SIGNATURES

5 QuickLinks--Clickheretorapidlynavigatethroughthisdocument Exhibit 99.1 Third Quarter Report 2017

6 MANAGEMENT'S DISCUSSION AND ANALYSIS (Prepared in accordance with International Financial Reporting Standards) For the Three and ThisManagement'sDiscussionandAnalysis("MD&A")datedOctober26,2017ofAgnicoEagleMinesLimited("AgnicoEagle"orthe"Company")shouldbereadin conjunctionwiththecompany'scondensedinterimconsolidatedfinancialstatementsforthethreeandninemonthsendedseptember30, 2017thatwerepreparedin accordancewithinternationalaccountingstandard34interimfinancialreporting("ias34")asissuedbytheinternationalaccountingstandardsboard("iasb").this MD&AshouldalsobereadinconjunctionwiththeMD&AandconsolidatedfinancialstatementsincludedintheCompany'sAnnualReportonForm40-Ffortheyear endeddecember31,2016(the"form40-f"),preparedinaccordancewithifrs.thecondensedinterimconsolidatedfinancialstatementsandthismd&aarepresented inunitedstatesdollars("usdollars","$"or"us$")andallunitsofmeasurementareexpressedusingthemetricsystem,unlessotherwisespecified.certaininformation in this MD&A is presented in Canadian dollars ("C$"), Mexican pesos or European Union euros ("Euros" or " "). Additional information relating to the Company, including the Company's Annual Information Form for the year ended December 31, 2016 (the "AIF"), is available on the Canadian Securities Administrators' (the"csa")sedarwebsiteatwww.sedar.com. Business Overview AgnicoEagleisaseniorCanadiangoldminingcompanythathasproducedpreciousmetalssince1957.TheCompany'soperatingminesare locatedincanada, MexicoandFinland,withexplorationanddevelopmentactivitiesinCanada,Europe,LatinAmericaandtheUnitedStates.TheCompanyanditsshareholdershavefull exposuretogoldpricesduetoitslong-standingpolicyofnoforwardgoldsales.agnicoeaglehasdeclaredacashdividendeveryyearsince1983. AgnicoEagleearnsasignificantproportionofitsrevenueandcashflowfromtheproductionandsaleofgoldinbothdorebarandconcentrateform.Theremainder ofrevenueandcashflowisgeneratedbytheproductionandsaleofby-productmetals,primarilysilver,zincandcopper. AgnicoEagle'soperatingminesanddevelopmentprojectsarelocatedinwhattheCompanybelievestobepoliticallystablecountriesthataresupportiveofthe miningindustry.thepoliticalstabilityoftheregionsinwhichagnicoeagleoperateshelpstoprovideconfidenceinitscurrentandfutureprospectsandprofitability. ThisisimportantforAgnicoEagleasitbelievesthatmanyofitsnewminesandrecentlyacquiredminingprojectshavelong-termminingpotential. Financial and Operating Results Balance Sheet Review TotalassetsasatSeptember30,2017of$7,875.2millionincreasedby$767.2millioncomparedwithtotalassetsof$7,108.0millionasatDecember31,2016.Cash andcashequivalentsincreasedby$315.5millionto$855.5millionbetweendecember31,2016andseptember30,2017primarilyduetocashprovidedbyoperating activitiesof$600.6million,theissuanceof$300.0millionguaranteedseniorunsecurednotesand$222.0millioninnetproceedsfromcommonsharesissued,partially offsetby$577.9millionincapitalexpenditures,aprincipalrepaymentof$115.0millionguaranteedseniorunsecurednotesand$55.8millionindividendspaidduring thefirstninemonthsof2017.inventoriesincreasedto$511.3millionatseptember30,2017comparedwith$443.7millionatdecember31,2016primarilyduetoa $38.1millionincreaseinsuppliesandfuelinventoryinNunavutasaresultofthesummerbargeseason.Available-for-salesecuritiesincreasedfrom$92.3millionat December31,2016to$123.2millionatSeptember30,2017dueto$43.4millioninnewinvestments,partiallyoffsetby$5.1millioninunrealizedfairvaluelosses, $7.2millioninimpairmentlossesand$0.2millionindisposalsduringthefirstninemonthsof2017.Othercurrentassetsincreasedfrom$136.8millionatDecember31, 2016to$175.0millionatSeptember30, 2017primarilyduetoa$17.8millionincreaseinothertaxesrecoverableanda$12.2millionincreaseinprepaidexpenses. Property,plantandminedevelopmentincreasedfrom$5,106.0millionatDecember31,2016to$5,389.3millionatSeptember30,2017primarilydueto 2

7 MANAGEMENT'S DISCUSSION AND ANALYSIS (Prepared in accordance with International Financial Reporting Standards) For the Three and additionscapitalizedtoproperty,plantandminedevelopmentof$677.7million,partiallyoffsetbyamortizationexpenseof$379.3millionduringthefirstninemonths of2017. Totalliabilitiesincreasedto$2,955.6millionatSeptember30,2017from$2,615.5millionatDecember31,2016primarilyduetotheissuanceof$300.0million guaranteedseniorunsecurednotesanda$154.5millionincreaseinaccountspayableandaccruedliabilities,partiallyoffsetbya$115.0millionprincipalrepaymentof guaranteed senior unsecured notes. A $154.5 million increase in accounts payable and accrued liabilities between December 31, 2016 and was primarilyduetoexpendituresrelatedtothesummerbargeshippingseasontonunavutandtheimpactofastrongercanadiandollarrelativetotheusdollar.agnico Eagle'sreclamationprovisionincreasedby$32.3millionbetweenDecember31,2016andSeptember30,2017primarilyduetothere-measurementoftheCompany's reclamation provisions by applying updated expected cash flows and assumptions at. Agnico Eagle's net income taxes payable position of $35.1millionatDecember31,2016wasreducedduringthefirstninemonthsof2017bypaymentstotaxauthoritiesinexcessoftheyeartodatecurrenttaxprovision, resultinginanetincometaxespayablepositionof$20.1millionatseptember30,2017. FairValueofDerivativeFinancialInstruments TheCompanyoccasionallyentersintocontractstolimittheriskassociatedwithdecreasedby-productmetalprices,increasedforeign currencycosts(including capitalexpenditures)andinputcosts.thecontractsactaseconomichedgesofunderlyingexposuresandarenotheldforspeculativepurposes.agnicoeagledoesnot currentlyusecomplexderivativecontractstohedgeexposures.thefairvalueofthecompany'sderivativefinancialinstrumentsisoutlinedinthefinancialinstruments notetothecondensedinterimconsolidatedfinancialstatements. Results of Operations AgnicoEaglereportednetincomeof$71.0million,or$0.31pershare,inthethirdquarterof2017comparedwithnetincomeof$49.4million,or$0.22pershare,in thethirdquarterof2016.agnicoeaglereportedadjustednetincomeof$66.5million,or$0.29pershare,inthethirdquarterof2017comparedwithadjustednetincome of $53.4 million, or $0.24 per share, in the third quarter of For a reconciliation of adjusted net income to net income as presented in the condensed interim consolidatedstatementsofincomeandcomprehensiveincomeinaccordancewithifrs,seenon-gaapfinancialperformancemeasuresinthismd&a. Inthethirdquarterof2017,theoperatingmargin(revenuesfromminingoperationslessproductioncosts)of$317.8milliondecreasedcomparedto$333.5million inthethirdquarterof2016primarilyduetoa3.8%decreaseintherealizedpriceofgoldanda13.3%decreaseintherealizedpriceofsilver,partiallyoffsetbya5.5% decrease inproduction costsbetween periods. Gold production increased to 454,362 ounces in the third quarter of 2017 compared with 416,187 ounces in the third quarter of 2016 primarily due to a 31.3% and 23.0% higher gold grade between periods at the LaRonde and Meadowbank mines, respectively. Cash provided by operatingactivitiesamountedto$194.1millioninthethirdquarterof2017comparedwith$282.9millioninthethirdquarterof2016.totalweightedaveragecashcosts perounceofgoldproducedamountedto$546onaby-productbasisand$623onaco-productbasisinthethirdquarterof2017comparedwith$575onaby-product basisand$652onaco-productbasisinthethirdquarterof2016.forareconciliationoftotalcashcostsperounceofgoldproducedonbothaby-productbasis(deducting by-productmetalrevenuesfromproductioncosts)andco-productbasis(withoutdeductingby-productmetalrevenues)toproductioncostsaspresentedinthecondensed interimconsolidatedstatementsofincomeandcomprehensiveincomeinaccordancewithifrs,seenon-gaapfinancialperformancemeasuresinthismd&a. 3

8 MANAGEMENT'S DISCUSSION AND ANALYSIS (Prepared in accordance with International Financial Reporting Standards) For the Three and AgnicoEaglereportednetincomeof$208.8million,or$0.91pershare,intheninemonthsendedSeptember30,2017comparedwithnetincomeof$96.2million, or$0.43pershare, intheninemonthsendedseptember30, 2016.AgnicoEaglereportedadjustednetincomeof$185.4million, or$0.81pershare, inthefirstnine monthsof2017comparedwithadjustednetincomeof$105.0million,or$0.47pershare,inthefirstninemonthsof2016.forareconciliationofadjustednetincometo netincomeaspresentedinthecondensedinterimconsolidatedstatementsofincomeandcomprehensiveincomeinaccordancewithifrs, seenon-gaapfinancial PerformanceMeasuresinthisMD&A. Inthefirstninemonthsof2017,theoperatingmargin(revenuesfromminingoperationslessproductioncosts)increasedto$907.2millionfrom$862.2millionin thefirstninemonthsof2016primarilyduetoa3.4%increaseingoldouncessoldbetweenperiodsandhigherrealizedsalespricesforzincandcopperbetweenperiods. Goldproductionincreasedto1,300,321ouncesinthefirstninemonthsof2017comparedwith1,236,455ouncesinthefirstninemonthsof2016primarilyduetoa 25.2%and15.9%highergoldgradebetweenperiodsattheMeadowbankandLaRondemines,respectively.Partiallyoffsettingtheoverallincreaseingoldproduction betweenthefirstninemonthsof2017andthefirstninemonthsof2016wasa19.1%decreaseingoldproductionatthelapamineprimarilyduetoan14.0%decreasein tonnesoforemilledbetweenperiodsasitapproachestheendofoperations.cashprovidedbyoperatingactivitiesamountedto$600.6millioninthefirstninemonthsof 2017comparedwith$658.0millioninthefirstninemonthsof2016.Totalweightedaveragecashcostsperounceofgoldproducedamountedto$547onaby-product basisand$622onaco-productbasisinthefirstninemonthsof2017comparedwith$580onaby-productbasisand$649onaco-productbasisinthefirstninemonths of2016.forareconciliationoftotalcashcostsperounceofgoldproducedonbothaby-productbasis(deductingby-productmetalrevenuesfromproductioncosts)and co-product basis (without deducting by-product metal revenues) to production costs as presented in the condensed interim consolidated statements of income and comprehensiveincomeinaccordancewithifrs,seenon-gaapfinancialperformancemeasuresinthismd&a. 4

9 MANAGEMENT'S DISCUSSION AND ANALYSIS (Prepared in accordance with International Financial Reporting Standards) For the Three and ThetablebelowsetsoutvariancesinthekeydriversofnetincomeforthethreeandninemonthsendedSeptember30,2017comparedwiththethreeandnine monthsendedseptember30,2016: ThreeMonthsEndedSeptember30,2017vs.ThreeMonthsEndedSeptember30,2016 Revenuesfromminingoperationsdecreasedto$580.0millioninthethirdquarterof2017comparedwith$610.9millioninthethirdquarterof2016primarilydueto a3.8%decreaseintherealizedpriceofgoldanda13.3%decreaseintherealizedpriceofsilver.inaddition,salesvolumedecreasedby0.6%and15.8%forgoldand silver,respectively,duetotimingofinventory. Production costswere$262.2millioninthethirdquarterof2017,a5.5%decreasecomparedwith$277.4millioninthethirdquarterof2016primarilydueto decreasedcostsatthelarondeandpinosaltosminesduetothetimingofinventory.partiallyoffsettingthetotaldecreaseinproductioncostsbetweenthethirdquarter of2016andthethirdquarterof2017wastheimpactofastrongermexicanpeso,canadiandollar,andeurorelativetotheusdollar. Weightedaveragetotalcashcostsperounceofgoldproduceddecreasedto$546onaby-productbasisand$623onaco-productbasisinthethirdquarterof2017 comparedwith$575onaby-productbasisand$652onaco-productbasisinthethirdquarterof2016primarilyduetoincreasedgoldproductionasaresultofhigher goldgradesatthelaronde,meadowbankandcanadianmalarticmines.forareconciliationoftotalcashcostsperounceofgoldproducedonbothaby-productbasis (deductingby-productmetalrevenuesfromproductioncosts)andco-productbasis(withoutdeductingby-productmetalrevenues)toproductioncostsaspresentedinthe condensed interim consolidated statements of income and comprehensive income in accordance with IFRS, see Non-GAAP Financial Performance Measures in thismd&a. 5 vs. vs. (millions of United States dollars) (Decrease)increaseingoldrevenue $ (25.1) $ 30.0 Decreaseinsilverrevenue (7.2) (0.8) Increaseinnetcopperrevenue 2.7 Increaseinnetzincrevenue Changeinproductioncostsduetoeffectsofforeigncurrencies (7.9) 2.5 Decreaseinproductioncosts (Increase)decreaseinexplorationandcorporatedevelopmentexpenses (5.5) 1.4 Decreaseinamortizationofproperty,plantandminedevelopment Increaseingeneralandadministrativeexpenses (6.5) (15.9) Increaseinimpairmentlossonavailable-for-salesecurities (1.4) (7.2) Increaseinfinancecosts (0.6) (3.0) Changeingainonderivativefinancialinstruments Changeingainonsaleofavailable-for-salesecurities (1.5) (3.3) Changeinenvironmentalremediationcosts (0.5) 5.3 Changeinnon-cashforeigncurrencytranslation (1.8) 7.0 Decrease(increase)inincomeandminingtaxes 4.5 (13.7) Other (0.5) 2.4 Total net income variance $ 21.5 $ 112.6

10 MANAGEMENT'S DISCUSSION AND ANALYSIS (Prepared in accordance with International Financial Reporting Standards) For the Three and Explorationandcorporatedevelopmentexpensesincreasedto$50.1millioninthethirdquarterof2017comparedwith$44.6millioninthethirdquarterof2016 primarilyduetoanincreaseinspendingattheamaruqproject. Amortizationofproperty,plantandminedevelopmentdecreasedby$43.2millionto$118.3millionbetweenthethirdquarterof2016andthethirdquarterof2017 primarily due to an increase in the proven and probable mineral reserves and the mineral resources included in the current life-of-mine plans at the Meadowbank (Amaruqsatellitedeposit)andLaIndiamines.Inaddition,amortizationdecreasedattheLapamineasitreachestheendofitsminelife. Generalandadministrative expenseincreasedto$28.0millionduringthethirdquarterof2017comparedwith$21.5millionduringthethirdquarterof2016 primarilyduetoincreasedcompensationandbenefitsexpensesbetweenperiods. Impairmentlossesoncertainavailable-for-salesecuritiesof$1.4millionwererecordedduringthethirdquarterof2017comparedwithnilduringthethirdquarterof 2016.Impairmentlossevaluationsofavailable-for-salesecuritiesarebasedonwhetheradeclineinfairvalueisconsideredtobesignificantorprolonged. Duringthethirdquarterof2017,therewasanon-cashforeigncurrencytranslationlossof$4.3millionattributabletoastrengtheningoftheCanadiandollarand EuropeanEuroversustheUSdollaratSeptember30,2017relativetoJune30,2017ontheCompany'snetmonetaryliabilitiesdenominatedinforeigncurrencies.Anoncashforeigncurrencytranslationlossof$2.5millionwasrecordedduringthecomparativethirdquarterof2016. Inthethirdquarterof2017,theCompanyrecordedincomeandminingtaxesexpenseof$34.0milliononincomebeforeincomeandminingtaxesof$105.0million, resultinginaneffectivetaxrateof32.4%. Inthethirdquarterof2016, thecompanyrecordedincomeandminingtaxesexpenseof$38.5milliononincomebefore incomeandminingtaxesof$87.9million,resultinginaneffectivetaxrateof43.8%.thedecreaseintheeffectivetaxratebetweenthethirdquarterof2016andthethird quarterof2017isdueprimarilytoanincreaseinforeignexchangeratemovements. ThereareanumberoffactorsthatcansignificantlyimpacttheCompany'seffectivetaxrateincludingvaryingratesindifferentjurisdictions,thenon-recognitionof certaintaxassets,miningallowancesandincentives,foreigncurrencyexchangeratemovements,changesintaxlaws,theimpactofspecifictransactionsandassessments andtherelativedistributionofincomeinthecompany'soperatingjurisdictions.asaresultofthesefactors,thecompany'seffectivetaxrateisexpectedtocontinueto fluctuatesignificantlyinfutureperiods. NineMonthsEndedSeptember30,2017vs.NineMonthsEndedSeptember30,2016 Revenuesfromminingoperationsincreasedto$1,677.4millionduringthefirstninemonthsof2017comparedwith$1,639.0millionduringthefirstninemonthsof 2016primarilyduetoa3.4%increaseingoldsalesvolumeanda92.1%increaseinzincsalesvolume. Productioncostswere$770.2millionduringthefirstninemonthsof2017,a0.9%decreasecomparedwith$776.8millioninthefirstninemonthsof2016primarily duetodecreasedcostsatthelarondeandpinosaltosminesduetothetimingofinventory.partiallyoffsettingthetotaldecreaseinproductioncostsbetweenthefirst ninemonthsof2016andthefirstninemonthsof2017washighercontractorcostsatthelaindiamine. Weightedaveragetotalcashcostsperounceofgoldproduceddecreasedto$547onaby-productbasisand$622onaco-productbasisduringthefirstninemonths of2017comparedwith$580onaby-productbasisand$649onaco-productbasisduringthefirstninemonthsof2016primarilyduetoincreasedgoldproductionasa resultofhighergoldgradesatthelaronde,meadowbankandcanadianmalarticmines.thiswaspartiallyoffsetbylowerthroughputlevelsandgoldgradesprocessed atthelapamineasitreachestheendofitsmine 6

