2. Forward Looking Statements
The information in this document has been prepared as at March 25, 2011. Certain statements contained in this document constitute
“forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward
looking information under the provisions of Canadian provincial securities laws. When used in this document, the words “anticipate”,
“expect”, “estimate”, “forecast”, “will”, “planned”, and similar expressions are intended to identify forward-looking statements or
information.
Such statements include without limitation: statements regarding timing and amounts of capital expenditures and other assumptions;
estimates of future reserves, resources, mineral production, optimization efforts and sales; estimates of mine life; estimates of future
internal rates of return, mining costs, cash costs, minesite costs and other expenses; estimates of future capital expenditures and
other cash needs, and expectations as to the funding thereof; statements and information as to the projected development of certain
ore deposits, including estimates of exploration, development and production and other capital costs, and estimates of the timing of
such exploration, development and production or decisions with respect to such exploration, development and production; estimates of
reserves and resources, and statements and information regarding anticipated future exploration; the anticipated timing of events with
respect to the Company's minesites and statements and information regarding the sufficiency of the Company's cash resources. Such
statements and information reflect the Company's views as at the date of this document and are subject to certain risks, uncertainties
and assumptions, and undue reliance should not be placed on such statements and information. Many factors, known and unknown
could cause the actual results to be materially different from those expressed or implied by such forward looking statements and
information. Such risks include, but are not limited to: the volatility of prices of gold and other metals; uncertainty of mineral reserves,
mineral resources, mineral grades and mineral recovery estimates; uncertainty of future production, capital expenditures, and other
costs; currency fluctuations; financing of additional capital requirements; cost of exploration and development programs; mining risks;
community protests; risks associated with foreign operations; governmental and environmental regulation; the volatility of the
Company's stock price; and risks associated with the Company's byproduct metal derivative strategies. For a more detailed
discussion of such risks and other factors that may affect the Company’s ability to achieve the expectations set forth in the forward-
looking statements contained in this document, see the Company's Annual Report on Form 20-F for the year ended December 31,
2010, as well as the Company's other filings with the Canadian Securities Administrators and the U.S. Securities and Exchange
Commission. The Company does not intend, and does not assume any obligation, to update these forward-looking statements and
information. Marc Legault, a Qualified Person and the Company’s Vice-President, Project Development, reviewed the technical
information disclosed herein. For a detailed breakdown of the Company’s reserve and resource position see the February 16, 2011
press release on the Company’s website. That press release also lists the Qualified Persons for each project.
2
3. Note To Investors
Regarding the use of non-GAAP financial measures
This document presents estimates of future "total cash cost per ounce" and "minesite cost per tonne" that are not recognized
measures under United States generally accepted accounting principles ("US GAAP"). This data may not be comparable to data
presented by other gold producers. These future estimates are based upon the total cash costs per ounce and minesite costs per
tonne that the Company expects to incur to mine gold at the applicable projects and do not include production costs attributable to
accretion expense and other asset retirement costs, which will vary over time as each project is developed and mined. It is therefore
not practicable to reconcile these forward-looking non-GAAP financial measures to the most comparable GAAP measure. A
reconciliation of the Company's total cash cost per ounce and minesite cost per tonne to the most comparable financial measures
calculated and presented in accordance with US GAAP for the Company's historical results of operations is set forth in the notes to the
financial statements included in the Company's Annual Information Form and Annual Report on Form 20-F, for the year ended
December 31, 2009, as well as the Company's other filings with the Canadian Securities Administrators and the SEC.
LaRonde Goldex Kittila Lapa Pinos Altos Meadowbank
3
4. Corporate Strategy
Increasing reserves, production and cash flow
per share
■ Increase gold production
■ Targeting 1.5 million oz by 2014, a 50% increase over
2010 level
■ Grow gold reserves
■ Targeting more than 22 million oz at year end 2011 For many years, we have
■ 2011 exploration budget up 30% to record $145 million adhered to a consistent,
■ Acquire small, think big low-risk strategy for
strengthening our gold
■ Strategic investment portfolio expected to grow mining business and
■ Focus on early-stage M&A with minimal share dilution creating shareholder
value.
