Meadowbank MineAnalyst TouryNunavut - June 28, 2011

1Member of the World Gold Council www.gold.org Meadowbank, Canada

Forward Looking Statements

The information in this document has been prepared as at June 28, 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 forwardl ki i f ti d th i i f C di i i l iti l Wh d i thi d t th d “ ti i t ”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 orinformation.

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 futureinternal rates of return mining costs cash costs minesite costs and other expenses; estimates of future capital expenditures andinternal rates of return, mining costs, cash costs, minesite costs and other expenses; estimates of future capital expenditures andother cash needs, and expectations as to the funding thereof; statements and information as to the projected development of certainore deposits, including estimates of exploration, development and production and other capital costs, and estimates of the timing ofsuch exploration, development and production or decisions with respect to such exploration, development and production; estimates ofreserves and resources, and statements and information regarding anticipated future exploration; the anticipated timing of events withrespect to the Company's minesites and statements and information regarding the sufficiency of the Company's cash resources. Suchstatements and information reflect the Company's views as at the date of this document and are subject to certain risks uncertaintiesstatements and information reflect the Company s views as at the date of this document and are subject to certain risks, uncertaintiesand assumptions, and undue reliance should not be placed on such statements and information. Many factors, known and unknowncould cause the actual results to be materially different from those expressed or implied by such forward looking statements andinformation. 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 othercosts; currency fluctuations; financing of additional capital requirements; cost of exploration and development programs; mining risks;

it t t i k i t d ith f i ti t l d i t l l ti th l tilit f thcommunity protests; risks associated with foreign operations; governmental and environmental regulation; the volatility of theCompany's stock price; and risks associated with the Company's byproduct metal derivative strategies. For a more detaileddiscussion 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 ExchangeCommission. The Company does not intend, and does not assume any obligation, to update these forward-looking statements and

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information. Marc Legault, a Qualified Person and the Company’s Vice-President, Project Development, reviewed the technicalinformation disclosed herein. For a detailed breakdown of the Company’s reserve and resource position see the February 16, 2011press release on the Company’s website. That press release also lists the Qualified Persons for each project.

Note To InvestorsRegarding 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 recognizedS ( S G )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 pertonne that the Company expects to incur to mine gold at the applicable projects and do not include production costs attributable toaccretion expense and other asset retirement costs, which will vary over time as each project is developed and mined. It is thereforenot practicable to reconcile these forward-looking non-GAAP financial measures to the most comparable GAAP measure. Areconciliation of the Company's total cash cost per ounce and minesite cost per tonne to the most comparable financial measuresreconciliation of the Company s total cash cost per ounce and minesite cost per tonne to the most comparable financial measurescalculated and presented in accordance with US GAAP for the Company's historical results of operations is set forth in the notes to thefinancial statements included in the Company's Annual Information Form and Annual Report on Form 20-F, for the year endedDecember 31, 2010, as well as the Company's other filings with the Canadian Securities Administrators and the SEC.

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LaRonde Goldex Kittila Lapa Pinos Altos Meadowbank

Nunavut – An Integral Part of AEM’s Long-Term StrategyMeadowbank and Meliadine – 29% of AEM’s growing reserves and 38% of resources

NUNAVUT TERRITORY NUNAVUT

g g

RailwaySeasonal ShippingScheduled Air Route

NUNAVUT TERRITORY• CANADA •

NUNAVUT

MeadowbankMine

RANKININLET

RANKININLET

YELLOWKNIFEYELLOWKNIFE

Mine

BAKERLAKE

BAKERLAKE

IQALUITIQALUIT

RAGLANMINE

Meliadine Project

H u d s o nB a yCHURCHILL

INLETINLET MINE

4

“The GDP of Nunavut increased by 11% in 2010 largely due to the Meadowbank mine.” Source: Conference Board of Canada

Meadowbank – History

■ 1983 Ground is staked around a gold showing in the Meadowbank area

■ 1987 Gold discovered on Portage deposit

■ 1995 Cumberland purchases 60%, increases resource to 1.5 Moz

1997 C b l d i 100% i iti t f ibilit t di■ 1997 Cumberland acquires 100%, initiates pre-feasibility studies

■ 2005 AMEC Feasibility returns 2.8 Moz P&P within 3.8 MI&I

2006 G S th Z di■ 2006 Goose South Zone discovery

■ 2007 Agnico-Eagle acquires Cumberland - $750 million; Construction starts■ 2008 110 km all season road completed from Baker Lake to the site■ 2008 110 km all-season road completed from Baker Lake to the site. ■ 2010 First gold is poured Feb 27, 2010. Processing plant achieves commercial

production March 1.