11 MANAGEMENT'S DISCUSSION AND ANALYSIS (Prepared in accordance with International Financial Reporting Standards) For the Three and life.forareconciliationoftotalcashcostsperounceofgoldproducedonbothaby-productbasis(deductingby-productmetalrevenuesfromproductioncosts)andcoproduct basis (without deducting by-product metal revenues) to production costs as presented in the condensed interim consolidated statements of income and comprehensiveincomeinaccordancewithifrs,seenon-gaapfinancialperformancemeasuresinthismd&a. Exploration andcorporatedevelopmentexpensesdecreasedto$109.7millionduringthefirstninemonthsof2017comparedwith$111.1millionduringthefirst ninemonthsof2016primarilyduetoadecreaseinspendingattheamaruqproject,partiallyoffsetbyanincreaseinspendingatthebarseleproject. Amortizationofproperty,plantandminedevelopmentdecreasedby$82.5millionto$379.3millionbetweenthefirstninemonthsof2016andthefirstninemonths of2017primarilyduetoanincreaseintheprovenandprobablemineralreservesandthemineralresourcesincludedinthecurrentlife-of-mineplansatthemeadowbank (Amaruqsatellitedeposit)andLaIndiamines.Inaddition,amortizationdecreasedattheLapamineasitreachestheendofitsminelife. Generalandadministrativeexpenseincreasedto$86.5millionduringthefirstninemonthsof2017comparedwith$70.6millionduringthefirstninemonthsof 2016primarilyduetoincreasedcompensationandbenefitsexpensesbetweenperiods. Impairment lossesoncertainavailable-for-salesecuritiesof$7.2millionwererecordedduringthefirstninemonthsof2017comparedwithnilinthefirstnine monthsof2016.impairmentlossevaluationsofavailable-for-salesecuritiesarebasedonwhetheradeclineinfairvalueisconsideredtobesignificantorprolonged. Duringthefirstninemonthsof2017,therewasanon-cashforeigncurrencytranslationlossof$7.8millionattributabletoastrengtheningoftheCanadiandollar, MexicanpesoandEuropeanEuroversustheUSdollaratSeptember30,2017relativetoDecember31,2016ontheCompany'snetmonetaryliabilitiesdenominatedin foreigncurrencies.anon-cashforeigncurrencytranslationlossof$14.8millionwasrecordedduringthecomparativefirstninemonthsof2016. In the first nine months of 2017, the Company recorded income and mining taxes expense of $70.6 million on income before income and mining taxes of $279.4million,resultinginaneffectivetaxrateof25.3%.Inthefirstninemonthsof2016,theCompanyrecordedincomeandminingtaxesexpenseof$56.9millionon incomebeforeincomeandminingtaxesof$153.0million,resultinginaneffectivetaxrateof37.2%.thedecreaseintheeffectivetaxratebetweenthefirstninemonths of2016andthefirstninemonthsof2017isdueprimarilytoanincreaseinforeignexchangeratemovements. LaRondemine AttheLaRondemine,goldproductionincreasedby46.8%to105,345ouncesinthethirdquarterof2017comparedwith71,784ouncesinthethirdquarterof2016, primarilyduetoanincreaseinthroughputlevelsandhighergoldgradeorebeingprocessed.productioncostsatthelarondeminewere$39.7millioninthethirdquarter of2017,adecreaseof19.1%comparedwithproductioncostsof$49.1millioninthethirdquarterof2016drivenprimarilybythetimingofunsoldconcentrateinventory. Goldproductionincreasedby15.3%to256,347ouncesinthefirstninemonthsof2017comparedwith222,280ouncesinthefirstninemonthsof2016atthe LaRondemine,primarilyduetohighergoldgradeorebeingprocessed.ProductioncostsattheLaRondeminewere$130.7millioninthefirstninemonthsof2017,a decreaseof3.5%comparedwithproductioncostsof$135.4millioninthefirstninemonthsof2016drivenprimarilybythetimingofunsoldconcentrateinventory. 7

12 MANAGEMENT'S DISCUSSION AND ANALYSIS (Prepared in accordance with International Financial Reporting Standards) For the Three and Lapamine AttheLapamine,goldproductionincreasedby5.7%to17,169ouncesinthethirdquarterof2017comparedwith 16,242ouncesinthethirdquarterof2016, primarilyduetohighergoldgradeorebeingprocessed.productioncostsatthelapaminewere$12.1millioninthethirdquarterof2017,whichwasconsistentwith productioncostsof$12.2millioninthethirdquarterof2016. Goldproductiondecreasedby19.1%to48,410ouncesinthefirstninemonthsof2017comparedwith59,865ouncesinthefirstninemonthsof2016attheLapa mine,primarilyduetoadecreaseinthroughputlevelsandlowergoldgradeorebeingprocessed.productioncostsatthelapaminewere$36.7millioninthefirstnine monthsof2017,a7.6%decreasecomparedwithproductioncostsof$39.7millioninthefirstninemonthsof2016,drivenprimarilybytheexpecteddecreaseinmill throughputasthemineapproachestheendofoperations. Goldexmine AttheGoldexmine,goldproductiondecreasedby11.7%to28,906ouncesinthethirdquarterof2017comparedwith32,742ouncesinthethirdquarterof2016, primarilyduetolowergoldgradeorebeingprocessed.productioncostsatthegoldexminewere$17.7millioninthethirdquarterof2017,anincreaseof8.0%compared withproductioncostsof$16.4millioninthethirdquarterof2016drivenprimarilybythestrengtheningofthecanadiandollarrelativetotheusdollar. Goldproductiondecreasedby4.8%to91,914ouncesinthefirstninemonthsof2017comparedwith96,534ouncesinthefirstninemonthsof2016attheGoldex mine,primarilyduetolowergoldgradeorebeingprocessed.productioncostsatthegoldexminewere$49.2millioninthefirstninemonthsof2017,anincreaseof 2.5% compared withproduction costs of $48.0million inthe first nine months of 2016, driven primarily bythe strengthening of the Canadian dollar relative tothe USdollar. Meadowbankmine AttheMeadowbankmine,goldproductionincreasedby19.4%to86,821ouncesinthethirdquarterof2017comparedwith72,731ouncesinthethirdquarterof 2016,primarilyduetohighergoldgradeorebeingprocessed.ProductioncostsattheMeadowbankminewere$60.5millioninthethirdquarterof2017,anincreaseof 1.2%comparedwithproductioncostsof$59.7millioninthethirdquarterof2016drivenprimarilybyastrengtheningoftheCanadiandollarrelativetotheUSdollar. Goldproductionincreasedby23.0%to267,480ouncesinthefirstninemonthsof2017comparedwith217,444ouncesinthefirstninemonthsof2016atthe Meadowbankmine,primarilyduetohighergoldgradeorebeingprocessed.ProductioncostsattheMeadowbankminewere$168.9millioninthefirstninemonthsof 2017,anincreaseof1.3%comparedwithproductioncostsof$166.7millioninthefirstninemonthsof2016drivenprimarilybyadecreaseofdeferredstrippingcosts beingcapitalized. CanadianMalarticmine AgnicoEagleandYamanaGoldInc.("Yamana")jointlyacquired100.0%ofOsiskoonJune16,2014bywayofastatutory planofarrangement(the"osisko Arrangement"). As a result of the Osisko Arrangement, Agnico Eagle and Yamana each indirectly own 50.0% of Canadian Malartic Corporation ("CMC") and the CanadianMalarticGeneralPartnership("thePartnership"or"CanadianMalarticGP"or"CMGP"),whichholdstheCanadianMalarticmineinnorthwesternQuebec. AttheCanadianMalarticmine,attributablegoldproductionincreasedby7.4%to82,097ouncesinthethirdquarterof2017comparedwith76,428ouncesinthe thirdquarterof2016primarilyduetoanincreaseinthroughputlevelsandhighergoldgradeorebeingprocessed.attributableproductioncostsatthecanadianmalartic minewere$45.0millioninthethirdquarterof2017,adecreaseof6.0%comparedwithproduction 8

13 MANAGEMENT'S DISCUSSION AND ANALYSIS (Prepared in accordance with International Financial Reporting Standards) For the Three and costsof$47.9millioninthethirdquarterof2016drivenprimarilybyanincreaseofdeferredstrippingcostsbeingcapitalized. Attributablegoldproductionincreasedby6.0%to235,988ouncesinthefirstninemonthsof2017comparedwith222,543ouncesinthefirstninemonthsof2016 primarily due to an increase in throughput levels and higher gold grade ore being processed. Attributable production costs at the Canadian Malartic mine were $130.3millioninthefirstninemonthsof2017,adecreaseof4.7%comparedwithproductioncostsof$136.7millioninthefirstninemonthsof2016drivenprimarilyby anincreaseindeferredstripping. Kittilamine AttheKittilamine,goldproductiondecreasedby8.1%to50,415ouncesinthethirdquarterof2017comparedwith 54,835ouncesinthethirdquarterof2016 primarilyduetoadecreaseinthroughputlevelsandlowergoldgradeorebeingprocessed.productioncostsatthekittilaminewere$37.8millioninthethirdquarterof 2017,anincreaseof0.9%comparedwithproductioncostsof$37.4millioninthethirdquarterof2016drivenprimarilybythestrengtheningoftheEurorelativetothe USdollar. Goldproductionwas149,192ouncesinthefirstninemonthsof2017whichwasconsistentwith149,171ouncesinthefirstninemonthsof2016attheKittilamine. ProductioncostsattheKittilaminewere$110.1millioninthefirstninemonthsof2017,anincreaseof2.4%comparedwithproductioncostsof$107.5millionmillionin thefirstninemonthsof2016drivenprimarilybytimingofinventory. PinosAltosmine AtthePinosAltosmine,goldproductiondecreasedby3.3%to46,897ouncesinthethirdquarterof2017comparedwith48,512ouncesinthethirdquarterof2016 primarily duetolowergoldgradeorebeingprocessed throughthemill. ProductioncostsatthePinosAltosminewere$25.6million inthe thirdquarter of2017, a decreaseof27.9%comparedwithproductioncostsof$35.5millioninthethirdquarterof2016drivenprimarilybytimingofinventoryandlowermaterialscosts. Goldproductiondecreasedby3.9%to140,453ouncesinthefirstninemonthsof2017comparedwith146,087ouncesinthefirstninemonthsof2016atthePinos Altosmine,dueprimarilytolowergoldgradeorebeingprocessedthroughthemill.ProductioncostsatthePinosAltosminewere$78.0millioninthefirstninemonths of 2017, a decrease of 11.5% compared with production costs of $88.1 million in the first nine months of 2016 driven primarily by timing of inventory and lower materialscosts. CrestonMascotadepositatPinosAltos AttheCrestonMascotadepositatPinosAltos,goldproductiondecreasedby8.9%to11,054ouncesinthethirdquarterof2017comparedwith12,134ouncesinthe thirdquarterof2016primarilyduetolowergoldrecoveriesbetweenperiods,partiallyoffsetbyanincreaseinthetonnesoforeprocessed.productioncostsatthecreston MascotadepositatPinosAltoswere$7.8millioninthethirdquarterof2017,anincreaseof11.7%comparedwithproductioncostsof$7.0millioninthethirdquarterof 2016drivenprimarilybyhighercontractorcosts. Goldproductiondecreasedby4.7%to34,372ouncesinthefirstninemonthsof2017comparedwith36,083ouncesinthefirstninemonthsof2016attheCreston MascotadepositatPinosAltosprimarilyduetolowergoldrecoveries,partiallyoffsetbyanincreaseintonnesprocessed.ProductioncostsattheCrestonMascotadeposit atpinosaltoswere$22.2millioninthefirstninemonthsof2017,anincreaseof14.2%comparedwithproductioncostsof$19.4millioninthefirstninemonthsof2016 drivenprimarilybyhighercontractorcosts. 9

14 MANAGEMENT'S DISCUSSION AND ANALYSIS (Prepared in accordance with International Financial Reporting Standards) For the Three and LaIndiamine AttheLaIndiamine,goldproductiondecreasedby18.3%to25,143ouncesinthethirdquarterof2017comparedwith30,779ouncesinthethirdquarterof2016 primarily duetolower goldgrade orebeing processed. Productioncosts at thelaindia minewere $16.0million inthethird quarter of2017, anincreaseof31.4% comparedwithproductioncostsof$12.2millioninthethirdquarterof2016drivenprimarilybyhighercontractorcostsandthetimingofinventory. Goldproductiondecreasedby12.5%to75,650ouncesinthefirstninemonthsof2017comparedwith86,448ouncesinthefirstninemonthsof2016primarilydue tolowergoldgradeorebeingprocessed.productioncostsatthelaindiaminewere$44.1millioninthefirstninemonthsof2017,anincreaseof25.5%comparedwith productioncostsof$35.1millioninthefirstninemonthsof2016drivenprimarilybyhighercontractorcostsandthetimingofinventory. Liquidity and Capital Resources AsatSeptember30, 2017, thecompany'scashandcashequivalents, short-terminvestmentsandcurrentrestrictedcashtotaled $866.1millioncomparedwith $548.8millionatDecember31,2016.TheCompany'spolicyistoinvestexcesscashinhighlyliquidinvestmentsofthehighestcreditqualitytoreducerisksassociated withtheseinvestments.suchinvestmentswithremainingmaturitiesofgreaterthanthreemonthsandlessthanoneyearatthetimeofpurchaseareclassifiedasshortterminvestments.decisionsregardingthelengthofmaturitiesarebasedoncashflowrequirements,ratesofreturnandvariousotherfactors. Workingcapital(currentassetslesscurrentliabilities)increasedto$1,264.9millionatSeptember30,2017comparedwith$806.6millionatDecember31,2016. Operating Activities Cashprovidedbyoperatingactivitiesdecreasedto$194.1millioninthethirdquarterof2017comparedwith$282.9millioninthethirdquarterof2016.Operating cashflowsdecreasedprimarilyduetolowerrealizedpricesforgoldandsilveralongwitha12.2%increaseinexplorationexpendituresbetweenperiods. Cashprovidedbyoperatingactivitiesdecreasedto$600.6millioninthefirstninemonthsof2017comparedwith$658.0millioninthefirstninemonthsof2016. Operatingcashflowsdecreasedprimarilyduetolowerrealizedpricesforgoldandsilver,andlessfavourableworkingcapitalchangesbetweenperiods. Investing Activities Cashusedininvestingactivitiesincreasedto$265.6millioninthethirdquarterof2017comparedwith$142.7millioninthethirdquarterof2016primarilyduetoa $131.4millionincreaseincapitalexpendituresbetweenperiods.Theincreaseincapitalexpendituresbetweenperiodsismainlyattributabletoconstructionexpenditures incurredinthethirdquarterof2017relatedtothemeliadineproject. Inthethirdquarterof2017,theCompanypurchased$7.0millioninavailable-for-salesecuritiesandotherinvestmentscomparedwith$9.6millioninthethird quarterof2016.inthethirdquarterof2017,thecompanyreceivednetproceedsof$0.1millionfromthesaleofavailable-for-salesecuritiesandotherinvestments comparedwith$2.2millioninthethirdquarterof2016.thecompany'sinvestmentsinavailable-for-salesecuritiesconsistprimarilyofinvestmentsincommonsharesof entitiesintheminingindustry. Cashusedininvestingactivitiesincreasedto$622.7millioninthefirstninemonthsof2017comparedwith$372.9millioninthefirstninemonthsof2016primarily dueto a $24.1 million increase in the purchase of available-for-sale securities and other investments and a $228.4 million increase in capital expenditures between periods.theincreaseincapitalexpendituresbetweenperiodsismainlyattributabletoconstructionexpendituresincurredinthefirstninemonthsof2017relatedtothe Meliadineproject. 10

15 MANAGEMENT'S DISCUSSION AND ANALYSIS (Prepared in accordance with International Financial Reporting Standards) For the Three and Inthefirstninemonthsof2017,theCompanypurchased$43.4millioninavailable-for-salesecuritiesandotherinvestmentscomparedwith$19.4millioninthefirst ninemonths of In the first nine months of 2017, the Company received net proceeds of $0.3 million from the sale of available-for-sale securities and other investmentscomparedwith$9.5millioninthefirstninemonthsof2016. OnJune14,2017,theCompanycompletedthepurchaseof4,356,000commonsharesofWhiteGoldCorporation("WhiteGold")pursuanttoaprivateplacement. TheCompanypaidC$2.01perWhiteGoldcommonshare,fortotalconsiderationofapproximatelyC$8.8million.Upontheclosingofthetransaction,AgnicoEagleheld approximately19.93%oftheissuedandoutstandingcommonsharesofwhitegoldonanon-dilutedbasis. OnJune9, 2017, thecompanycompletedthepurchaseof10,120,000commonsharesofcandelariaminingcorporation("candeleria") pursuanttoaprivate placement. The Company paid C$0.965 per Candelaria common share, for total consideration of approximately C$9.8 million. Upon the closing of the transaction, AgnicoEagleheldapproximately9.95%oftheissuedandoutstandingcommonsharesofCandelariaonanon-dilutedbasis. OnMarch8,2017,theCompanycompletedthepurchaseof38,100,000commonsharesofGoldQuestMiningCorporation("GoldQuest")pursuanttoaprivate placement. The Company paid C$0.60 per GoldQuest common share, for total consideration of approximately C$22.9 million. Upon the closing of the transaction, AgnicoEagleheldapproximately15.0%oftheissuedandoutstandingcommonsharesofGoldQuestonanon-dilutedbasis. OnFebruary28,2017,theCompanycompletedthepurchaseof14,420,000commonsharesofOtisGoldCorporation("Otis")pursuanttoaprivateplacement.The Company paid C$0.35 per Otis common share, for total consideration of approximately C$5.0 million. Upon the closing of the transaction, Agnico Eagle held approximately9.95%oftheissuedandoutstandingcommonsharesofotisonanon-dilutedbasis. Financing Activities Cashusedinfinancingactivitieswas$12.1millioninthethirdquarterof2017comparedwithcashprovidedbyfinancing activitiesof$11.8millioninthethird quarterof2016primarilyduetoa$29.3milliondecreaseinproceedsonemployeestockoptionplanexercises,partiallyoffsetbya$3.3milliondecreaseindividend paymentsbetweenperiods. Cashprovidedbyfinancingactivitiesincreasedto$339.3millioninthefirstninemonthsof2017comparedwith$209.7millioninthefirstninemonthsof2016 primarilyduetoa$195.7millionincreaseinnetproceedsfromtheissuanceofcommonsharesanda$150.0milliondecreaseinthenetrepaymentoflong-termdebt, partiallyoffsetbya$155.8milliondecreaseinproceedsonemployeestockoptionplanexercisesanda$50.0milliondecreaseinnotesissuancesbetweenperiods. TheCompanyissuedcommonsharesfornetproceedsof$6.9millioninthethirdquarterof2017and$35.6millioninthethirdquarterof2016attributableto employeestockoptionplanexercises,issuancesundertheincentivesharepurchaseplanandthedividendreinvestmentplan.netproceedsfromtheissuanceofcommon sharesamountedto$256.8millioninthefirstninemonthsof2017attributabletoanequityissuancedirectlytooneinstitutionalinvestor,employeestockoptionplan exercises, issuances under the incentive share purchase plan and the dividend reinvestment plan. Net proceeds from the issuance of common shares amounted to $216.9millioninthefirstninemonthsof2016attributabletotheissuanceofflow-throughcommonshares,employeestockoptionplanexercises,issuancesunderthe incentivesharepurchaseplanandthedividendreinvestmentplan. 11