■ Be a low-cost leader
■ Total cash costs expected to remain below industry
average
■ Maintain a solid financial profile
■ Increasing net free cash flow as production increases and
capex decreases
■ Highest dividend among North American gold peers at
$0.64 per share, up 256% yoy
4
5. Increasing Per Share Exposure To Gold
AEM generates superior returns
Measured, Indicated and Inferred Gold Reserves (oz) Payable Gold Production (oz)
Resources (oz) Per 1,000 Shares Per 1,000 Shares Per 1,000 Shares
Dividends Per Share Share Price vs. Gold Price & Gold Index
350%
300%
250%
200%
150%
100%
50%
0%
-50%
'05 '06 '07 '08 '09 '10
AEM Gold XAU
5
7. Financial Results
Production growth drives record earnings and cash flow
All amounts are
in US$, unless otherwise indicated 2010 2009
Revenues (millions) $1,422.5 $613.8
Earnings (millions) $332.1 $86.5
Earnings per share (basic) $2.05 $0.55
Cash provided by operating activities $483.5 $115.1
(millions)
77
8. Strong Financial Position
Net free cash flow expected to further strengthen financial position
All amounts are in US$, Dec. 31
unless otherwise indicated 2010
Cash and cash equivalents $104.6
(millions)
Long term debt $650.0
(millions)
Available credit facilities $1.1B
Common shares outstanding 168.8
(millions)
Common shares, fully diluted 184.1
(millions)
8
8
9. Growing Exposure To Gold
Shares increased 165% since 2001. Reserves up 545%
■ Gold reserves increased 16% to record 21.3 million ounces
■ Uniquely positioned with potential for up to five deposits with at least 5 million
ounces of gold reserves
■ Deposits also contain 6.4 million ounces of indicated gold resources
and 9.8 million ounces of inferred resource*
Gold reserves* (millions of ounces)
22+
21.3
18.4 Meliadine
18.1
16.7
Meadowbank
12.5
Pinos Altos
10.4
7.9 7.9 Kittila
Lapa
4.0 Goldex
3.3
LaRonde
* See attached reserve and resource tables
9
10. Fully Funded Growth Continues
Expect 50% increase in gold production from 2010 to 2014
Payable Gold Production Estimates (ounces)
AEM Production (Au oz)
1,600,000
1,500,000
1,400,000
1,300,000
1,200,000
1,100,000
1,000,000
900,000
800,000
2010 2011E 2012E 2013E 2014E
AEM Production (Au oz)
Production growth catalysts for 2015 and beyond:
Kittila expansion, Meliadine, Pinos Altos mill and satellite zones
10
11. Capital Expenditure Estimates
Meliadine and internal expansions not included in this estimate
Approximate Average EBITDA*
$1,200,000
$1,000,000
$800,000
USD $000's
$600,000 Illustrative Ongoing Re-Investment
$400,000
$200,000
$0
2007A 2008A 2009A 2010A 2011E 2012E 2013E 2014E 2015E
Actual Estimate
* Approximate EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) estimate of average for illustrative purposes using
$1350/oz gold, $35/oz silver, $2350/t zinc, C$0.99/USD, 1.40USD/€
11
12. LaRonde – Canada
Increasing gold output in 2012
■ 2011
■ Estimated production of 157,000oz Au at total cash costs
of $54/oz
■ 2012-2015
■ Estimated average annual production of 290,000 oz Au
at total cash costs of $381/oz
■ Exploration Focus
■ Additional potential at depth, to the East and to the West
■ Tracing and potentially defining a gold resource at Ellison
(2 km west of LaRonde)
Gold reserves (m oz) 4.8
Average gold reserve grade (g/t) 4.3
Indicated resource (m oz) 0.4
Inferred resource (m oz) 1.4
Est. LOM (years) 13
Estimated average LOM production (k oz/yr) 324
2011 exploration budget (LaRonde & regional) $11M
12
12
13. Bousquet – LaRonde Gold Trend – Ellison Target
Established mining camp still has potential to grow
13
14. Goldex – Canada
Strong free cash flow generator
■ 2011
■ Estimated production of 184,000oz Au at total cash
costs of $349/oz
■ 2012-2015
■ Estimated average annual production of 179,000oz Au
at total cash costs of $344/oz
■ Exploration Focus
■ Resource definition and expansion at D zone at depth,
exploration to west, east and at depth
■ Potential to add reserves and increase mine life
Gold reserves (m oz) 1.6
Average reserve grade (g/t) 1.8
Indicated resource (m oz) 0.5
Inferred resource (m oz) 1.4