5

Meadowbank - Overview

■ 1st major mine of its type in Nunavut

■ Only 3 years to permit, build and achieve first gold pour

■ AEM invested over $1.5 Billion since 2007■ Acquisition - $750 million

■ Pre-production - $710 million

■ Exploration - $30 million

■ Several challenges met and overcome in first year of operations

■ June operations above design throughput – 16 months after startup

Management Logistics Arctic Conditions

RegulatoryEnvironment

Cross Cultural

6

■ June to date - 8,554 tpd

M d b kMeadowbank

Construction

Meadowbank Project – April 2007Minimal infrastructure at the time of acquisition

Camp FacilitiesAirstrip

p

Crushing Plant

5.6 M litre Fuel Tank Pad

8

Meadowbank Site – June 2011Significant investment by AEM drastically transforms landscape in 3 short years

Power Plant

Process PlantShop

Tailing Pond

Permanent CampConstruction

Camp

9

M d b kMeadowbank

Operations

Meadowbank – Operating Parameters

Mine Throughput: 8,500 tpdVault Pit

Metallurgical Au Recovery: 92.5%

Mining Method: Three Open PitsMine is on IOL Land

Airstrip Airstrip

TIA

Mine is on IOL Land –Mineral rights to NTI and Canada

550 permanent jobs

Average annual production: Mill SiteMill Site

Years 1 to 4: 400,000 oz Au

Life of Mine: 350,000 oz Au

Open Pit Mineral Reserve: 3.64 million oz Au

Portage PitPortage Pit

Au

Goose Island PitGoose Island Pit

11Third Portage Lake

Meadowbank Site – June 2011Mining Operations – Portage Open Pit

12

Processing Facilities

7000T Li C it D7000T Live Capacity Dome

P & Mill F ilitiPower & Mill Facilities

13

Processing Plant Flowsheet

14

Process Plant

■ 8,500 tpd – design capacity

■ SAG mill – 26’x12,5’L 4,500hp

■ Ball mill - 18’ x 29’L, 6,000 hp, , p

■ Gravity Circuit Falcon Concentrator 1x30’’ with Intensive Leach Circuit

■ Leach & CIP

15

Process Plant

■ Diesel Power Plant 17.6 MW operating, 26 MW total (6 x 4,4 MW)MW)

■ Primary Gyratory Crusher 42” X 65” - 500 hp

■ Pre-Crushing Circuit 900 hp Start-up June 26th operating up to design rate of 600 t/h

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M d b kMeadowbank

Challenges Overcome

■ Management ■ Logistics – Geography■ Regulatory Environment■ Training & Cross Cultural Issuesg■ Arctic Conditions

Challenges

■Management ■ Hired & built a new team

■Logistics and Geography■ Requires long term planning – tight schedule

■ Increased competition – price reduction

■ Experienced logistics & procurement team

■Regulatory environment ■ Numerous agreements to negotiate (IIBA, Water

compensation, surface leases, production leases, etc. )

■ Permitting duplication & clarity

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■ Permitting – duplication & clarity

Management & WorkforceAEM relies on experienced base of skilled labour in the Val d’Or area

Val d’Or used as a base for:■ Mine staff■ Mine staff ■ Technical Services■ Administration (Regional Office)■ Supplies