16 MANAGEMENT'S DISCUSSION AND ANALYSIS (Prepared in accordance with International Financial Reporting Standards) For the Three and Agnico Eagle's indirect attributable interest in the debt obligations of Canadian Malartic GP included a secured loan facility (the "CMGP Loan"). The final scheduledrepaymentofc$20.0millionwasmadeonjune30,2017,resultinginattributableoutstandingprincipalofnil. OnMay5,2017,theCompanycloseda$300.0millionprivateplacementofguaranteedseniorunsecurednotes(the"2017Notes")whichwerefundedonJune29, Upon issuance, the 2017 Notes had a weighted average maturity of 10.9 years and weighted average yield of 4.67%. Proceeds from the 2017 Notes were for workingcapitalandgeneralcorporatepurposes. OnJuly26,2017,AgnicoEagledeclaredaquarterlycashdividendof$0.10percommonsharepaidonSeptember15,2017toholdersofrecordofthecommon shares of the Company on September 1, Agnico Eagle has declared a cash dividend every year since In the third quarter of 2017, the Company paid dividendsof$17.6million,adecreaseof$3.3millioncomparedto$20.9millionpaidinthethirdquarterof2016.inthefirstninemonthsof2017,thecompanypaid dividendsof$55.8million, anincreaseof$4.7millioncomparedto$51.1millionpaidinthefirstninemonthsof2016. AlthoughtheCompanyexpectstocontinue payingdividends,futuredividendswillbeatthediscretionoftheboardandwillbesubjecttofactorssuchasincome,financialconditionandcapitalrequirements. OnApril7,2017,theCompanyrepaid$115.0millionoftheguaranteedseniorunsecurednotesthatwereissuedonApril7,2010(the"2010Notes")withanannual interestrateof6.13%.asatseptember30,2017,theamountofthe2010notesthatremainsoutstandingis$485.0million. OnMarch31,2017,theCompanyissued5,003,412commonsharestoaninstitutionalinvestorintheUnitedStatesatapriceof$43.97percommonshare,forgross proceedsofapproximately$220.0million.transactioncostsof$6.7millionresultedinnetproceedsof$213.3million. OnOctober25,2017,theCompanyamendedits$1.2billionCreditFacility(the"CreditFacility")toextendthematuritydatefromJune22,2021toJune22,2022. AsatSeptember30,2017,theCompany'soutstandingbalanceundertheCreditFacilitywasnil.CreditFacilityavailabilityisreducedbyoutstandinglettersofcredit, amountingto$0.8millionatseptember30,2017.asatseptember30,2017,$1,199.2millionwasavailableforfuturedrawdownunderthecreditfacility. OnJune29,2016,theCompanyenteredintoastandbyletterofcreditfacilitywithafinancialinstitutionprovidingforaC$100.0millionuncommittedletterof creditfacility(the"thirdlcfacility").thethirdlcfacilitymaybeusedtosupportthereclamationobligationsornon-financialorperformanceobligationsofthe Companyoritssubsidiaries.TheobligationsoftheCompanyundertheThirdLCFacilityareguaranteedbycertainofitssubsidiaries.AsatSeptember30,2017,total lettersofcreditoutstandingunderthethirdlcfacilityamountedto$41.1million. OnSeptember23,2015,theCompanyenteredintoastandbyletterofcreditfacilitywithafinancialinstitutionprovidingforafurtherC$150.0millionuncommitted letterofcredit facility (as amended, the "SecondLCFacility"). TheSecondLCFacility may beusedbythe Companytosupportthe reclamation obligations ofthe Company,itssubsidiariesoranyentityinwhichtheCompanyhasadirectorindirectinterestortheperformanceobligations(otherthanwithrespecttoindebtednessfor borrowed money) of the Company, its subsidiaries or any entity in which the Company has a direct or indirect interest that are not directly related to reclamation obligations.paymentandperformanceofthecompany'sobligationsunderthesecondlcfacilityaresupportedbyanaccountperformancesecurityguaranteeissuedby Export Development Canada in favour of the lender. As at, total letters of credit outstanding under the Second LC Facility amounted to $92.4million. OnJuly31,2015,theCompanyamendeditscreditagreementwithanotherfinancialinstitutionrelatingtoitsuncommittedletterofcreditfacility(asamended,the "FirstLCFacility").EffectiveSeptember27,2016,theamountavailableundertheFirstLCFacilitywasincreasedtoC$350.0million.TheobligationsoftheCompany 12

17 MANAGEMENT'S DISCUSSION AND ANALYSIS (Prepared in accordance with International Financial Reporting Standards) For the Three and underthefirstlcfacilityareguaranteedbycertainofitssubsidiaries. TheFirstLCFacilitymaybeusedtosupportthereclamationobligationsornon-financialor performanceobligationsofthecompanyoritssubsidiaries.asatseptember30,2017,$170.1millionhadbeendrawnunderthefirstlcfacility. AgnicoEagle'sindirectattributableinterestinthefinanceleaseobligationsofCanadianMalarticGPincludesecuredfinanceleaseobligationsprovidedinseparate trancheswithremainingmaturitiesupto2019anda7.5%interestrate.asatseptember30,2017,thecompany'sattributablefinanceleaseobligationswere$3.7million. TheCompanywasincompliancewithallcovenantscontainedintheCreditFacility,2017Notes,2016Notes,2015Note,2012Notes,2010Notes,FirstLCFacility, SecondLCFacility,andtheThirdLCFacilityasatSeptember30,2017. Risk Profile Volatilityremainshighinglobalfinancialmarketsandweaknessintheglobaleconomycontinuestohaveanimpactontheprofitability andliquidityofmany businesses.althoughtherearesignsofstabilization,thetimingofareturntohistoricalmarketconditionsisuncertain.weakeconomicconditionsandvolatilefinancial marketsmayhaveasignificantimpactonagnicoeagle'scostandavailabilityoffinancingandoverallliquidity.thevolatilityingold,silver,zincandcopperprices directlyaffectsagnicoeagle'srevenues,earningsandcashflow.volatileenergy,commodityandconsumablespricesandcurrencyexchangeratesimpactproduction costs.thevolatilityofglobalstockmarketsimpactsthevaluationofthecompany'sequityinvestments. Disclosure Controls and Procedures and Internal Controls over Financial Reporting TheCompany'smanagementisresponsibleforestablishingandmaintainingadequateinternalcontroloverfinancialreporting("ICFR")anddisclosurecontrolsand procedures("dc&p"). ICFRisaframeworkdesignedtoprovidereasonableassuranceregardingthereliabilityoffinancialreportingandthepreparationoffinancialstatementsforexternal purposesinaccordancewithifrs.managementhasusedtheinternalcontrol IntegratedFrameworkissuedbytheCommitteeofSponsoringOrganizationsofthe TreadwayCommissionin2013("COSO")inordertoassesstheeffectivenessoftheCompany'sICFR. DC&PformabroaderframeworkdesignedtoprovidereasonableassurancethatinformationrequiredtobedisclosedbytheCompanyinitsannualandinterim filingsandotherreportsfiledundersecuritieslegislationisrecorded,processed,summarizedandreportedwithinthetimeframespecifiedinsecuritieslegislationand includes controls and procedures designed to ensure that information required to be disclosed by the Company in its annual and interim filings and other reports submittedundersecuritieslegislationisaccumulatedandcommunicatedtothecompany'smanagementtoallowtimelydecisionsregardingrequireddisclosure. Together, the ICFR and DC&P frameworks provide internal control over financial reporting and disclosure. The Company maintains disclosure controls and proceduresthataredesignedtoprovidereasonableassurancethatinformation,whichisrequiredtobedisclosedinthecompany'sannualandinterimfilingsandother reportsfiledundersecuritieslegislation,isaccumulatedandcommunicatedinatimelyfashion.duetotheirinherentlimitations,thecompanyacknowledgesthat,no matterhowwelldesigned,icfranddc&pcanprovideonlyreasonableassuranceofachievingthedesiredcontrolobjectivesandassuchmaynotpreventordetectall misstatements. Further, theeffectiveness oficfrissubject totheriskthatcontrols maybecome inadequate because ofchangesinconditions, orthatthedegreeof compliancewithpoliciesorproceduresmaychange. TherehavebeennosignificantchangesintheCompany'sinternalcontroloverfinancialreportinginthethirdquarterof2017thathavemateriallyaffected,orare reasonablylikelytomateriallyaffect,thereliabilityoffinancialreporting. 13

18 Non-GAAP Financial Performance Measures MANAGEMENT'S DISCUSSION AND ANALYSIS (Prepared in accordance with International Financial Reporting Standards) For the Three and ThisMD&Apresentscertainfinancialperformancemeasures,includingadjustednetincome,totalcashcostsperounceofgoldproduced(onbothaby-productand co-productbasis),minesitecostspertonneandall-insustainingcostsperounceofgoldproduced(onbothaby-productandco-productbasis),thatarenotrecognized measuresunderifrs.thisdatamaynotbecomparabletodatapresentedbyothergoldproducers.non-gaapfinancialperformancemeasuresshouldbeconsidered togetherwithotherdatapreparedinaccordancewithifrs. Adjusted Net Income AdjustednetincomeisnotarecognizedmeasureunderIFRSandthisdatamaynotbecomparabletodatapresentedbyothergold producers.thismeasureis calculatedbyadjustingnetincomeasrecordedinthecondensedinterimconsolidatedstatementsofincomeandcomprehensiveincomefornon-recurring,unusualand otheritems.thecompanybelievesthatthisgenerallyacceptedindustrymeasureallowstheevaluationoftheresultsofcontinuingoperationsandisusefulinmaking comparisonsbetweenperiods. AdjustednetincomeisintendedtoprovideinvestorswithinformationabouttheCompany'scontinuingincomegeneratingcapabilities. ManagementusesthismeasuretomonitorandplanfortheoperatingperformanceoftheCompanyinconjunctionwithotherdatapreparedinaccordancewithIFRS. September 30, September 30, (thousands of United States dollars) (i) (i) Net income for the period $ 70,955 $ 49,392 $ 208,789 $ 96,170 Gainonsaleofavailable-for-salesecurities (89) (1,582) (168) (3,500) Impairmentlossonavailable-for-salesecurities 1,432 7,246 Foreigncurrencytranslationloss 4,322 2,531 7,821 14,818 (Gain)lossonderivativefinancialinstruments (7,085) 832 (21,540) (9,459) Incomeandminingtaxesadjustments (ii) (4,526) 1,838 (26,183) (6,726) Other (iii) 1, ,424 13,723 Adjusted net income for the period $ 66,520 $ 53,394 $ 185,389 $ 105,026 Netincomepershare basic $ 0.31 $ 0.22 $ 0.91 $ 0.43 Netincomepershare diluted $ 0.30 $ 0.22 $ 0.90 $ 0.43 Adjustednetincomepershare basic $ 0.29 $ 0.24 $ 0.81 $ 0.47 Adjustednetincomepershare diluted $ 0.28 $ 0.23 $ 0.80 $ 0.47 Notes: (i) (ii) (iii) BeginningDecember31,2016,theCompanydecidedtoexcludestockbasedcompensationexpensefromthecalculationofadjustednetincome.Adjustednetincomeforthethreeandnine monthsendedseptember30,2016hasbeenrestatedtoreflectthischange.stockoptionexpenseforthethreemonthsendedseptember30,2017was$3.7million(threemonthsended September30,2016 $3.2million).StockoptionexpensefortheninemonthsendedSeptember30,2017was$15.1million(ninemonthsendedSeptember30,2016 $12.2million). Incomeandminingtaxadjustmentsreflectforeigncurrencytranslationrecordedtotheincomeandminingtaxesexpense,recognitionofpreviouslyunrecognizedcapitallosses,theresultof incomeandminingtaxaudits,impactoftaxlawchangesandreflectiveadjustmentstopriorperiodoperatingresults. TheCompanyincludescertain adjustments in "Other" tothe extent thatmanagement believesthat these itemsare not reflective of theunderlyingperformanceofthecompany'score operatingbusiness.examplesofitemshistoricallyincludedin"other"includechangesinestimatesofassetretirementobligationsatclosedsites,gainsandlossesonthedisposalofassets andothernon-recurringitems. 14

19 Total Cash Costs per Ounce of Gold Produced and Minesite Costs per Tonne MANAGEMENT'S DISCUSSION AND ANALYSIS (Prepared in accordance with International Financial Reporting Standards) For the Three and TheCompanybelievesthattotalcashcostsperounceofgoldproducedandminesitecostspertonnearerealisticindicatorsofoperatingperformanceandfacilitate periodoverperiodcomparisons. However, bothofthesenon-gaapgenerallyaccepted industrymeasuresshouldbeconsideredtogetherwithotherdatapreparedin accordancewithifrs.thesemeasures,takenbythemselves,arenotnecessarilyindicativeofoperatingcostsorcashflowmeasurespreparedinaccordancewithifrs. Totalcashcostsperounceofgoldproducedisreportedonbothaby-productbasis(deductingby-productmetalrevenuesfromproductioncosts)andco-product basis(withoutdeductingby-productmetalrevenues).totalcashcostsperounceofgoldproducedonaby-productbasisiscalculatedbyadjustingproductioncostsas recordedinthecondensedinterimconsolidatedstatementsofincomeandcomprehensiveincomeforby-productrevenues,inventoryproductioncosts,smelting,refining andmarketingchargesandotheradjustments,andthendividingbythenumberofouncesofgoldproduced.totalcashcostsperounceofgoldproducedonaco-product basisiscalculatedinthesamemannerastotalcashcostsperounceofgoldproducedonaby-productbasisexceptthatnoadjustmentforby-productmetalrevenuesis made. Accordingly, thecalculationoftotalcashcostsperounceofgoldproducedonaco-productbasisdoesnotreflectareductioninproductioncostsorsmelting, refining and marketing charges associated with the production and sale of by-product metals. 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'sminingoperations.Asmarketpricesforgoldarequotedonaperouncebasis,usingthetotalcashcostperounceofgoldproducedonaby-productbasis measureallowsmanagementtoassessamine'scashgeneratingcapabilitiesatvariousgoldprices.managementisawarethattheseperouncemeasuresofperformance 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. Managementcompensatesfortheseinherentlimitationsbyusingthesemeasuresinconjunctionwithminesitecostspertonne(discussedbelow)aswellasotherdata preparedinaccordancewithifrs.managementalsoperformssensitivityanalysisinordertoquantifytheeffectsoffluctuatingmetalpricesandexchangerates. AgnicoEagle'sprimarybusinessisgoldproductionandthefocusofitscurrentoperationsandfuturedevelopmentisonmaximizingreturnsfromgoldproduction, withothermetalproductionbeingincidentaltothegoldproductionprocess.accordingly,allmetalsotherthangoldareconsideredby-products. Totalcashcostsperounceofgoldproducedisreportedonaby-productbasisbecause(i) themajorityofthecompany'srevenues aregoldrevenues, (ii) the Companyminesore,whichcontainsgold,silver,zinc,copperandothermetals,(iii)itisnotpossibletospecificallyassignallcoststorevenuesfromthegold,silver,zinc, copperandothermetalsthecompanyproduces,and(iv)itisamethodusedbymanagementandtheboardtomonitoroperations. Minesite costspertonneiscalculatedbyadjustingproductioncostsasshowninthecondensedinterimconsolidatedstatementsofincomeandcomprehensive incomeforinventoryproductioncostsandotheradjustmentsandthendividingbytonnesoforeprocessed.asthetotalcashcostsperounceofgoldproducedmeasure can be impacted by fluctuations in by-product metal prices and exchange rates, management believes that the minesite costs per tonne measure provides additional informationregardingtheperformanceofminingoperations.managementalsousesminesitecostspertonnetodeterminetheeconomicviabilityofminingblocks.as eachminingblockisevaluatedbasedonthenetrealizablevalueofeachtonnemined,inordertobeeconomicallyviabletheestimatedrevenueonapertonnebasismust beinexcessoftheminesitecostspertonne.managementisawarethatthispertonnemeasureofperformancecanbeimpactedbyfluctuationsinproductionlevelsand compensatesforthisinherentlimitationbyusingthismeasureinconjunctionwithproductioncostspreparedinaccordancewithifrs. Thefollowingtablessetoutareconciliationoftotalcashcostsperounceofgoldproduced(onbothaby-productbasisandco-productbasis)andminesitecostsper tonnetoproductioncosts,exclusiveofamortization,aspresentedinthecondensedinterimconsolidatedstatementsofincomeandcomprehensiveincomeinaccordance withifrs. 15

20 MANAGEMENT'S DISCUSSION AND ANALYSIS (Prepared in accordance with International Financial Reporting Standards) For the Three and Total Production Costs by Mine Reconciliation of Production Costs to Total Cash Costs per Ounce of Gold Produced (ii) by Mine and Reconciliation of Production Costs to Minesite Costs per Tonne (iii) by Mine (thousands of United States dollars, except as noted) (thousands of United States dollars) LaRondemine $ 39,726 $ 49,086 $ 130,732 $ 135,440 Lapamine 12,064 12,166 36,713 39,741 Goldexmine 17,659 16,357 49,230 48,026 Meadowbankmine 60,484 59, , ,717 CanadianMalarticmine (i) 45,020 47, , ,705 Kittilamine 37,787 37, , ,519 PinosAltosmine 25,582 35,457 77,974 88,107 CrestonMascotadepositatPinosAltos 7,836 7,014 22,175 19,418 LaIndiamine 16,015 12,191 44,071 35,107 Productioncostsperthecondensedinterimconsolidatedstatementsof incomeandcomprehensiveincome $ 262,173 $ 277,371 $ 770,153 $ 776,780 LaRonde Mine Per Ounce of Gold Produced (ii) (vi) (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) Goldproduction(ounces) 105,345 71, , ,280 Productioncosts $ 39,726 $ 377 $ 49,086 $ 684 $ 130,732 $ 510 $ 135,440 $ 609 Inventoryandotheradjustments (iv) 13, , , , Cashoperatingcosts(co-product basis) $ 53,188 $ 505 $ 51,552 $ 718 $ 154,873 $ 604 $ 155,183 $ 698 By-productmetalrevenues (18,636) (177) (12,718) (177) (48,948) (191) (35,733) (161) Cashoperatingcosts(by-product basis) $ 34,552 $ 328 $ 38,834 $ 541 $ 105,925 $ 413 $ 119,450 $ 537 LaRonde Mine Per Tonne (iii)(vii) (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) Tonnesoforemilled (thousandsof tonnes) ,661 1,668 Productioncosts $ 39,726 $ 68 $ 49,086 $ 94 $ 130,732 $ 79 $ 135,440 $ 81 Productioncosts(C$) C$ 54,305 C$ 93 C$ 63,178 C$ 121 C$ 175,103 C$ 105 C$ 180,633 C$ 108 Inventoryandother adjustments(c$) (v) 4,405 8 (2,992) (6) 2,846 2 (931) Minesiteoperating costs(c$) C$ 58,710 C$ 101 C$ 60,186 C$ 115 C$ 177,949 C$ 107 C$ 179,702 C$ 108 Lapa Mine Per Ounce of Gold Produced (ii) (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) Goldproduction(ounces) 17,169 16,242 48,410 59,865 Productioncosts $ 12,064 $ 703 $ 12,166 $ 749 $ 36,713 $ 758 $ 39,741 $ 664 Inventoryandotheradjustments (iv) 57 3 (97) (6) (83) (1) 1, Cashoperatingcosts(co-product basis) $ 12,121 $ 706 $ 12,069 $ 743 $ 36,630 $ 757 $ 40,996 $ 685 By-productmetalrevenues (5) (5) (99) (2) (22) (1) Cashoperatingcosts(by-product basis) $ 12,116 $ 706 $ 12,064 $ 743 $ 36,531 $ 755 $ 40,974 $ 684 Lapa Mine Per Tonne (iii) (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) Tonnesoforemilled (thousandsof tonnes) Productioncosts $ 12,064 $ 90 $ 12,166 $ 86 $ 36,713 $ 92 $ 39,741 $ 86 Productioncosts(C$) C$ 15,288 C$ 113 C$ 15,884 C$ 113 C$ 48,337 C$ 121 C$ 52,606 C$ 114 Inventoryandother adjustments(c$) (v) (51) (4) (527) (1) 1,382 3 Minesiteoperating costs(c$) C$ 15,237 C$ 113 C$ 15,880 C$ 113 C$ 47,810 C$ 120 C$ 53,988 C$