Est. LOM (years) 8
Estimated average production (k oz/yr) 164
2011 exploration budget $6M
14
14
15. Goldex Mine Longitudinal Section
Added 1.0 million ounces of resource in 2010, mainly new D Zone
15
16. Lapa – Canada
Steady state mine with good tonnage
and cost performance
■ 2011
■ Estimated production of 125,000oz Au at total cash costs
of $518/oz
■ 2012-2014
■ Estimated average annual production of 117,000oz Au
at total cash costs of $535/oz
■ Exploration Focus
■ Extension of underground exploration drift to provide
access to drill targets to the East along favourable
Cadillac break
Gold reserves (m oz) 0.7
Average reserve grade (g/t) 7.4
Indicated resource (m oz) 0.2
Inferred resource (m oz) 0.1
Est. LOM (years) 4
Estimated average production (k oz/yr) 119
2011 exploration budget $6M
16
16
17. Kittila – Finland
Optimization phase improving operating results
■ 2011
■ Estimated production of 150,000oz Au at total cash costs
of $548/oz
■ Expansion study to be completed Q3 2011;
Targeting 50% increase in production rate
■ 2012-2015
■ Estimated average annual production of 173,000oz Au
at total cash costs of $501/oz
■ Exploration Focus
■ Resource conversion, expansion below Suuri and Roura,
and along strike
Gold reserves (m oz) 4.9
Average reserve grade (g/t) 4.6
Indicated resource (m oz) 1.2
Inferred resource (m oz) 0.7
Est. LOM (years) 22
Estimated average production (k oz/yr) 146
2011 exploration budget $16M
17
17
19. Pinos Altos – Mexico
Operating costs declining as
start-up phase complete
■ 2011
■ Estimated production of 199,000oz Au at
total cash costs of $406/oz
■ 2012-2015
■ Estimated average annual production of 230,000oz Au
at total cash costs of $334/oz
■ Studying underground expansion
■ Exploration Focus
■ Potential to develop satellite deposits
Gold reserves (m oz) 3.3
Average gold reserve grade (g/t) 2.3
Indicated resource (m oz) 0.8
Inferred resource (m oz) 0.9
Est. LOM (years) 16
Estimated average production (k oz/yr) 187
2011 exploration budget $2M
19
19
20. Meadowbank – Canada
Newest mine – largest gold producer
■ 2011
■ Estimated production of 310,000oz Au at
total cash costs of approximately $700/oz
■ Secondary crushing plant expected to be
commissioned in Q3
■ 2012-2015
■ Estimated average annual production of 399,000oz Au
at total cash costs of $511/oz
■ Exploration Focus
■ Focus on resource conversion and expansion of Vault,
Goose South and Portage
Gold reserves (m oz) 3.5
Average reserve grade (g/t) 3.2
Measured & Indicated resource (m oz) 1.4
Inferred resource (m oz) 0.7
Est. LOM (years) 10
Estimated average production (k oz/yr) 297
2011 exploration budget $7M
20
20
21. Meliadine – Canada
Growing gold reserve and resource
■ Initial Gold Reserve
■ 2.6 million ounces from 9.5 million tonnes @ 8.5 g/t
■ 2011 Exploration budget
■ $65 million to be spent, including 90,000m of drilling
■ Expecting third quarter resource update
■ Potential to accelerate underground development to test
deposit at depth
■ Feasibility study expected in 2013
Gold reserves (m oz) 2.6
Average reserve grade (g/t) 8.5
Indicated resource (m oz) 1.5
Inferred resource (m oz) 2.6
2011 exploration budget $65M
21
21
22. Meliadine Project - Local Geology Map
AEM land package covers 80 km of this prospective greenstone belt
22
23. Meliadine Project - Tiriganiaq Longitudinal Section
Deposit remains open for expansion
23
29. A solid financial position, low-cost structure, well-funded growth
projects in regions of low political risk, and a focused, consistent
strategy put Agnico-Eagle in a strong position to continue creating
exceptional per share value.
Sean Boyd Executive and Registered Office:
Vice Chairman and Chief Executive Officer
145 King Street East, Suite 400
Ebe Scherkus Toronto, Ontario, Canada, M5C 2Y7
President and Chief Operating Officer Tel: 416-947-1212
Toll-Free: 888-822-6714
Ammar Al-Joundi Fax: 416-367-4681
SVP Finance and Chief Financial Officer
Trading Symbol: AEM on TSX & NYSE
Investor Relations:
416-947-1212
info@agnico-eagle.com
agnico-eagle.com