3 cultures working together3 cultures working together■ Inuit, French southerner, English

southerner

■ Good communication critical to avoid wrong perceptions

■ Overall – very good successMeadowbank

Workforce (Feb 11)Inuit Southerner Total % Inuit

19

Contractors 28 458 486 6%

Operation (AEM) 242 386 628 39%

Total 270 844 1114 24%

Logistics – Short Sealift PeriodSealift period is only 3 months long

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Logistics – All Weather Road Provides AccessConnects to Baker Lake: 110 Km $60 MConnects to Baker Lake: 110 Km, $60 M

MEADOWBANK

WhitehillsLake

21Baker

BAKERLAKEAIRPORT

Lake0 10 Km

Bridge

Crossing

Challenges (cont’d)

■Training & Cross Cultural Issues■ 39% of workforce are Inuit

■High Inuit absenteeism & turnover

I d j b t i i i t■ Increased job training requirements

■ Increased cross cultural training requirements

■Arctic Conditions■Arctic Conditions ■ Steep learning curve

■ Permanent secondary crushing plant vs temporary■ Permanent secondary crushing plant vs temporary

■ Improved maintenance – equipment modified

22

Arctic Weather Conditions Extreme temperature causes mining equipment problemsExtreme temperature causes mining equipment problems

Extreme temperatures of -60C with the wind-chill caused hydraulic system failures. Oil viscosity and hose breakage i d d ti i ifi tl

23

increased downtime significantly

Arctic ConditionsBay Goose and Stormwater Dikes – Short Summer Period

24

Challenge – Meadowbank Kitchen Fire

■March 10: 460 employees on site. Outside temperature -60C with windchill

■ 315 persons evacuated in 17 hours■ 175 stayed on site, supported by the kitchen of the exploration camp■ Open pit, construction, dyke grouting and diamond drilling shutdown

Fi ft th 230 l it M i t d ti f■Fire aftermath: 230 employees on site – Maintenance and portion of mine employees

■ Temporary kitchen running and full operation with 460 persons on site by late April

■Mill running out of stockpile■ Permanent replacement kitchen will be completed by end of 2011

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■ Permanent replacement kitchen will be completed by end of 2011

Meadowbank Site - Fire March 10th 2011

Tailings Pond Power Plant

Permanent CampProcess Plant

Shop

ConstructionCamp

26

Meadowbank Kitchen Fire Impact

27

Dining Room in the Gym

28

Open Pit Dilution

■Ore geometry changedchanged

■Too much dilution –estimated at 20-30%

T h &■Too much ore & waste movement

■Revised blasting sequence

Meadowbank blast

29

Pinos Altos blast

Challenge – Equipment Availability

100Artic Conditions

First year of operation in Extreme Weather Condition

708090

100Forecast 82‐85%

506070

ability [%

]

203040

Availa

010

30

Hauling Drilling Loading

Meadowbank Broken Ore Inventory

3,500,000

Q1 issues impact

2,500,000

3,000,000

h

Forecast

1,500,000

2,000,000

es /

Mon

th

500,000

1,000,000

Tonn

e

Total broken ore inventory

0

Dec‐09

Jan‐10

Feb‐10

Mar‐10

Apr‐10

May‐10

Jun‐10

Jul‐1

0

Aug

‐10

Sep‐10

Oct‐10

Nov

‐10

Dec‐10

Jan‐11

Feb‐11

Mar‐11

Apr‐11

May‐11

Jun‐11

Jul‐1

1

Aug

‐11

Sep‐11

Oct‐11

Nov

‐11

Dec‐11

Total broken ore inventorytarget

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Tonnes moved Broken rock inventoryTonnes move forecasted Broken rock inventory forecasted

Meadowbank – Daily Tonnage MovedMining operations back on track after the fire

First year of operation in Extreme Weather Condition

90 000

100 000Extreme Conditions

Forecast

50 000

60 000

70 000

80 000

ved

per d

ay

Addition of 2 new trucks

20 000

30 000

40 000

50 000

Tonn

es m

ov

Kitchen Fire

0

10 000

20 000

v‐09

ec‐09

n‐10

b‐10

ar‐10

pr‐10

y‐10

n‐10

ul‐10

g‐10

p‐10

ct‐10

v‐10

ec‐10

n‐11

b‐11

ar‐11

pr‐11

y‐11

n‐11

ul‐11

g‐11

p‐11

ct‐11

v‐11

ec‐11

32

No De Ja Fe Ma

Ap

Ma Ju Ju

Au Se Oc

No De Ja Fe Ma

Ap

Ma Ju Ju

Au Se Oc

No De

Realized Forecast

M d b kMeadowbank

Operating Results and OutlookOutlook

Crushing Capacity ShortageSecondary crusher installation in late June 2011 y

Startup June 26th 2011

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■Operating up to a rate of 600 tonnes per hour