21

22 MANAGEMENT'S DISCUSSION AND ANALYSIS (Prepared in accordance with International Financial Reporting Standards) For the Three and Goldex Mine Per Ounce of Gold Produced (ii) (viii) (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) Goldproduction(ounces) 28,906 32,742 83,873 96,534 Productioncosts $ 17,659 $ 611 $ 16,357 $ 500 $ 49,230 $ 587 $ 48,026 $ 498 Inventoryandotheradjustments (iv) (381) (13) (521) (16) (940) (11) Cashoperatingcosts(co-product basis) $ 17,278 $ 598 $ 15,836 $ 484 $ 48,290 $ 576 $ 48,340 $ 501 By-productmetalrevenues (6) (13) (1) (21) (21) Cashoperatingcosts(by-product basis) $ 17,272 $ 598 $ 15,823 $ 483 $ 48,269 $ 576 $ 48,319 $ 501 Goldex Mine Per Tonne (iii)(ix) (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) Tonnesoforemilled (thousandsof tonnes) ,803 1,965 Productioncosts $ 17,659 $ 27 $ 16,357 $ 24 $ 49,230 $ 27 $ 48,026 $ 24 Productioncosts(C$) C$ 22,231 C$ 34 C$ 21,375 C$ 32 C$ 64,356 C$ 36 C$ 63,456 C$ 32 Inventoryandother adjustments(c$) (v) 427 (398) (1) (257) 335 Minesiteoperating costs(c$) C$ 22,658 C$ 34 C$ 20,977 C$ 31 C$ 64,099 C$ 36 C$ 63,791 C$ 32 Meadowbank Mine Per Ounce of Gold Produced (ii) (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) Goldproduction(ounces) 86,821 72, , ,444 Productioncosts $ 60,484 $ 697 $ 59,746 $ 821 $ 168,859 $ 631 $ 166,717 $ 767 Inventoryandotheradjustments (iv) (2,199) (26) (4,423) (60) (4,622) (17) 4, Cashoperatingcosts(co-product basis) $ 58,285 $ 671 $ 55,323 $ 761 $ 164,237 $ 614 $ 171,214 $ 787 By-productmetalrevenues (919) (10) (1,042) (15) (3,284) (12) (2,816) (13) Cashoperatingcosts(by-product basis) $ 57,366 $ 661 $ 54,281 $ 746 $ 160,953 $ 602 $ 168,398 $ 774 Meadowbank Mine Per Tonne (iii) (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) Tonnesoforemilled (thousandsof tonnes) ,861 2,900 Productioncosts $ 60,484 $ 64 $ 59,746 $ 62 $ 168,859 $ 59 $ 166,717 $ 57 Productioncosts(C$) C$ 77,233 C$ 82 C$ 77,771 C$ 81 C$ 221,168 C$ 77 C$ 217,438 C$ 75 Inventoryandother adjustments(c$) (v) 9 (5,534) (6) (2,885) (1) 311 Minesiteoperating costs(c$) C$ 77,242 C$ 82 C$ 72,237 C$ 75 C$ 218,283 C$ 76 C$ 217,749 C$ 75 Canadian Malartic Mine (i) Per Ounce of Gold Produced (ii) (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) Goldproduction(ounces) 82,097 76, , ,543 Productioncosts $ 45,020 $ 548 $ 47,917 $ 627 $ 130,273 $ 552 $ 136,705 $ 614 Inventoryandotheradjustments (iv) 3, , Cashoperatingcosts(co-product basis) $ 48,644 $ 592 $ 48,673 $ 637 $ 135,786 $ 575 $ 137,268 $ 617 By-productmetalrevenues (1,300) (16) (1,816) (24) (4,166) (17) (4,353) (20) Cashoperatingcosts(by-product basis) $ 47,344 $ 577 $ 46,857 $ 613 $ 131,620 $ 558 $ 132,915 $ 597 Canadian Malartic Mine (i) Per Tonne (iii) (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne)

23 Tonnesoforemilled (thousandsof tonnes) 2,528 2,483 7,564 7,388 Productioncosts $ 45,020 $ 18 $ 47,917 $ 19 $ 130,273 $ 17 $ 136,705 $ 19 Productioncosts(C$) C$ 56,303 C$ 22 C$ 54,737 C$ 22 C$ 170,167 C$ 22 C$ 157,080 C$ 21 Inventoryandother adjustments(c$) (v) 3, , , ,206 3 Minesiteoperating costs(c$) C$ 60,090 C$ 24 C$ 63,200 C$ 25 C$ 175,825 C$ 23 C$ 180,286 C$ 24 17

24 MANAGEMENT'S DISCUSSION AND ANALYSIS (Prepared in accordance with International Financial Reporting Standards) For the Three and Kittila Mine Per Ounce of Gold Produced (ii) (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) Goldproduction(ounces) 50,415 54, , ,171 Productioncosts $ 37,787 $ 750 $ 37,437 $ 683 $ 110,126 $ 738 $ 107,519 $ 721 Inventoryandotheradjustments (iv) (1,025) (19) (1,127) (8) Cashoperatingcosts(co-product basis) $ 38,051 $ 755 $ 36,412 $ 664 $ 110,448 $ 740 $ 106,392 $ 713 By-productmetalrevenues (69) (2) (62) (1) (153) (1) (141) (1) Cashoperatingcosts(by-product basis) $ 37,982 $ 753 $ 36,350 $ 663 $ 110,295 $ 739 $ 106,251 $ 712 Kittila Mine Per Tonne (iii) (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) Tonnesoforemilled(thousandsof tonnes) ,291 1,266 Productioncosts $ 37,787 $ 88 $ 37,437 $ 84 $ 110,126 $ 85 $ 107,519 $ 85 Productioncosts( ) 32, , , , Inventoryandotheradjustments( ) (v) (1,042) (2) 65 (1,516) (1) Minesiteoperatingcosts( ) 33, , , , Pinos Altos Mine Per Ounce of Gold Produced (ii) (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) Goldproduction(ounces) 46,897 48, , ,087 Productioncosts $ 25,582 $ 545 $ 35,457 $ 731 $ 77,974 $ 555 $ 88,107 $ 603 Inventoryandotheradjustments (iv) 3, (5,776) (119) 7, (4,125) (28) Cashoperatingcosts(co-product basis) $ 29,568 $ 630 $ 29,681 $ 612 $ 85,163 $ 606 $ 83,982 $ 575 By-productmetalrevenues (11,937) (254) (13,037) (269) (33,295) (237) (33,586) (230) Cashoperatingcosts(by-product basis) $ 17,631 $ 376 $ 16,644 $ 343 $ 51,868 $ 369 $ 50,396 $ 345 Pinos Altos Mine Per Tonne (iii) (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) Tonnesoforeprocessed(thousands oftonnes) ,760 1,704 Productioncosts $ 25,582 $ 44 $ 35,457 $ 59 $ 77,974 $ 44 $ 88,107 $ 52 Inventoryandotheradjustments (v) 4,285 7 (6,306) (10) 7,056 4 (5,426) (3) Minesiteoperatingcosts $ 29,867 $ 51 $ 29,151 $ 49 $ 85,030 $ 48 $ 82,681 $ 49 Creston Mascota deposit at Pinos Altos Per Ounce of Gold Produced (ii) (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) Goldproduction(ounces) 11,054 12,134 34,372 36,083 Productioncosts $ 7,836 $ 709 $ 7,014 $ 578 $ 22,175 $ 645 $ 19,418 $ 538 Inventoryandotheradjustments (iv) Cashoperatingcosts(co-product basis) $ 7,924 $ 717 $ 7,069 $ 583 $ 22,698 $ 660 $ 19,875 $ 551 By-productmetalrevenues (937) (85) (1,089) (90) (3,167) (92) (2,769) (77) Cashoperatingcosts(by-product basis) $ 6,987 $ 632 $ 5,980 $ 493 $ 19,531 $ 568 $ 17,106 $

25 MANAGEMENT'S DISCUSSION AND ANALYSIS (Prepared in accordance with International Financial Reporting Standards) For the Three and Creston Mascota deposit at Pinos Altos Per Tonne (iii) (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) Tonnesoforeprocessed(thousands oftonnes) ,638 1,595 Productioncosts $ 7,836 $ 15 $ 7,014 $ 14 $ 22,175 $ 14 $ 19,418 $ 12 Inventoryandotheradjustments (v) 22 (112) Minesiteoperatingcosts $ 7,858 $ 15 $ 6,902 $ 14 $ 22,480 $ 14 $ 19,532 $ 12 La India Mine Per Ounce of Gold Produced (ii) (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) Goldproduction(ounces) 25,143 30,779 75,650 86,448 Productioncosts $ 16,015 $ 637 $ 12,191 $ 396 $ 44,071 $ 583 $ 35,107 $ 406 Inventoryandotheradjustments (iv) 1, , , , Cashoperatingcosts(co-product basis) $ 17,543 $ 698 $ 14,823 $ 482 $ 45,972 $ 608 $ 39,154 $ 453 By-productmetalrevenues (1,022) (41) (2,526) (82) (4,569) (61) (6,229) (72) Cashoperatingcosts(by-product basis) $ 16,521 $ 657 $ 12,297 $ 400 $ 41,403 $ 547 $ 32,925 $ 381 La India Mine Per Tonne (iii) (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) Tonnesoforeprocessed(thousands oftonnes) 1,542 1,366 4,273 4,297 Productioncosts $ 16,015 $ 10 $ 12,191 $ 9 $ 44,071 $ 10 $ 35,107 $ 8 Inventoryandotheradjustments (v) 1, , ,140 1 Minesiteoperatingcosts $ 17,112 $ 11 $ 14,513 $ 11 $ 44,850 $ 10 $ 38,247 $ 9 Notes: (i) (ii) (iii) OnJune16,2014,AgnicoEagleandYamanajointlyacquired100%ofOsiskobywayoftheOsiskoArrangement.AsaresultoftheOsiskoArrangement,AgnicoEagleandYamanaeach indirectlyown50%ofosisko(nowcanadianmalarticcorporation)andcanadianmalarticgp,whichnowholdsthecanadianmalarticmine.theinformationsetoutinthistablereflects thecompany's50%interestinthecanadianmalarticminesincethedateofacquisition. TotalcashcostsperounceofgoldproducedisnotarecognizedmeasureunderIFRSandthisdatamaynotbecomparabletodatareportedbyothergoldproducers.Totalcashcostsper ounceofgoldproducedisreportedonbothaby-productbasis(deductingby-productmetalrevenuesfromproductioncosts)andco-productbasis(withoutdeductingby-productmetal revenues).totalcashcostsperounceofgoldproducedonaby-productbasisiscalculatedbyadjustingproductioncostsasrecordedinthecondensedinterimconsolidatedstatementsof incomeandcomprehensiveincomeforby-productmetalrevenues,inventoryproductioncosts,smelting,refiningandmarketingchargesandotheradjustments,andthendividingbythe numberofouncesofgoldproduced.totalcashcostsperounceofgoldproducedonaco-productbasisiscalculatedinthesamemannerastotalcashcostsperounceofgoldproducedona by-productbasisexceptthatnoadjustmentforby-productmetalrevenuesismade.accordingly,thecalculationoftotalcashcostsperounceofgoldproducedonaco-productbasisdoesnot reflectareductioninproductioncostsorsmelting,refiningandmarketingchargesassociatedwiththeproductionandsaleofby-productmetals.thecompanybelievesthatthesegenerally acceptedindustrymeasuresprovidearealisticindicationofoperatingperformanceandprovideusefulcomparisonpointsbetweenperiods.totalcashcostsperounceofgoldproducedis 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'sminingoperations.Asmarketpricesforgoldarequotedonaperouncebasis,usingthetotalcashcostsperounceofgoldproducedonaby-productbasismeasureallows managementtoassessamine'scashgeneratingcapabilitiesatvariousgoldprices.managementisawarethattheseperouncemeasuresofperformancecanbeaffectedbyfluctuationsin exchangeratesand,inthecaseoftotalcashcostsofgoldproducedonaby-productbasis,by-productmetalprices.managementcompensatesfortheseinherentlimitationsbyusingthese measuresinconjunctionwithminesitecostspertonneaswellasotherdatapreparedinaccordancewithifrs.managementalsoperformssensitivityanalysesinordertoquantifytheeffects offluctuatingmetalpricesandexchangerates. MinesitecostspertonneisnotarecognizedmeasureunderIFRSandthisdatamaynotbecomparabletodatareportedbyothergoldproducers.Thismeasureiscalculatedbyadjusting productioncostsasshowninthecondensedinterimconsolidatedstatementsofincomeandcomprehensiveincomeforinventoryproductioncosts,andthendividingbytonnesoforemilled. Asthetotalcashcostsperounceofgoldproducedmeasurecanbeaffectedbyfluctuationsinby-productmetalpricesandexchangerates,managementbelievesthattheminesitecostsper tonnemeasureprovidesadditionalinformationregardingtheperformanceofminingoperations,eliminatingtheimpactofvaryingproductionlevels.managementalsousesthismeasureto determinetheeconomicviabilityofminingblocks.aseachminingblockisevaluatedbasedonthenetrealizablevalueofeachtonnemined,inordertobeeconomicallyviabletheestimated revenueonapertonnebasis 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 processinglevelsandcompensatesforthisinherentlimitationbyusingthismeasureinconjunctionwithproductioncostspreparedinaccordancewithifrs. 19

26 MANAGEMENT'S DISCUSSION AND ANALYSIS (Prepared in accordance with International Financial Reporting Standards) For the Three and (iv) (v) (vi) (vii) (viii) (ix) UndertheCompany'srevenuerecognitionpolicy,revenueisrecognizedwhenlegaltitleandriskistransferred.Astotalcashcostsperounceofgoldproducedarecalculatedonaproduction basis,aninventoryadjustmentismadetoreflecttheportionofproductionnotyetrecognizedasrevenue.otheradjustmentsincludetheadditionofsmelting,refiningandmarketingcharges toproductioncosts. Thisinventoryandotheradjustmentreflectsproductioncostsassociatedwiththeportionofproductionstillininventory. TheLaRondemine'sperounceofgoldproducedcalculationsexclude515ouncesforthethreeandninemonthsendedSeptember30,2017ofpayablegoldproductionandtheassociated costsrelatedtolarondezone5whichwereproducedpriortotheachievementofcommercialproduction. TheLaRondemine's pertonnecalculations exclude7,709tonnes andtheassociatedcosts related tolarondezone5whichwereprocessed priortotheachievementofcommercial production. TheGoldexmine'sperounceofgoldproducedcalculationsexclude8,041ouncesfortheninemonthsendedSeptember30,2017ofpayablegoldproductionandtheassociatedcostsrelated tothedeep1zonewhichwereproducedpriortotheachievementofcommercialproduction. TheGoldexmine'spertonnecalculationsexclude175,514tonnesfortheninemonthsendedSeptember30,2017andtheassociatedcostsrelatedtotheDeep1Zonewhichwereprocessed priortotheachievementofcommercialproduction. All-in Sustaining Costs per Ounce of Gold Produced All-insustainingcostsperounceofgoldproducedisnotarecognizedmeasureunderIFRSandthisdatamaynotbecomparabletodata reportedbyothergold producers.thecompanybelievesthatthismeasureprovidesinformationaboutoperatingperformance.however,thisnon-gaapmeasureshouldbeconsideredtogether withotherdatapreparedinaccordancewithifrsasitisnotnecessarilyindicativeofoperatingcostsorcashflowmeasurespreparedinaccordancewithifrs. All-insustainingcostsperounceofgoldproducedisreportedonbothaby-productbasis(deductingby-productmetalrevenuesfromproductioncosts)andcoproductbasis(withoutdeductingby-productmetalrevenues).All-insustainingcostsperounceofgoldproducedonaby-productbasisiscalculatedastheaggregateof total cashcostsperounceofgoldproducedonaby-product basis andsustaining capital expenditures (including capitalized exploration), general andadministrative expenses(includingstockoptions)andnon-cashreclamationprovisionexpenseperounceofgoldproduced.all-insustainingcostsperounceofgoldproducedonacoproductbasisiscalculatedinthesamemannerasall-insustainingcostsperounceofgoldproducedonaby-productbasisexceptthatnoadjustmentforby-productmetal revenuesismadetototalcashcostsperounceofgoldproduced.thecalculationofall-insustainingcostsperounceofgoldproducedonaco-productbasisdoesnot reflectareductioninproductioncostsorsmelting,refiningandmarketingchargesassociatedwiththeproductionandsaleofby-productmetals. The following table sets out a reconciliation of production costs to all-in sustaining costs per ounce of gold produced for the three and nine months ended September30,2017andthethreeandninemonthsendedSeptember30,2016onbothaby-productbasis(deductingby-productmetalrevenuesfromproductioncosts) andco-productbasis(withoutdeductingby-productmetalrevenues). 20

27 MANAGEMENT'S DISCUSSION AND ANALYSIS (Prepared in accordance with International Financial Reporting Standards) For the Three and Reconciliation of Production Costs to All-in Sustaining Costs per Ounce of Gold Produced (United States dollars per ounce of gold produced, except where noted) Productioncostsperthecondensedinterimconsolidatedstatementsof incomeandcomprehensiveincome(thousandsofunitedstates dollars) $ 262,173 $ 277,371 $ 770,153 $ 776,780 Adjustedgoldproduction(ounces) (i)(ii) 453, ,187 1,291,765 1,236,455 Productioncostsperounceofadjustedgoldproduction (i)(ii) $ 578 $ 666 $ 596 $ 628 Adjustments: Inventoryandotheradjustments (iii) 45 (14) Totalcashcostsperounceofgoldproduced(co-productbasis) (iv) $ 623 $ 652 $ 622 $ 649 By-productmetalrevenues (77) (77) (75) (69) Totalcashcostsperounceofgoldproduced(by-productbasis) (iv) $ 546 $ 575 $ 547 $ 580 Adjustments: Sustainingcapitalexpenditures(includingcapitalizedexploration) Generalandadministrativeexpenses(includingstockoptions) Non-cashreclamationprovisionandother All-insustainingcostsperounceofgoldproduced(by-productbasis) $ 789 $ 821 $ 772 $ 821 By-productmetalrevenues All-insustainingcostsperounceofgoldproduced(co-productbasis) $ 866 $ 898 $ 847 $ 890 Notes: (i) (ii) (iii) (iv) TheLaRondemine'sperounceofgoldproducedcalculationsexclude515ouncesforthethreeandninemonthsendedSeptember30,2017ofpayablegoldproductionandtheassociated costsrelatedtolarondezone5whichwereproducedpriortotheachievementofcommercialproduction. TheGoldexmine'sperounceofgoldproducedcalculationsexclude8,041ouncesfortheninemonthsendedSeptember30,2017ofpayablegoldproductionandtheassociatedcostsrelated tothedeep1zonewhichwereproducedpriortotheachievementofcommercialproduction. UndertheCompany'srevenuerecognitionpolicy,revenueisrecognizedwhenlegaltitleandriskistransferred.Astotalcashcostsperounceofgoldproducedarecalculatedonaproduction basis,thisinventoryadjustmentreflectsthesalesmarginontheportionofproductionnotyetrecognizedasrevenue. TotalcashcostsperounceofgoldproducedisnotarecognizedmeasureunderIFRSandthisdatamaynotbecomparabletodatapresentedbyothergoldproducers.Totalcashcostsper ounceofgoldproducedispresentedonbothaby-productbasis(deductingby-productmetalrevenuesfromproductioncosts)andco-productbasis(withoutdeductingby-productmetal revenues).totalcashcostsperounceofgoldproducedonaby-productbasisiscalculatedbyadjustingproductioncostsasrecordedinthecondensedinterimconsolidatedstatementsof incomeandcomprehensiveincomeforby-productmetalrevenues,inventoryproductioncosts,smelting,refiningandmarketingchargesandotheradjustments,andthendividingbythe numberofouncesofgoldproduced.totalcashcostsperounceofgoldproducedonaco-productbasisiscalculatedinthesamemannerastotalcashcostsperounceofgoldproducedona by-productbasisexceptthatnoadjustmentforby-productmetalrevenuesismade.accordingly,thecalculationoftotalcashcostsperounceofgoldproducedonaco-productbasisdoesnot reflectareductioninproductioncostsorsmelting,refiningandmarketingchargesassociatedwiththeproductionandsaleofby-productmetals.thecompanybelievesthatthesegenerally acceptedindustrymeasuresprovidearealisticindicationofoperatingperformanceandprovideusefulcomparisonpointsbetweenperiods.totalcashcostsperounceofgoldproducedis 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'sminingoperations.Asmarketpricesforgoldarequotedonaperouncebasis,usingthetotalcashcostsperounceofgoldproducedonaby-productbasismeasureallows managementtoassessamine'scashgeneratingcapabilitiesatvariousgoldprices.managementisawarethattheseperouncemeasuresofperformancecanbeaffectedbyfluctuationsin exchangeratesand,inthecaseoftotalcashcostsofgoldproducedonaby-productbasis,by-productmetalprices.managementcompensatesfortheseinherentlimitationsbyusingthese measuresinconjunctionwithminesitecostspertonneaswellasotherdatapreparedinaccordancewithifrs.managementalsoperformssensitivityanalysesinordertoquantifytheeffects offluctuatingmetalpricesandexchangerates. 21

28 SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS (thousands of United States dollars, except where noted) September 30, September 30, Operating margin (i) by mine: NorthernBusiness LaRondemine $ 100,550 $ 61,587 $ 225,314 $ 164,626 Lapamine 9,825 10,181 24,219 35,424 Goldexmine 18,274 27,834 55,118 72,914 Meadowbankmine 55,324 46, , ,253 CanadianMalarticmine (ii) 56,702 55, , ,855 Kittilamine 25,662 36,714 77,244 82,879 SouthernBusiness PinosAltosmine 29,445 60, , ,911 CrestonMascotadepositatPinosAltos 6,993 10,448 23,164 29,156 LaIndiamine 15,060 23,858 54,532 70,224 Totaloperatingmargin (i) 317, , , ,242 Amortizationofproperty,plantandminedevelopment 118, , , ,761 Exploration,corporateandother 94,521 84, , ,433 Incomebeforeincomeandminingtaxes 105,002 87, , ,048 Incomeandminingtaxesexpense 34,047 38,549 70,618 56,878 Netincomefortheperiod $ 70,955 $ 49,392 $ 208,789 $ 96,170 Netincomepershare basic(us$) $ 0.31 $ 0.22 $ 0.91 $ 0.43 Netincomepershare diluted(us$) $ 0.30 $ 0.22 $ 0.90 $ 0.43 Cash flows: Cashprovidedbyoperatingactivities $ 194,066 $ 282,856 $ 600,627 $ 658,016 Cashusedininvestingactivities $ (265,617) $ (142,701) $ (622,748) $ (372,947) Cash(usedin)providedbyfinancingactivities $ (12,139) $ 11,840 $ 339,268 $ 209,746 Realized prices (US$): Gold(perounce) $ 1,282 $ 1,332 $ 1,255 $ 1,266 Silver(perounce) $ $ $ $ Zinc(pertonne) $ 2,780 $ 2,170 $ 2,736 $ 1,945 Copper(pertonne) $ 6,412 $ 4,819 $ 6,158 $ 4,613 22

29 SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS (thousands of United States dollars, except where noted) September 30, September 30, Payable production (iii) : Gold(ounces): NorthernBusiness LaRondemine 105,860 71, , ,280 Lapamine 17,169 16,242 48,410 59,865 Goldexmine 28,906 32,742 91,914 96,534 Meadowbankmine 86,821 72, , ,444 CanadianMalarticmine (ii) 82,097 76, , ,543 Kittilamine 50,415 54, , ,171 SouthernBusiness PinosAltosmine 46,897 48, , ,087 CrestonMascotadepositatPinosAltos 11,054 12,134 34,372 36,083 LaIndiamine 25,143 30,779 75,650 86,448 Totalgold(ounces) 454, ,187 1,300,321 1,236,455 Silver(thousandsofounces): NorthernBusiness LaRondemine Lapamine Goldexmine 1 1 Meadowbankmine CanadianMalarticmine (ii) Kittilamine SouthernBusiness PinosAltosmine ,923 1,863 CrestonMascotadepositatPinosAltos LaIndiamine Totalsilver(thousandsofounces) 1,268 1,187 3,751 3,522 Zinc(tonnes) 1,771 1,010 4,500 2,942 Copper(tonnes) 1,056 1,177 3,235 3,472 23

30 SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS (thousands of United States dollars, except where noted) September 30, September 30, Payable metal sold: Gold(ounces): NorthernBusiness LaRondemine 103,483 78, , ,358 Lapamine 16,843 16,851 48,120 59,598 Goldexmine 28,026 33,275 91,403 95,835 Meadowbankmine 89,923 78, , ,320 CanadianMalarticmine (ii)(iv) 74,040 72, , ,294 Kittilamine 49,513 55, , ,015 SouthernBusiness PinosAltosmine 35,704 60, , ,052 CrestonMascotadepositatPinosAltos 10,763 12,655 33,803 36,617 LaIndiamine 23,781 26,050 75,712 79,963 Totalgold(ounces) 432, ,838 1,276,778 1,235,052 Silver(thousandsofounces): NorthernBusiness LaRondemine Lapamine 6 1 Goldexmine Meadowbankmine CanadianMalarticmine (ii)(iv) Kittilamine SouthernBusiness PinosAltosmine ,742 1,989 CrestonMascotadepositatPinosAltos LaIndiamine Totalsilver(thousandsofounces): 1,103 1,310 3,539 3,556 Zinc(tonnes) 1,314 1,374 5,095 2,652 Copper(tonnes) 1,157 1,201 3,271 3,521 Total cash costs per ounce of gold produced co-product basis (US$) (v) : NorthernBusiness LaRondemine (vi) $ 505 $ 718 $ 604 $ 698 Lapamine Goldexmine (vii) Meadowbankmine CanadianMalarticmine (ii) Kittilamine SouthernBusiness PinosAltosmine CrestonMascotadepositatPinosAltos LaIndiamine Weightedaveragetotalcashcostsperounceofgoldproduced $ 623 $ 652 $ 622 $

31 SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS (thousands of United States dollars, except where noted) September 30, September 30, Total cash costs per ounce of gold produced by-product basis (US$) (v) : NorthernBusiness LaRondemine (vi) $ 328 $ 541 $ 413 $ 537 Lapamine Goldexmine (vii) Meadowbankmine CanadianMalarticmine (ii) Kittilamine SouthernBusiness PinosAltosmine CrestonMascotadepositatPinosAltos LaIndiamine Weightedaveragetotalcashcostsperounceofgoldproduced $ 546 $ 575 $ 547 $ 580 Notes: (i) (ii) (iii) (iv) (v) (vi) (vii) Operatingmarginiscalculatedasrevenuesfromminingoperationslessproductioncosts. OnJune16,2014,AgnicoEagleandYamanajointlyacquired100%ofOsiskobywayoftheOsiskoArrangement.AsaresultoftheOsiskoArrangement,AgnicoEagleandYamanaeach indirectlyown50%ofosisko(nowcanadianmalarticcorporation)andcanadianmalarticgp,whichnowholdsthecanadianmalarticmine.theinformationsetoutinthistablereflects thecompany's50%interestinthecanadianmalarticminesincethedateofacquisition. Payableproduction(anon-GAAPnon-financialperformancemeasure)isthequantityofmineralproducedduringaperiodcontainedinproductsthathavebeenorwillbesoldbythe Company,whethersuchproductsaresoldduringtheperiodorheldasinventoriesattheendoftheperiod. TheCanadianMalarticmine'spayablemetalsoldexcludesthe5.0%netsmelterroyaltyinfavourofOsiskoGoldRoyaltiesLtd. TotalcashcostsperounceofgoldproducedisnotarecognizedmeasureunderIFRSandthisdatamaynotbecomparabletodatareportedbyothergoldproducers.Totalcashcostsper ounceofgoldproducedisreportedonbothaby-productbasis(deductingby-productmetalrevenuesfromproductioncosts)andco-productbasis(withoutdeductingby-productmetal revenues).totalcashcostsperounceofgoldproducedonaby-productbasisiscalculatedbyadjustingproductioncostsasrecordedinthecondensedinterimconsolidatedstatementsof incomeandcomprehensiveincomeforby-productmetalrevenues,unsoldconcentrateinventoryproductioncosts,smelting,refiningandmarketingchargesandotheradjustments,andthen dividingbythenumberofouncesofgoldproduced.totalcashcostsperounceofgoldproducedonaco-productbasisiscalculatedinthesamemannerastotalcashcostsperounceofgold producedonaby-productbasisexceptthatnoadjustmentforby-productmetalrevenuesismade.accordingly,thecalculationoftotalcashcostsperounceofgoldproducedonaco-product basisdoesnotreflectareductioninproductioncostsorsmelting,refiningandmarketingchargesassociatedwiththeproductionandsaleofby-productmetals.thecompanybelievesthat thesegenerallyacceptedindustrymeasuresprovidearealisticindicationofoperatingperformanceandprovideusefulcomparisonpointsbetweenperiods.totalcashcostsperounceofgold producedisintendedtoprovideinformationaboutthecashgeneratingcapabilitiesofthecompany'sminingoperations.managementalsousesthesemeasurestomonitortheperformanceof thecompany'sminingoperations.asmarketpricesforgoldarequotedonaperouncebasis,usingthetotalcashcostsperounceofgoldproducedonaby-productbasismeasureallows managementtoassessamine'scashgeneratingcapabilitiesatvariousgoldprices.managementisawarethattheseperouncemeasuresofperformancecanbeaffectedbyfluctuationsin exchangeratesand,inthecaseoftotalcashcostsofgoldproducedonaby-productbasis,by-productmetalprices.managementcompensatesfortheseinherentlimitationsbyusingthese measuresinconjunctionwithminesitecostspertonneaswellasotherdatapreparedinaccordancewithifrs.managementalsoperformssensitivityanalysesinordertoquantifytheeffects offluctuatingmetalpricesandexchangerates. TheLaRondemine'sperounceofgoldproducedcalculationsexclude515ouncesforthethreeandninemonthsendedSeptember30,2017ofpayablegoldproductionandtheassociated costsrelatedtolarondezone5whichwereproducedpriortotheachievementofcommercialproduction. TheGoldexmine'sperounceofgoldproducedcalculationsexclude8,041ouncesfortheninemonthsendedSeptember30,2017ofpayablegoldproductionandtheassociatedcostsrelated tothedeep1zonewhichwereproducedpriortotheachievementofcommercialproduction. 25

32 SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS (thousands of United States dollars, except where noted) December 31, 2015 March 31, 2016 June 30, 2016 September 30, 2016 December 31, 2016 March 31, 2017 June 30, 2017 September 30, 2017 Operating margin (i) : Revenuesfrommining operations $ 482,932 $ 490,531 $ 537,628 $ 610,863 $ 499,210 $ 547,459 $ 549,883 $ 580,008 Productioncosts 229, , , , , , , ,173 Totaloperatingmargin (i) 253, , , , , , , ,835 Operating margin (i) by mine: NorthernBusiness LaRondemine 50,667 48,055 54,985 61,587 44,058 70,702 54, ,550 Lapamine 12,363 10,806 14,437 10,181 3,762 6,205 8,189 9,825 Goldexmine 17,108 22,184 22,896 27,834 13,506 20,854 15,990 18,274 Meadowbankmine 64,664 33,329 34,733 46,190 50,807 57,473 62,668 55,324 CanadianMalarticmine (ii) 38,059 41,740 50,133 55,981 40,430 51,586 51,237 56,702 Kittilamine 15,174 24,086 22,079 36,714 27,596 29,841 21,741 25,662 SouthernBusiness PinosAltosmine 29,327 35,820 48,392 60,699 34,909 42,033 41,138 29,445 CrestonMascota depositatpinos Altos 9,919 8,989 9,719 10,448 6,470 8,057 8,114 6,993 LaIndiamine 15,832 21,549 24,818 23,858 22,560 20,369 19,103 15,060 Totaloperatingmargin (i) 253, , , , , , , ,835 Impairmentreversal (120,161) Amortizationofproperty, plantandmine development 157, , , , , , , ,312 Exploration,corporateand other 76,963 73,730 89,624 84,079 97,447 71,964 82,044 94,521 Incomebeforeincomeand miningtaxes 19,021 27,197 37,910 87, , ,647 71, ,002 Incomeandminingtaxes expense(recovery) 34,558 (591) 18,920 38,549 52,759 26,697 9,874 34,047 Net(loss)incomeforthe period $ (15,537) $ 27,788 $ 18,990 $ 49,392 $ 62,654 $ 75,950 $ 61,884 $ 70,955 Net(loss)incomeper share basic(us$) $ (0.07) $ 0.13 $ 0.09 $ 0.22 $ 0.28 $ 0.33 $ 0.27 $ 0.31 Net(loss)incomeper share diluted(us$) $ (0.07) $ 0.13 $ 0.08 $ 0.22 $ 0.28 $ 0.33 $ 0.26 $ 0.30 Cash flows: Cashprovidedby operatingactivities $ 140,747 $ 145,704 $ 229,456 $ 282,856 $ 120,601 $ 222,611 $ 183,950 $ 194,066 Cashusedininvesting activities $ (115,786) $ (107,595) $ (122,651) $ (142,701) $ (180,543) $ (153,687) $ (203,444) $ (265,617) Cash(usedin)providedby financingactivities $ (100,460) $ (1,588) $ 199,494 $ 11,840 $ (19,360) $ 181,571 $ 169,836 $ (12,139) Notes: (i) (ii) Operatingmarginiscalculatedasrevenuesfromminingoperationslessproductioncosts. OnJune16,2014,AgnicoEagleandYamanajointlyacquired100%ofOsiskobywayoftheOsiskoArrangement.AsaresultoftheOsiskoArrangement,AgnicoEagleandYamanaeach indirectlyown50%ofosisko(nowcanadianmalarticcorporation)andcanadianmalarticgp,whichnowholdsthecanadianmalarticmine.theinformationsetoutinthistablereflects thecompany's50%interestinthecanadianmalarticminesincethedateofacquisition. 26

33 CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS (thousands of United States dollars, except share amounts) (Unaudited) Seeaccompanyingnotes 27 As at September 30, 2017 As at December 31, 2016 ASSETS Currentassets: Cashandcashequivalents $ 855,466 $ 539,974 Short-terminvestments 10,182 8,424 Restrictedcash Tradereceivables(note5) 7,744 8,185 Inventories(note6) 511, ,714 Available-for-salesecurities(notes5and7) 123,181 92,310 Fairvalueofderivativefinancialinstruments(notes5and12) 24, Othercurrentassets 174, ,810 Totalcurrentassets 1,708,021 1,230,179 Non-currentassets: Restrictedcash Goodwill 696, ,809 Property,plantandminedevelopment(note8) 5,389,334 5,106,036 Otherassets 80,230 74,163 Totalassets $ 7,875,200 $ 7,107,951 LIABILITIES AND EQUITY Currentliabilities: Accountspayableandaccruedliabilities $ 383,061 $ 228,566 Reclamationprovision 10,160 9,193 Interestpayable 26,373 14,242 Incometaxespayable 20,058 35,070 Financeleaseobligations 3,483 5,535 Currentportionoflong-termdebt(note9) 129,896 Fairvalueofderivativefinancialinstruments(notes5and12) 1,120 Totalcurrentliabilities 443, ,622 Non-currentliabilities: Long-termdebt(note9) 1,372,409 1,072,790 Reclamationprovision 296, ,308 Deferredincomeandminingtaxliabilities 813, ,562 Otherliabilities 30,066 34,195 Totalliabilities 2,955,649 2,615,477 EQUITY Commonshares(note10): Outstanding 232,312,281commonsharesissued,less639,127sharesheldintrust 5,262,855 4,987,694 Stockoptions(notes10and11) 185, ,852 Contributedsurplus 37,254 37,254 Deficit (604,288) (744,453) Accumulatedothercomprehensiveincome 38,541 32,127 Totalequity 4,919,551 4,492,474 Totalliabilitiesandequity $ 7,875,200 $ 7,107,951 Commitmentsandcontingencies(note14)

34 CONDENSED INTERIM CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (thousands of United States dollars, except per share amounts) (Unaudited) September 30, September 30, REVENUES Revenuesfromminingoperations $ 580,008 $ 610,863 $1,677,350 $ 1,639,022 COSTS, EXPENSES AND OTHER INCOME Production (i) 262, , , ,780 Explorationandcorporatedevelopment 50,106 44, , ,132 Amortizationofproperty,plantandminedevelopment 118, , , ,761 Generalandadministrative 27,986 21,474 86,494 70,634 Impairmentlossonavailable-for-salesecurities(note7) 1,432 7,246 Financecosts 20,298 19,654 57,839 54,846 (Gain)lossonderivativefinancialinstruments(note12) (7,085) 832 (21,540) (9,459) Gainonsaleofavailable-for-salesecurities(note7) (89) (1,582) (168) (3,500) Environmentalremediation 188 (278) 326 5,655 Foreigncurrencytranslationloss 4,322 2,531 7,821 14,818 Other(income)expenses (2,637) (3,199) 769 3,307 Incomebeforeincomeandminingtaxes 105,002 87, , ,048 Incomeandminingtaxesexpense 34,047 38,549 70,618 56,878 Netincomefortheperiod $ 70,955 $ 49,392 $ 208,789 $ 96,170 Netincomepershare basic(note10) $ 0.31 $ 0.22 $ 0.91 $ 0.43 Netincomepershare diluted(note10) $ 0.30 $ 0.22 $ 0.90 $ 0.43 Cashdividendsdeclaredpercommonshare $ 0.10 $ 0.10 $ 0.30 $ 0.26 COMPREHENSIVE INCOME Netincomefortheperiod $ 70,955 $ 49,392 $ 208,789 $ 96,170 Othercomprehensiveincome(loss): Itemsthatmaybesubsequentlyreclassifiedtonetincome: Available-for-salesecuritiesandotherinvestments: Unrealizedchangeinfairvalueofavailable-for-salesecurities (11,559) 10,414 (12,024) 62,271 Reclassificationtoimpairmentlossonavailable-for-salesecurities(note7) 1,432 7,246 Reclassificationtogainonsaleofavailable-for-salesecurities(note7) (89) (1,582) (168) (3,500) Derivativefinancialinstruments(note12): Unrealizedgain 10,034 12,345 Incometaximpactofreclassificationitems (179) 211 (945) 467 Incometaximpactofothercomprehensiveincome(loss)items 205 (1,383) (40) (8,306) (156) 7,660 6,414 50,932 Itemsthatwillnotbesubsequentlyreclassifiedtonetincome: Pensionbenefitobligations: Remeasurementlossesofpensionbenefitobligations (80) (32) (232) (96) Incometaximpact (59) (24) (172) (72) Othercomprehensiveincome(loss)fortheperiod (215) 7,636 6,242 50,860 Comprehensiveincomefortheperiod $ 70,740 $ 57,028 $ 215,031 $ 147,030 Note: (i) Exclusiveofamortization,whichisshownseparately. Seeaccompanyingnotes 28

35 CONDENSED INTERIM CONSOLIDATED STATEMENTS OF EQUITY (thousands of United States dollars, except share and per share amounts) (Unaudited) Common Shares Outstanding Accumulated Other Shares Amount Stock Options Contributed Surplus Deficit Comprehensive Income Total Equity Balance December 31, ,650,795 $4,707,940 $216,232 $ 37,254 $(823,734) $ 3,328 $4,141,020 Netincome 96,170 96,170 Othercomprehensiveincome (loss) (72) 50,932 50,860 Totalcomprehensiveincome 96,098 50, ,030 Transactionswithowners: Sharesissuedunderemployee stockoptionplan(notes10 and11(a)) 6,436, ,188 (52,637) 190,551 Stockoptions(notes10 and11(a)) 12,440 12,440 Sharesissuedunderincentive sharepurchaseplan (note11(b)) 245,683 11,409 11,409 Sharesissuedunderdividend reinvestmentplan 165,988 6,642 6,642 Sharesissuedunderflowthroughshareprivate placement 374,869 13,593 13,593 Dividendsdeclared($0.26per share) (57,706) (57,706) RestrictedShareUnitplan, PerformanceShareUnitplan andlongtermincentiveplan (note11(c,d)) (232,684) (6,515) (6,515) Balance 224,641,458 $4,976,257 $176,035 $ 37,254 $(785,342) $ 54,260 $4,458,464 Balance December 31, ,965,140 $4,987,694 $179,852 $ 37,254 $(744,453) $ 32,127 $4,492,474 Netincome 208, ,789 Othercomprehensiveincome (loss) (172) 6,414 6,242 Totalcomprehensiveincome 208,617 6, ,031 Transactionswithowners: Sharesissuedunderemployee stockoptionplan(notes10 and11(a)) 1,277,462 44,745 (9,998) 34,747 Stockoptions(notes10 and11(a)) 15,335 15,335 Sharesissuedunderincentive sharepurchaseplan (note11(b)) 288,565 13,062 13,062 Sharesissuedunderdividend reinvestmentplan 277,188 12,682 12,682 Equityissuance(netof transactioncosts)(note10) 5,003, , ,013 Dividendsdeclared($0.30per share) (68,452) (68,452) RestrictedShareUnitplan, PerformanceShareUnitplan andlongtermincentiveplan (note11(c,d)) (138,613) (10,341) (10,341) Balance 231,673,154 $5,262,855 $185,189 $ 37,254 $(604,288) $ 38,541 $4,919,551 Seeaccompanyingnotes 29

36 CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (thousands of United States dollars) (Unaudited) September 30, September 30, OPERATING ACTIVITIES Netincomefortheperiod $ 70,955 $ 49,392 $ 208,789 $ 96,170 Add(deduct)itemsnotaffectingcash: Amortizationofproperty,plantandminedevelopment 118, , , ,761 Deferredincomeandminingtaxes 3,245 11,252 (4,895) (2,069) Gainonsaleofavailable-for-salesecurities(note7) (89) (1,582) (168) (3,500) Stock-basedcompensation(note11) 9,337 7,427 34,257 25,073 Impairmentlossonavailable-for-salesecurities(note7) 1,432 7,246 Foreigncurrencytranslationloss 4,322 2,531 7,821 14,818 Other 818 3, ,599 Adjustmentforsettlementofreclamationprovision (444) (297) (2,739) (1,931) Changesinnon-cashworkingcapitalbalances: Tradereceivables 651 (2,456) 441 (185) Incometaxes 3,598 11,458 (15,012) 1,649 Inventories (63,850) (11,138) (72,639) 20,367 Othercurrentassets (24,428) 10,282 (39,885) 20,426 Accountspayableandaccruedliabilities 57,353 29,339 88,727 11,542 Interestpayable 12,854 11,645 9,130 10,296 Cashprovidedbyoperatingactivities 194, , , ,016 INVESTING ACTIVITIES Additionstoproperty,plantandminedevelopment(note8) (256,965) (125,526) (577,876) (349,483) Acquisitions,netofcashandcashequivalentsacquired (6,935) (12,434) Netpurchasesofshort-terminvestments (1,763) (3,053) (1,758) (1,358) Netproceedsfromsaleofavailable-for-salesecuritiesandotherinvestments(note7) 136 2, ,461 Purchasesofavailable-for-salesecuritiesandotherinvestments(note7) (7,000) (9,594) (43,425) (19,366) (Increase)decreaseinrestrictedcash (25) 224 (22) 233 Cashusedininvestingactivities (265,617) (142,701) (622,748) (372,947) FINANCING ACTIVITIES Dividendspaid (17,563) (20,896) (55,790) (51,094) Repaymentoffinanceleaseobligations (1,190) (2,545) (4,338) (7,629) Proceedsfromlong-termdebt(note9) 280, ,000 Repaymentoflong-termdebt(note9) (410,412) (405,374) Notesissuance(note9) 300, ,000 Long-termdebtfinancing(note9) (156) (326) (2,285) (2,495) Repurchaseofcommonsharesforstock-basedcompensationplans(note11) (119) (15) (24,659) (15,542) Proceedsonexerciseofstockoptions(note11) 3,865 33,124 34, ,551 Commonsharesissued(note10) 3,024 2, ,005 26,329 Cash(usedin)providedbyfinancingactivities (12,139) 11, , ,746 Effect of exchange rate changes on cash and cash equivalents (4,780) (1,336) (1,655) (404) Net (decrease) increase in cash and cash equivalents during the period (88,470) 150, , ,411 Cash and cash equivalents, beginning of period 943, , , ,150 Cash and cash equivalents, end of period $ 855,466 $ 618,561 $ 855,466 $ 618,561 SUPPLEMENTAL CASH FLOW INFORMATION Interestpaid $ 6,771 $ 6,628 $ 45,071 $ 40,048 Incomeandminingtaxespaid $ 27,438 $ 17,738 $ 96,593 $ 84,503 Seeaccompanyingnotes 30

37 1. CORPORATE INFORMATION NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (thousands of United States dollars, except share and per share amounts, unless otherwise indicated) (Unaudited) AgnicoEagleMinesLimited("AgnicoEagle"orthe"Company")isprincipallyengagedintheproductionandsaleofgold,aswellasrelatedactivitiessuchasexplorationandminedevelopment.TheCompany's miningoperationsarelocatedincanada,mexicoandfinlandandthecompanyhasexplorationactivitiesincanada,europe,latinamericaandtheunitedstates.agnicoeagleisapubliccompanyincorporated underthelawsoftheprovinceofontario,canadawithitsheadandregisteredofficelocatedat145kingstreeteast,suite400,toronto,ontario,m5c2y7.thecompanyislistedonthetorontostock ExchangeandtheNewYorkStockExchange.AgnicoEaglesellsitsgoldproductionintotheworldmarket. ThesecondensedinterimconsolidatedfinancialstatementswereauthorizedforissuancebytheBoardofDirectorsoftheCompany(the"Board")onOctober26, BASIS OF PRESENTATION A. Statement of Compliance TheaccompanyingcondensedinterimconsolidatedfinancialstatementsofAgnicoEaglehavebeenpreparedinaccordancewithInternationalAccountingStandard34InterimFinancialReporting ("IAS34")asissuedbytheInternationalAccountingStandardsBoard("IASB")inUnitedStates("US")dollars.Thesecondensedinterimconsolidatedfinancialstatementsdonotincludeallofthe disclosuresrequiredbyinternationalfinancialreportingstandards("ifrs")forannualauditedconsolidatedfinancialstatements. Thesecondensedinterimconsolidatedfinancialstatementswerepreparedonagoingconcernbasisunderthehistoricalcostmethodexceptforcertainfinancialassetsandliabilitieswhicharemeasured atfairvalue. ThesecondensedinterimconsolidatedfinancialstatementsshouldbereadinconjunctionwiththeCompany's2016annualauditedconsolidatedfinancialstatements,includingtheaccountingpolicies andnotesthereto,includedintheannualreportandannualinformationform/form40-ffortheyearendeddecember31,2016,whichwerepreparedinaccordancewithifrs. Intheopinionofmanagement,thesecondensedinterimconsolidatedfinancialstatementsreflectalladjustments,whichconsistofnormalandrecurringadjustmentsnecessarytopresentfairlythe financialpositionasatseptember30,2017anddecember31,2016andtheresultsofoperationsandcashflowsforthethreeandninemonthsendedseptember30,2017andseptember30,2016. OperatingresultsforthethreeandninemonthsendedSeptember30,2017arenotnecessarilyindicativeoftheresultsthatmaybeexpectedforthefullyearendingDecember31,2017. B. Basis of Presentation Subsidiaries ThesecondensedinterimconsolidatedfinancialstatementsincludetheaccountsofAgnicoEagleanditsconsolidatedsubsidiaries.Allintercompanybalances,transactions,incomeandexpensesand gainsorlosseshavebeeneliminatedonconsolidation.subsidiariesareconsolidatedwhereagnicoeaglehastheabilitytoexercisecontrol.controlofaninvesteeexistswhenagnicoeagleisexposed tovariablereturnsfromthecompany'sinvolvementwiththeinvesteeandhastheabilitytoaffectthosereturnsthroughitspowerovertheinvestee.thecompanyreassesseswhetherornotitcontrols aninvesteeiffactsandcircumstancesindicatethattherearechangestooneormoreoftheelementsofcontrol. JointArrangements Ajointarrangementisdefinedasanarrangementinwhichtwoormorepartieshavejointcontrol.Jointcontrolisthecontractuallyagreedsharingofcontroloveranarrangementbetweentwoormore parties.thisexistsonlywhenthedecisionsabouttherelevantactivitiesthatsignificantlyaffectthereturnsofthearrangementrequiretheunanimousconsentofthepartiessharingcontrol. Ajointoperationisajointarrangementwherebythepartieshavejointcontrolofthearrangementandhaverightstotheassetsandobligationsfortheliabilitiesrelatingtothearrangement.These condensedinterimconsolidatedfinancialstatementsincludethecompany'sinterestsintheassets,liabilities,revenuesandexpensesofthejointoperations,fromthedatethatjointcontrolcommenced. AgnicoEagle's50%interestinCanadianMalarticCorporationandCanadianMalarticGP,thegeneralpartnershipthatholdstheCanadianMalarticminelocatedinQuebec,hasbeenaccountedforasa jointoperation. 31

38 NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued) (thousands of United States dollars, except share and per share amounts, unless otherwise indicated) (Unaudited) 3. ACCOUNTING POLICIES ThesecondensedinterimconsolidatedfinancialstatementsfollowthesameaccountingpoliciesandmethodsoftheirapplicationastheDecember31,2016annualauditedconsolidatedfinancialstatementsexcept for note 3(I), "Mining Properties, Plant and Equipment and Mine Development Costs", which as a result of a voluntary change in accounting policy adopted during the first quarter of 2017, has been amendedbelow. TheCompany'spreviousaccountingpolicywastouseprovenandprobablereservesasthedenominator forcalculatingdepreciationwhenusingtheunits-of-production method.asaresultoftheplanned developmentoftheamaruqsatellitedeposit,thecompanyhasupdateditspolicytoalsoincludethemineralresourcesincludedinthecurrentlifeofmineplanasthedenominatorforcalculatingdepreciation when using the units-of-production method as the Company believes it is probable that those resources included in a current life of mine plan will be economically extracted. The Companybelievesthis informationismoreusefultofinancialstatementusersbybetterrepresentingmanagement'sbestestimateoftheremainingusefullifeofthecorrespondingassetsand,consequently,therevisedtreatmentresultsin morereliableandrelevantinformation.thechangeinaccountingpolicyhasbeenadoptedretrospectivelyinaccordancewithias8andtherewasnoimpactonpreviouslydisclosedfinancialinformation. Mining Properties, Plant and Equipment and Mine Development Costs Miningproperties,plantandequipmentandminedevelopmentcostsarerecordedatcost,lessaccumulatedamortizationandaccumulatedimpairmentlosses. MiningProperties Thecostofminingproperties includes thefairvalueattributable toprovenandprobablemineral reservesandmineralresourcesacquiredinabusinesscombination orassetacquisition, undergroundmine developmentcosts,deferredstripping,capitalizedexplorationandevaluationcostsandcapitalizedborrowingcosts. Significantpaymentsrelatedtotheacquisitionoflandandmineralrightsarecapitalizedasminingpropertiesatcost.Ifamineableorebodyisdiscovered,suchcostsareamortizedtoincomewhencommercial productioncommences,usingtheunits-of-productionmethod,basedonestimatedprovenandprobablemineralreservesandthemineralresourcesincludedinacurrentlife-of-mineplan.ifnomineableorebody isdiscovered,suchcostsareexpensedintheperiodinwhichitisdeterminedthatthepropertyhasnofutureeconomicvalue.costcomponentsofaspecificprojectthatareincludedinthecapitalcostoftheasset includesalariesandwagesdirectlyattributabletotheproject,suppliesandmaterialsusedintheproject,andincrementaloverheadcoststhatcanbedirectlyattributabletotheproject. Assetsunderconstructionarenotamortizeduntiltheendoftheconstructionperiodoroncecommercialproductionisachieved.Uponachievingtheproductionstage,thecapitalizedconstructioncostsare transferredtotheappropriatecategoryofplantandequipment. PlantandEquipment Expendituresfornewfacilitiesandimprovementsthatcanextendtheusefullivesofexistingfacilitiesarecapitalizedasplantandequipmentatcost.Thecostofanitemofplantandequipmentincludes:its purchaseprice,includingimportdutiesandnon-refundablepurchasetaxes,afterdeductingtradediscountsandrebates;anycostsdirectlyattributabletobringingtheassettothelocationandconditionnecessary forittobecapableofoperatinginthemannerintendedbymanagement;andtheestimateofthecostsofdismantlingandremovingtheitemandrestoringthesiteonwhichitislocatedotherthancoststhatarise asaconsequenceofhavingusedtheitemtoproduceinventoriesduringtheperiod. Anitem of property,plant and equipment is derecognized upon disposal or whennofuture economic benefits are expected from its use or disposal. Anygain or loss arising onderecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated statement of income and comprehensive income when the asset is derecognized. Amortizationofanassetbeginswhentheassetisinthelocationandconditionnecessaryforittooperateinthemannerintendedbymanagement.Amortizationceasesattheearlierofthedatetheassetis classifiedasheldforsaleorthedatetheassetisderecognized.assetsunderconstructionarenotamortizeduntiltheendoftheconstructionperiod.amortizationischargedaccordingtoeithertheunits-ofproductionmethodoronastraight-linebasis,accordingtothepatterninwhichtheasset'sfutureeconomicbenefitsareexpectedtobeconsumed.theamortizationmethodappliedtoanassetisreviewedat leastannually. Usefullives of property, plant and equipment are based on estimated mine lives as determined by proven and probable mineral reserves and the mineral resources included in a current life of mine plan. RemainingminelivesatSeptember30,2017rangefrom1to18years. 32

39 3. ACCOUNTING POLICIES (Continued) MineDevelopmentCosts NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued) (thousands of United States dollars, except share and per share amounts, unless otherwise indicated) (Unaudited) Minedevelopmentcostsincurredafterthecommencementofcommercialproductionarecapitalizedwhentheyareexpectedtohaveafutureeconomicbenefit.Activitiesthataretypicallycapitalizedinclude costsincurredtobuildshafts,drifts,rampsandaccesscorridorswhichenablesthecompanytoextractoreunderground. TheCompanyrecordsamortizationonundergroundminedevelopmentcostsonaunits-of-productionbasisbasedontheestimatedtonnageofprovenandprobablemineralreservesandthemineralresources includedinthecurrentlifeofmineplanoftheidentifiedcomponentoftheorebody.theunits-of-productionmethoddefinesthedenominatorasthetotaltonnageofprovenandprobablemineralreservesandthe mineralresourcesincludedinacurrentlifeofmineplan. Recently Adopted Accounting Pronouncements InJanuary2016,theIASBamendedIAS7StatementofCashFlows.Theamendmentsrequireentitiestoprovidedisclosuresthatenableusersoffinancialstatementstoevaluatechangesinliabilitiesarising fromfinancingactivities.theamendmentsareeffectiveforannualperiodsbeginningonorafterjanuary1,2017.thecompanyhasadoptedtheamendmentseffectivejanuary1,2017.therewasnoimpactto the Company's condensed interim consolidated financial statements. The Company will beincluding the additional disclosures in its December 31,2017 annual consolidated financial statements. Recently Issued Accounting Pronouncements IFRS 15 Revenue from Contracts with Customers InMay2014,IFRS15 RevenuefromContractswithCustomers("IFRS15")wasissuedanditestablishesafive-stepmodeltoaccountforrevenuearisingfromcontractswithcustomers.Thestandardsetsout theprinciplesrequiredtoreportusefulinformationtofinancialstatementusersaboutthenature,amount,timinganduncertaintyofrevenueandcashflowsarisingfromacontractwithacustomer.under IFRS15,revenueisrecognizedatanamountthatreflectstheconsiderationtowhichanentityexpectstobeentitledinexchangefortransferringgoodsorservicestoacustomer. ThenewrevenuestandardwillsupersedeallcurrentrevenuerecognitionrequirementsunderIFRS.Eitheramodifiedretrospectiveapplicationorafullretrospectiveapplicationisrequiredforannualperiods beginningonorafterjanuary1,2018.earlyadoptionispermitted. TheCompanyhasconductedareviewofsalescontractsandappliedthefive-stepmodelestablishedinIFRS15toassesstheimplicationsofadoptingthenewstandardonexistingcontracts.Basedonthework completed to date, the Company has not identified any material changes in either the timing or measurement of revenue recognition under IFRS 15. This assessment is based on thecompany'scurrent interpretationofifrs15andissubjecttochangeasinterpretationsevolvemoregenerallyintheindustry. Provisionallypricedsales Forsalesofmetalinconcentrate,controloftheconcentrategenerallypassestothecustomeratthetimeofdelivery.Certainconcentratesalescontractscontainprovisionalpricing.UnderIFRS15,theCompany expectsthatrevenuefromprovisionallypricedsaleswillbemeasuredonthedatethatcontroltransfersbasedonaforwardpriceforaspecifiedfuturedate.subsequentchangesinthemeasurementofreceivables relatingtoprovisionallypricedconcentratesaleswillcontinuetoberecordedasrevenueandtheseamountswillbeseparatelydisclosedinthecompany'srevenuenotedisclosure.duringtheninemonthsended September30,2017,revenuefromprovisionalpriceadjustmentswas$3.0million. Otherpresentationanddisclosurerequirements IFRS15containspresentationanddisclosurerequirementsthataremoredetailedthanthecurrentstandards.Thepresentationrequirementsrepresentasignificantchangefromcurrentpracticeandwillincrease thevolumeofdisclosuresrequiredinthefinancialstatements.manyofthedisclosurerequirementsinifrs15arecompletelynew.during2017,thecompanyhascontinuedtoconsiderthesystems,internal controls,policiesandproceduresnecessarytocollectanddisclosetherequiredinformation. TheCompanyplanstoadoptthenewstandardontherequiredeffectivedatebyapplyingthemodifiedretrospectiveapproach.TheCompanywillfinalizeitsassessmentandimplementationofthenewrevenue recognitionpolicyandanyrelatedimpactoninternalcontrolsintheremainderof2017andwillprovidefurtherupdatesinitsyear-endfinancialstatements. 33

40 3. ACCOUNTING POLICIES (Continued) IFRS 9 Financial Instruments NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued) (thousands of United States dollars, except share and per share amounts, unless otherwise indicated) (Unaudited) InJuly2014,theIASBissuedthefinalversionofIFRS9 FinancialInstruments("IFRS9")thatreplacesIAS39 Financialinstruments:recognitionandmeasurement("IAS39")andallpreviousversions ofifrs9.ifrs9bringstogetherallthreeaspectsoftheaccountingforfinancialinstrumentsproject:classificationandmeasurement,impairmentandhedgeaccounting.ifrs9iseffectiveforannualperiods beginningonorafterjanuary1,2018,withearlyapplicationpermitted.exceptforhedgeaccounting,retrospectiveapplicationisrequired,buttheprovisionofcomparativeinformationisnotcompulsory.for hedgeaccounting,therequirementsaregenerallyappliedprospectively,withsomelimitedexceptions.thecompanyplanstoadoptthenewstandardontherequiredeffectivedate. TheCompanyisintheprocessofcompletingitsassessmentofallthreeaspectsofIFRS9.Thisassessmentisbasedoncurrentlyavailableinformationandmaybesubjecttochangesarisingfromfurtherdetailed analysisoradditionalreasonableandsupportableinformationbeingmadeavailabletothecompanyinthefuture. Classificationandmeasurement TheCompanyisevaluatingwhethertousetheirrevocableelectionavailableunderIFRS9todesignateequityinvestmentsasfinancialassetsatfairvaluethroughothercomprehensiveincome.Ifthiselectionis used,changesinthefairvalueofequityinvestmentswouldberecognizedpermanentlyinothercomprehensiveincomewithnoreclassificationtotheprofitorloss.thecompanyexpectsthattherewillbean adjustmenttoopeningdeficitandaccumulatedothercomprehensiveincomeontransition. TheCompanydoesnotexpecttheretobeasignificantimpactontheclassificationandmeasurementofotherfinancialassetsorfinancialliabilities. Impairment Theimpairmentrequirementsarebasedonaforward-lookingexpectedcreditlossmodel.TheCompanydoesnotexpecttorecognizeasignificantlossallowanceonitsfinancialassetsbyapplyingthismodel becausethecompanysellsitsproductstolargefinancialinstitutionsandotherorganizationswithstrongcreditratingsandthereisnorecenthistoryofsignificantcreditlossesonthecompany'sfinancialassets. Hedgeaccounting TheCompanyhasreassessedallofitsexistinghedgingrelationshipsthatqualifyforhedgeaccountingunderIAS39andconcludedthatthesewillcontinuetoqualifyforhedgeaccountingunderIFRS9.For economichedgesthatdidnotqualifyforhedgeaccountingunderias39,thecompanyiscurrentlyassessingthepotentialforapplyinghedgeaccountingunderifrs9tothesehedgesprospectivelyfrom January1,2018. UponadoptionofIFRS9,therewillbeachangeinthepresentationofthetimevalueportionofchangesinthevalueofanoptionthatisahedgingitem.UnderIFRS9,thetimevaluecomponentofoptionsin designatedhedgingrelationshipswillberecordedinothercomprehensiveincome,ratherthaninthegainonderivativefinancialinstrumentslineitemoftheconsolidatedstatementsofincomeandcomprehensive income.thecompanywillreflecttheretrospectiveimpactoftheadoptionofifrs9duetoachangeinaccountingpolicyforthetimevalueofoptionsasanadjustmenttoopeningdeficitonjanuary1,2018. Therewillbeacorrespondingadjustmenttoaccumulatedothercomprehensiveincome.DuringtheninemonthsendedSeptember30,2017,thetimevalueportionofthemark-to-marketadjustmentonforeign exchangezerocostcollarsthatqualifiedforhedgeaccountingthatwasrecordedinthe(gain)lossonderivativefinancialinstrumentslineitemwas$3.0million. IFRS 16 Leases InJanuary2016,theIASBissuedIFRS16 Leaseswhichbringsmostleaseson-balancesheetforlesseesbyeliminatingthedistinctionbetweenoperatingandfinanceleases.Lessoraccountingremainslargely unchangedandthedistinctionbetweenoperatingandfinanceleasesisretained.underifrs16,alesseerecognizesaright-of-useassetandaleaseliability.theright-of-useassetistreatedsimilarlytoothernonfinancialassetsanddepreciatedaccordingly,andtheliabilityaccruesinterest.theleaseliabilityisinitiallymeasuredatthepresentvalueoftheleasepaymentspayableovertheleaseterm,discountedattherate implicitinthelease.lesseesarepermittedtomakeanaccountingpolicyelection,byclassofunderlyingasset,toapplyamethodlikeias17'soperatingleaseaccountingandnotrecognizeleaseassetsandlease liabilitiesforleaseswithaleasetermof12monthsorlessandonalease-by-leasebasis,toapplyamethodsimilartocurrentoperatingleaseaccountingtoleasesforwhichtheunderlyingassetisoflowvalue. IFRS16supersedesIAS17 LeasesandrelatedinterpretationsandiseffectiveforperiodsbeginningonorafterJanuary1,2019,withearlieradoptionpermittedifIFRS15hasalsobeenapplied.Alesseecan choosetoapplythestandardusingeitherafullretrospectiveoramodifiedretrospectiveapproach.thestandard'stransitionprovisionspermitcertainpracticalexpedients.thecompanyiscurrentlyassessingthe 34

41 3. ACCOUNTING POLICIES (Continued) NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued) (thousands of United States dollars, except share and per share amounts, unless otherwise indicated) (Unaudited) potentialeffect of IFRS 16 on its consolidated financial statements. The Company expects to report more detailed information, including the quantitative impact, if material, in itsconsolidatedfinancial statementsastheeffectivedateapproaches. IFRIC 23 Uncertainty over Income Tax Treatments InJune2017,theIASBissuedIFRICInterpretation23 UncertaintyoverIncomeTaxTreatments("IFRIC23").IFRIC23clarifiestheapplicationofrecognitionandmeasurementrequirementsinIAS12 IncomeTaxeswhenthereisuncertaintyoverincometaxtreatments.Morespecifically,itwillprovideguidanceinthedeterminationoftaxableprofit(taxloss),taxbases,unusedtaxlosses,unusedtaxcreditsand taxrates,whenuncertaintyexists.ifric23isapplicableforannualreportingperiodsbeginningonorafterjanuary1,2019,butearlierapplicationispermitted.thecompanywilldeterminetheextentofthe impactonthecompany'scurrentanddeferredincometaxbalancesasaresultoftheadoptionofifric23inthefuture. 4. SIGNIFICANT JUDGMENTS, ESTIMATES AND ASSUMPTIONS ThepreparationofthesecondensedinterimconsolidatedfinancialstatementsinconformitywithIFRSrequiresmanagementtomakejudgments,estimatesandassumptionsthataffecttheamountsreportedinthe condensedinterimconsolidatedfinancialstatementsandaccompanyingnotes.managementbelievesthattheestimatesusedinthepreparationofthecondensedinterimconsolidatedfinancialstatementsare reasonable;however,actualresultsmaydiffermateriallyfromtheseestimates.theareasinvolvingsignificantjudgments,estimatesandassumptionshavebeendetailedinnote4tothecompany'sannualaudited consolidatedfinancialstatementsfortheyearendeddecember31, FAIR VALUE MEASUREMENT Fairvalueisthepricethatwouldbereceivedtosellanassetorpaidtotransferaliabilityinanorderlytransactionbetweenmarketparticipantsatthemeasurementdate.Allassetsandliabilitiesforwhichfair valueismeasuredordisclosedinthecondensedinterimconsolidatedfinancialstatementsarecategorizedwithinthefairvaluehierarchy,described,asfollows,basedonthelowest-levelinputthatissignificantto thefairvaluemeasurementasawhole: Level1 Unadjustedquotedpricesinactivemarketsthatareaccessibleatthemeasurementdateforidentical,unrestrictedassetsorliabilities; Level2 Quotedpricesinmarketsthatarenotactiveorinputsthatareobservable,eitherdirectlyorindirectly,forsubstantiallythefulltermoftheassetorliability;and Level3 Pricesorvaluationtechniquesthatrequireinputsthatarebothsignificanttothefairvaluemeasurementandunobservable(supportedbylittleornomarketactivity). ThefairvaluehierarchygivesthehighestprioritytoLevel1inputsandthelowestprioritytoLevel3inputs. Foritemsthatarerecognizedatfairvalueonarecurringbasis,theCompanydetermineswhethertransfershaveoccurredbetweenlevelsinthehierarchybyreassessingtheirclassificationattheendofeach reportingperiod. DuringtheninemonthsendedSeptember30,2017,therewerenotransfersbetweenLevel1andLevel2fairvaluemeasurements,andnotransfersintooroutofLevel3fairvaluemeasurements. TheCompany'sfinancialassetsandliabilitiesincludecashandcashequivalents,short-terminvestments,restrictedcash,tradereceivables,available-for-salesecurities,accountspayableandaccruedliabilities, long-termdebtandderivativefinancialinstruments. Thefairvaluesofcashandcashequivalents,short-terminvestments,restrictedcashandaccountspayableandaccruedliabilitiesapproximatetheircarryingvaluesduetotheirshort-termnature. Long-termdebtisrecordedonthecondensedinterimconsolidatedbalancesheetsatSeptember30,2017atamortizedcost.Thefairvalueoflong-termdebtisdeterminedbyapplyingadiscountrate,reflecting thecreditspreadbasedonthecompany'screditrating,tofuturerelatedcashflowswhichiscategorizedwithinlevel2ofthefairvaluehierarchy.asatseptember30,2017,thecompany'slong-termdebthada fairvalueof$1,510.6million(december31,2016 $1,319.7million). 35

42 5. FAIR VALUE MEASUREMENT (Continued) NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued) (thousands of United States dollars, except share and per share amounts, unless otherwise indicated) (Unaudited) ThefollowingtablesetsouttheCompany'sfinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisasatSeptember30,2017usingthefairvaluehierarchy: Valuation Techniques Trade Receivables Tradereceivablesfromprovisionalinvoicesforconcentratesalesarevaluedusingquotedforwardratesderivedfromobservablemarketdatabasedonthemonthofexpectedsettlement(classifiedwithinLevel2 ofthefairvaluehierarchy). Available-for-sale Securities Available-for-salesecuritiesrepresentingsharesofpubliclytradedentitiesarerecordedatfairvalueusingquotedmarketprices(classifiedwithinLevel1ofthefairvaluehierarchy).Available-for-salesecurities representingsharesofnon-publiclytradedentitiesornon-transferablesharesofpubliclytradedentitiesarerecordedatfairvalueusingexternalbroker-dealerquotationscorroboratedbyoptionpricingmodels (classifiedwithinlevel2ofthefairvaluehierarchy). Derivative Financial Instruments DerivativefinancialinstrumentsclassifiedwithinLevel2ofthefairvaluehierarchyarerecordedatfairvalueusingexternalbroker-dealerquotationscorroboratedbyoptionpricingmodelsoroptionpricing modelsthatutilizeavarietyofinputsthatareacombinationofquotedpricesandmarket-corroboratedinputs. 6. INVENTORIES Level 1 Level 2 Level 3 Total Financial assets: Tradereceivables $ $ 7,744 $ $ 7,744 Available-for-salesecurities 111,133 12, ,181 Fairvalueofderivativefinancialinstruments 24,733 24,733 Totalfinancialassets $ 111,133 $ 44,525 $ $ 155,658 Financial liabilities: Fairvalueofderivativefinancialinstruments Totalfinancialliabilities $ $ $ $ DuringthethreeandninemonthsendedSeptember30,2017,impairmentlossesofnil(threemonthsendedSeptember30,2016 nil;ninemonthsendedseptember30,2016 $3.1million)wererecorded withinproductioncoststoreducethecarryingvalueofinventoriestotheirnetrealizablevalue. 7. AVAILABLE-FOR-SALE SECURITIES DuringthethreemonthsendedSeptember30,2017,theCompanypurchasedcertainavailable-for-salesecuritiestotaling$7.0million(threemonthsendedSeptember30,2016 $9.6million).Duringthenine monthsendedseptember30,2017,thecompanypurchasedcertainavailable-for-salesecuritiestotaling$43.4million(ninemonthsendedseptember30,2016 $15.2million). DuringthethreemonthsendedSeptember30,2017,theCompanyreceivednetproceedsof$0.1million(threemonthsendedSeptember30,2016 $2.2million)andrecognizedagainbeforeincometaxesof $0.1million(threemonthsendedSeptember30,2016 $1.6million)onthesaleofcertainavailable-for-salesecurities.DuringtheninemonthsendedSeptember30,2017,theCompanyreceivednetproceeds of$0.3million(ninemonthsendedseptember30,2016 $6.1million)andrecognizedagainbeforeincometaxesof$0.2million(ninemonthsendedSeptember30,2016 $3.5million)onthesaleofcertain available-for-salesecurities. DuringthethreemonthsendedSeptember30,2017,theCompanyrecordedanimpairmentlossof$1.4million(threemonthsendedSeptember30,2016 nil)oncertainavailable-for-salesecuritiesthatwere determined to have an impairment that was significant or prolonged. During the nine months ended, the Company recorded an impairment loss of $7.2 million (nine months ended September30,2016 nil)oncertainavailable-for-salesecuritiesthatweredeterminedtohaveanimpairmentthatwassignificantorprolonged. 36

43 8. PROPERTY, PLANT AND MINE DEVELOPMENT NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued) (thousands of United States dollars, except share and per share amounts, unless otherwise indicated) (Unaudited) DuringtheninemonthsendedSeptember30,2017,$677.7millionofadditions(yearendedDecember31,2016 $576.2million)werecapitalizedtoproperty,plantandminedevelopment. Totalborrowingcostscapitalizedtoproperty,plantandminedevelopmentduringtheninemonthsendedSeptember30,2017wereapproximately$5.0million(yearendedDecember31,2016 $3.1million)at acapitalizationrateof1.37%(yearendeddecember31, %). Assetswithanetbookvalueof$14.2millionweredisposedofbytheCompanyduringtheninemonthsendedSeptember30,2017(yearendedDecember31,2016 $19.5million),resultinginanetlosson disposalof$11.6million(yearendeddecember31,2016 $18.4million). Seenote14tothesecondensedinterimconsolidatedfinancialstatementsforcapitalcommitments. 9. LONG-TERM DEBT 2017 Notes OnMay5,2017,theCompanycloseda$300.0millionprivateplacementofguaranteedseniorunsecurednotes(the"2017Notes")whichwerefundedonJune29,2017.Uponissuance,the2017Noteshada weightedaveragematurityof10.9yearsandweightedaverageyieldof4.67%.proceedsfromthe2017noteswereallocatedtowardsworkingcapitalandgeneralcorporatepurposes. Thefollowingtablesetsoutdetailsoftheindividualseriesofthe2017Notes: PaymentandperformanceofAgnicoEagle'sobligationsunderthe2017Notesisguaranteedbyeachofitsmaterialsubsidiariesandcertainofitsothersubsidiaries(the"Guarantors"). The2017Notescontaincovenantsthatrestrict,amongotherthings,theabilityoftheCompanytoamalgamateorotherwisetransferitsassets,sellmaterialassets,carryonabusinessotherthanonerelatedto miningandtheabilityoftheguarantorstoincurindebtedness. The2017NotesalsorequiretheCompanytomaintainatotalnetdebttoearningsbeforeinterest,taxes,depreciationandamortization("EBITDA")ratiobelowaspecifiedmaximumvaluealongwithaminimum tangiblenetworth Notes Principal Interest Rate Maturity Date SeriesA $ 40, % 6/29/2025 SeriesB 100, % 6/29/2027 SeriesC 150, % 6/29/2029 SeriesD 10, % 6/29/2032 Total $ 300,000 OnApril7,2017,theCompanyrepaid$115.0millionoftheguaranteedseniorunsecurednotesthatwereissuedonApril7,2010(the"2010Notes")withanannualinterestrateof6.13%.AsatSeptember30, 2017,theprincipalamountofthe2010Notesthatremainsoutstandingis$485.0million. Credit Facility and Loan Repayments At and December 31, 2016, the Company's $1.2 billion Credit Facility was undrawn. Outstanding letters of credit under the Credit Facility resulted in CreditFacilityavailability of $1,199.2millionatSeptember30,2017.DuringtheninemonthsendedSeptember30,2017,CreditFacilitydrawdownstotaled$280.0millionandrepaymentstotaled$280.0million.Duringtheninemonths endedseptember30,2016,creditfacilitydrawdownstotaled$125.0millionandrepaymentstotaled$390.0million. AgnicoEagle'sindirectattributableinterestinthedebtobligationsofCanadianMalarticGPincludedasecuredloanfacility(the"CMGPLoan").ThefinalscheduledrepaymentofC$20.0millionwasmadeon June30,2017,resultinginattributableoutstandingprincipalofnil. 37

44 NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued) (thousands of United States dollars, except share and per share amounts, unless otherwise indicated) (Unaudited) 10. EQUITY Net Income Per Share Thefollowingtablesetsouttheweightedaveragenumberofcommonsharesusedinthecalculationofbasicanddilutednetincomepershare: Dilutednetincomepersharehasbeencalculatedusingthetreasurystockmethod.Inapplyingthetreasurystockmethod,outstandingemployeestockoptionswithanexercisepricegreaterthantheaverage quotedmarketpriceofthecommonsharesfortheperiodoutstandingarenotincludedinthecalculationofdilutednetincomepershareastheimpactwouldbeanti-dilutive. ForthethreemonthsendedSeptember30,2017,52,000(threemonthsendedSeptember30,2016 nil)employeestockoptionswereexcludedfromthecalculationofdilutednetincomepershareastheir impactwouldhavebeenanti-dilutive.fortheninemonthsendedseptember30,2017,52,000(ninemonthsendedseptember30,2016 nil)employeestockoptionswereexcludedfromthecalculationof dilutednetincomeastheirimpactwouldhavebeenanti-dilutive. Equity Issuance September 30, September 30, Netincomefortheperiod $ 70,955 $ 49,392 $ 208,789 $ 96,170 Weightedaveragenumberofcommonsharesoutstanding basic(inthousands) 231, , , ,053 Add:DilutiveimpactofcommonsharesrelatedtotheRSUplan,PSUplanandLTIP Add:Dilutiveimpactofemployeestockoptions 1,691 2,686 1,590 2,352 Weightedaveragenumberofcommonsharesoutstanding diluted(inthousands) 233, , , ,073 Netincomepershare basic $ 0.31 $ 0.22 $ 0.91 $ 0.43 Netincomepershare diluted $ 0.30 $ 0.22 $ 0.90 $ 0.43 OnMarch31,2017,theCompanyissued5,003,412commonsharestoaninstitutionalinvestorintheUnitedStatesatapriceof$43.97percommonshare,forgrossproceedsofapproximately$220.0million. Transactioncostsofapproximately$5.0million(netoftaxof$1.7million)wereincurred,resultinginanetincreasetosharecapitalof$215.0million. 11. STOCK-BASED COMPENSATION (a) Employee Stock Option Plan ("ESOP") ThefollowingtablesetsoutactivitywithrespecttoAgnicoEagle'soutstandingstockoptions: 38 Weighted Number of Average Stock Exercise Options Price Weighted Number of Average Stock Exercise Options Price Outstanding,beginningofperiod 5,478,837 C$ ,082,212 C$ Granted 2,018, ,140, Exercised (1,277,462) (6,436,807) Forfeited (66,144) (129,788) Expired (1,100) (2,129,505) Outstanding,endofperiod 6,152,271 C$ ,526,187 C$ Optionsexercisable,endofperiod 2,885,265 C$ ,657,658 C$ 40.04

45 11. STOCK-BASED COMPENSATION (Continued) NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued) (thousands of United States dollars, except share and per share amounts, unless otherwise indicated) (Unaudited) TheaveragesharepriceofAgnicoEagle'scommonsharesduringtheninemonthsendedSeptember30,2017wasC$60.41(ninemonthsendedSeptember30,2016 C$58.38). AgnicoEagleestimatedthefairvalueofstockoptionsundertheBlack-Scholesoptionpricingmodelusingthefollowingweightedaverageassumptions: September 30, Risk-freeinterestrate 1.15% 0.89% Expectedlifeofstockoptions(inyears) ExpectedvolatilityofAgnicoEagle'sshareprice 45.0% 45.0% Expecteddividendyield 1.09% 1.33% TheCompanyuseshistoricalvolatilitytoestimatetheexpectedvolatilityofAgnicoEagle'sshareprice.Theexpectedtermofstockoptionsgrantedisderivedfromhistoricaldataonemployeeexerciseandpostvestingemploymentterminationexperience. ThetotalcompensationexpensefortheESOPrecordedinthegeneralandadministrativelineitemofthecondensedinterimconsolidatedstatementsofincomeandcomprehensiveincomeduringthethreemonths endedseptember30,2017was$3.8million(threemonthsendedseptember30,2016 $3.2million)and$15.3millionfortheninemonthsendedSeptember30,2017(ninemonthsendedSeptember30, 2016 $12.4million).OfthetotalcompensationcostfortheESOP,$0.1millionwascapitalizedaspartoftheproperty,plantandminedevelopmentlineitemofthecondensedinterimconsolidatedbalance sheetsforthethreemonthsendedseptember30,2017(threemonthsendedseptember30,2016 nil)and$0.3millionfortheninemonthsendedseptember30,2017(ninemonthsendedseptember30, 2016 $0.2million). (b) Incentive Share Purchase Plan ("ISPP") DuringtheninemonthsendedSeptember30,2017,288,565commonsharesweresubscribedforundertheISPP(ninemonthsendedSeptember30, ,683)foravalueof$13.1million(ninemonths endedseptember30,2016 $11.4million). ThetotalcompensationcostrecognizedduringthethreemonthsendedSeptember30,2017relatedtotheISPPwas$1.5million(threemonthsendedSeptember30,2016 $1.2million)and$4.4millionforthe ninemonthsendedseptember30,2017(ninemonthsendedseptember30,2016 $3.8million). (c) Restricted Share Unit ("RSU") Plan Duringthe nine months ended, 369,072 (nine months ended 353,783) RSUs were granted with a grant date fair valueof$16.4million (ninemonthsended September30,2016 $10.1million).Inthefirstninemonthsof2017,theCompanyfundedtheRSUplanbytransferring$16.4million(firstninemonthsof2016 $10.1million)toanemployeebenefittrust thatthenpurchasedcommonsharesofthecompanyintheopenmarket. CompensationexpenserelatedtotheRSUplanwas$3.1millionforthethreemonthsendedSeptember30,2017(threemonthsendedSeptember30,2016 $2.6million)and$10.4millionfortheninemonths endedseptember30,2017(nine monthsendedseptember30,2016 $7.5 million). Compensation expense related to the RSU plan is included as part of the general and administrative line item of the condensedinterimconsolidatedstatementsofincomeandcomprehensiveincome. (d) Performance Share Unit ("PSU") Plan DuringtheninemonthsendedSeptember30,2017,182,000(ninemonthsendedSeptember30, ,000)PSUsweregranted.Inthefirstninemonthsof2017,theCompanyfundedthePSUplanby transferring$8.1million(firstninemonthsof2016 $5.3million)toanemployeebenefittrustthatthenpurchasedcommonsharesoftheCompanyintheopenmarket. CompensationexpenserelatedtothePSUplanwas$1.2millionforthethreemonthsendedSeptember30,2017(threemonthsendedSeptember30,2016 $0.6million)and$4.4millionfortheninemonths ended (nine months ended $1.7 million). Compensation expense related to the PSU plan is included as part of the general and administrative line item of the condensedinterimconsolidatedstatementsofincomeandcomprehensiveincome. 39

46 12. DERIVATIVE FINANCIAL INSTRUMENTS Currency Risk Management NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued) (thousands of United States dollars, except share and per share amounts, unless otherwise indicated) (Unaudited) TheCompanyutilizesforeignexchangeeconomichedgestoreducethevariabilityinexpectedfuturecashflowsarisingfromchangesinforeigncurrencyexchangerates.TheCompanyisprimarilyexposedto currencyfluctuationsrelativetotheusdollarasaportionofthecompany'soperatingcostsandcapitalexpendituresaredenominatedinforeigncurrencies;primarilythecanadiandollar,theeuroandthe Mexicanpeso.Thesepotentialcurrencyfluctuationsincreasethevolatilityof,andcouldhaveasignificantimpacton,theCompany'sproductioncosts.Theeconomichedgesrelatetoaportionoftheforeign currencydenominatedcashoutflowsarisingfromforeigncurrencydenominatedexpenditures. AsatSeptember30,2017,theCompanyhadoutstandingforeignexchangezerocostcollarswithacashflowhedgingrelationshipthatdidqualifyforhedgeaccountingunderIAS39 FinancialInstruments: RecognitionandMeasurement.ThepurchaseofUSdollarputoptionswasfinancedthroughsellingUSdollarcalloptionsatahigherlevelsuchthatthenetpremiumpayabletothedifferentcounterpartiesbythe Companywasnil.AtSeptember30,2017,thezerocostcollarshedged$276.0millionof2018expenditures.TheCompanyrecognizedtheeffectiveintrinsicvaluecomponentofthemark-to-marketadjustmentin other comprehensive income. The time value portion of the mark-to-market adjustment is recognized in the (gain) loss on derivative financial instruments line item of the condensed interim consolidated statementsofincomeandcomprehensiveincome.amountsdeferredinothercomprehensiveincomearereclassifiedwhenthehedgedtransactionhasoccurred. AsatSeptember30,2017,theCompanyalsohadoutstandingforeignexchangezerocostcollarswherehedgeaccountingwasnotapplied.ThepurchaseofUSdollarputoptionswasfinancedthroughsellingUS dollarcalloptionsatahigherlevelsuchthatthenetpremiumpayabletothedifferentcounterpartiesbythecompanywasnil.atseptember30,2017,thezerocostcollarsrelatedto$177.6millionof2017and 2018expendituresandtheCompanyrecognizedmark-to-marketadjustmentsinthe(gain)lossonderivativefinancialinstrumentslineitemofthecondensedinterimconsolidatedstatementsofincomeand comprehensiveincome. Mark-to-marketgainsandlossesrelatedtoforeignexchangederivativefinancialinstrumentsarerecordedatfairvaluebasedonbroker-dealerquotationscorroboratedbyoptionpricingmodelsthatutilizeperiod endforwardpricingoftheapplicableforeigncurrencytocalculatefairvalue. TheCompany'sotherforeigncurrencyderivativestrategiesin2017and2016consistedmainlyofwritingUSdollarcalloptionswithshortmaturitiestogeneratepremiumsthatwould,inessence,enhancethe spottransactionratereceivedwhenexchangingusdollarsforcanadiandollarsandmexicanpesos.allofthesederivativetransactionsexpiredpriortoperiodendsuchthatnoderivativeswereoutstandingasat September30,2017orDecember31,2016.Thecalloptionpremiumswererecognizedinthe(gain)lossonderivativefinancialinstrumentslineitemofthecondensedinterimconsolidatedstatementsofincome andcomprehensiveincome. Commodity Price Risk Management Tomitigatetherisksassociatedwithfluctuatingdieselfuelprices,theCompanyusesderivativefinancialinstrumentsaseconomichedgesofthepriceriskonaportionofdieselfuelcostsassociatedwiththe Meadowbank mine's diesel fuel exposure as it relates to operating costs. There were derivative financial instruments outstanding as at relating to 5.0 million gallons of heating oil (December31, milliongallonsofheatingoil).Therelatedmark-to-marketadjustmentspriortosettlementwererecognizedinthe(gain)lossonderivativefinancialinstrumentslineitemofthe condensedinterimconsolidatedstatementsofincomeandcomprehensiveincome.thecompanydoesnotapplyhedgeaccountingtothesearrangements. Mark-to-marketgainsandlossesrelatedtoheatingoilderivativefinancialinstrumentsarebasedonbroker-dealerquotationsthatutilizeperiodendforwardpricingtocalculatefairvalue. AsatSeptember30,2017andDecember31,2016,therewerenometalderivativepositions.TheCompanymayfromtimetotimeutilizeshort-termfinancialinstrumentsaspartofitsstrategytominimizerisks andoptimizereturnsonitsby-productmetalsales. 40

47 12. DERIVATIVE FINANCIAL INSTRUMENTS (Continued) NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued) (thousands of United States dollars, except share and per share amounts, unless otherwise indicated) (Unaudited) Thefollowingtablesetsoutasummaryoftheamountsrecognizedinthe(gain)lossonderivativefinancialinstrumentslineitemofthecondensedinterimconsolidatedstatementsofincomeandcomprehensive income: Three Months Ended September 30, Nine Months Ended September 30, Premiumsrealizedonwrittenforeignexchangecalloptions $ (737) $ (535) $ (2,101) $ (1,779) Realizedlossonwarrants Unrealizedloss(gain)onwarrants (i) 61 (213) 49 (622) Realized(gain)lossoncurrencyandcommodityderivatives (6,188) (594) (6,294) 86 Unrealized(gain)lossoncurrencyandcommodityderivatives (i) (221) 1,887 (13,194) (7,687) (Gain)lossonderivativefinancialinstruments $ (7,085) $ 832 $ (21,540) $ (9,459) Note: (i) Unrealizedgainsandlossesonfinancialinstrumentsthatdidnotqualifyforhedgeaccountingarerecognizedthroughthe(gain)lossonderivativefinancialinstrumentslineitem of the condensed interim consolidated statements of income and comprehensive income and through the other line item of the condensed interim consolidated statements of cashflows. 13. SEGMENTED INFORMATION 41 Revenues from Mining Operations Exploration and Corporate Development Segment Income (Loss) Production Costs Northern Business: LaRondemine $ 356,046 $ (130,732) $ $ 225,314 Lapamine 60,932 (36,713) 24,219 Goldexmine 104,348 (49,230) 55,118 Meadowbankmine 344,324 (168,859) (25,977) 149,488 CanadianMalarticjointoperation 289,798 (130,273) (3,170) 156,355 Kittilamine 187,370 (110,126) 77,244 Total Northern Business 1,342,818 (625,933) (29,147) 687,738 Southern Business: PinosAltosmine 190,590 (77,974) 112,616 CrestonMascotadepositatPinosAltos 45,339 (22,175) 23,164 LaIndiamine 98,603 (44,071) 54,532 Total Southern Business 334,532 (144,220) 190,312 Exploration (80,595) (80,595) Segments totals $ 1,677,350 $ (770,153) $ (109,742) $ 797,455 Total segments income $ 797,455 Corporateandother: Amortizationofproperty,plantandminedevelopment (379,261) Generalandadministrative (86,494) Impairmentlossonavailableforsalesecurities (7,246) Financecosts (57,839) Gainonderivativefinancialinstruments 21,540 Gainonsaleofavailable-for-salesecurities 168 Environmentalremediation (326) Foreigncurrencytranslationloss (7,821) Otherexpenses (769) Incomebeforeincomeandminingtaxes $ 279,407

48 13. SEGMENTED INFORMATION (Continued) NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued) (thousands of United States dollars, except share and per share amounts, unless otherwise indicated) (Unaudited) 42 Revenues from Mining Operations Exploration and Corporate Development Segment Income (Loss) Production Costs Northern Business: LaRondemine $ 300,066 $ (135,440) $ $ 164,626 Lapamine 75,165 (39,741) 35,424 Goldexmine 120,940 (48,026) 72,914 Meadowbankmine 280,970 (166,717) (49,988) 64,265 CanadianMalarticjointoperation 284,560 (136,705) (3,056) 144,799 Kittilamine 190,398 (107,519) 82,879 Total Northern Business 1,252,099 (634,148) (53,044) 564,907 Southern Business: PinosAltosmine 233,018 (88,107) 144,911 CrestonMascotadepositatPinosAltos 48,574 (19,418) 29,156 LaIndiamine 105,331 (35,107) 70,224 Total Southern Business 386,923 (142,632) 244,291 Exploration (58,088) (58,088) Segments totals $ 1,639,022 $ (776,780) $ (111,132) $ 751,110 Total segments income $ 751,110 Corporateandother: Amortizationofproperty,plantandminedevelopment (461,761) Generalandadministrative (70,634) Financecosts (54,846) Gainonderivativefinancialinstruments 9,459 Gainonsaleofavailable-for-salesecurities 3,500 Environmentalremediation (5,655) Foreigncurrencytranslationloss (14,818) Otherexpenses (3,307) Incomebeforeincomeandminingtaxes $ 153,048 Total Assets as at September 30, 2017 December 31, 2016 Northern Business: LaRondemine $ 823,948 $ 808,981 Lapamine 13,860 16,473 Goldexmine 264, ,766 Meadowbankmine 588, ,207 CanadianMalarticjointoperation 1,925,993 1,956,285 Meliadineproject 1,101, ,999 Kittilamine 964, ,392 Total Northern Business 5,681,899 5,274,103 Southern Business: PinosAltosmine 688, ,123 CrestonMascotadepositatPinosAltos 53,426 60,308 LaIndiamine 440, ,005 Total Southern Business 1,182,318 1,155,436 Exploration 200, ,738 Corporate and other 810, ,674 Total assets $ 7,875,200 $ 7,107,951

49 14. COMMITMENTS AND CONTINGENCIES NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued) (thousands of United States dollars, except share and per share amounts, unless otherwise indicated) (Unaudited) Aspartofitsongoingbusinessandoperations,theCompanyhasbeenrequiredtoprovideassuranceintheformoflettersofcreditforenvironmentalandsiterestorationcosts,customcredits,governmentgrants andothergeneralcorporatepurposes.asatseptember30,2017,thetotalamountoftheseguaranteeswas$351.4million. AsatSeptember30,2017theCompanyhad$69.0millionofcommitmentsrelatedtocapitalexpenditures. 15. ONGOING LITIGATION OnAugust2,2016,thePartnershipwasservedwithaclassactionlawsuitwithrespecttoallegationsinvolvingtheCanadianMalarticmine.Thecomplaintisinrespectof"neighbourhoodannoyances"arising fromdust,noise,vibrationsandblastsatthemine.theplaintiffsareseekingdamagesinanunspecifiedamountaswellaspunitivedamagesintheamountof$20.0million.proceedingsforthecertificationofthe classtookplaceonapril11and12,2017andajudgmentisexpectedsometimein2017.thecompanyandthepartnershipwilltakeallnecessarystepstodefendthemselvesfromthislawsuit.atthistimethe outcomecannotbedefinitivelydeterminedandnoprovisionshavebeenrecorded. OnAugust15,2016,thePartnershipreceivednoticeofanapplicationforinjunctionrelatingtotheCanadianMalarticmine,whichhasbeenfiledundertheEnvironmentQualityAct(Quebec).OnApril18,2017, CanadianMalarticGPreceivednoticethattheapplicationfortheinterlocutoryinjunctionwasdismissed.Nodateshavebeensetforthehearingoftheapplicationforapermanentinjunction.Therequestfor injunctionaimstorestrictthecanadianmalarticmine'sminingoperationstosoundlevelsandminingvolumesbelowthelimitstowhichitissubject.agnicoeagleandthepartnershiphavereviewedthe injunctionrequest,considertherequestwithoutmeritandwilltakeallreasonablestepstodefendagainstthisinjunction.whileatthistimethepotentialimpactscannotbedefinitivelydetermined,thecompany expectsthatiftheinjunctionweretobegrantedtherewouldbeanegativeimpactontheoperationsofthecanadianmalarticmine,whichcouldincludeareductioninproduction.atthistimetheoutcomecannot bedefinitivelydeterminedandnoprovisionshavebeenrecorded. 16. SUBSEQUENT EVENTS Dividends Declared OnOctober 25, 2017, Agnico Eagle announced that the Board approved the payment of a quarterly cash dividend of $0.11 per common share (a total value of approximately $25.4 million), payable on December15,2017toholdersofrecordofthecommonsharesoftheCompanyonDecember1,

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