Meadowbank – Mill Throughput Progression

400

450

9200Design Throughput : 385 t/h - Daily Operation Throughput : 8500 t/d

Pre-Crushing CircuitOperational June 26th

Mill Throughput : 405 t/h(9000 t/d)

8500

350

put 7200

8200

put*

*

385 8500

250

300

Hou

rly T

hrou

ghp

5200

6200

Dai

ly T

hrou

gh

June 26thMonth to Date

8554 t/dMill Accomplishments

150

200

H

3200

4200

Aver

age

DMill Accomplishments- Correct design & construction deficiencies- Intensive training & learning- Overall grinding circuit optimization

Improved stability & measures of control

100

150

2200

3200- Improved stability & measures of control

35

Time

**Ref. 92% Mill Availability

Meadowbank – Daily Meters Drilled

First year of operation in Extreme Weather Condition

2 500

3 000Extreme Conditions

2 000

2 500

per d

ay

Forecast

1 000

1 500

Met

ers

drill

ed

0

500

09 09 10 10 10 10 10 10 10 10 10 10 10 10 11 11 11 11 11 11 11 11 11 11 11 11

M

36

Nov

‐0

Dec‐0

Jan‐1

Feb‐1

Mar‐1

Apr‐1

May‐1

Jun‐1

Jul‐1

Aug

‐1

Sep‐1

Oct‐1

Nov

‐1

Dec‐1

Jan‐1

Feb‐1

Mar‐1

Apr‐1

May‐1

Jun‐1

Jul‐1

Aug

‐1

Sep‐1

Oct‐1

Nov

‐1

Dec‐1

Realized Forecast

Meadowbank Monthly Gold ProductionProduction on track to steady state following a series of challenges

40 000

30 000

35 000Forecast 30,730 oz / month

20 000

25 000

old Oz

10 000

15 000Go ■ Improvements will

result in lower costs per ounce and tonne

5 000

37

Realized Oz Forecast Oz

Meadowbank Gold Production ForecastSecondary crusher expected to significantly boost production

Challenges overcome:Crushing capacityExtreme weatherBlasting sequence

100,000 oz

120,000 oz

Blasting sequenceEquipment availabilityKitchen FireDilution/Blasting

60 000 oz

80,000 oz

40,000 oz

60,000 oz

0 oz

20,000 oz

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Estimated gold production (Q) Historical gold production (Q)

Agnico-Eagle’s overview of Nunavut – 4 years laterOpportunities & observations

■ Great community support, councils, people, businesses■ Excellent mineral potential■ Excellent mineral potential■ 35 new joint ventures formed■ Agreement with NTI completed on prospective claims■ Shipping costs have declined, more flights■ Declining unemployment■ Increasing interest in training■ Increasing interest in training■ Gained valuable experience in developing future

projects

■ Developed regional GN Gov’t of Canada community■ Developed regional, GN, Gov’t of Canada, community, personal and business relationships

■ Better understanding of Inuit culture

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Future

■What’s next for Meadowbank■More training Increase % Inuit in every department■More training – Increase % Inuit in every department■ Keep expanding hiring in all of Kivalliq■ Optimize the mill and the mine ramp up■ Optimize the mill and the mine ramp up■ Decrease the unit operating costs■ Complete dyke construction work (2013)

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Questions ?

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A solid financial position, low-cost structure, well funded growth projects in regions of lowwell-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.

Executive and Registered Office:

145 King Street East Suite 400

Sean BoydVice Chairman and 145 King Street East, Suite 400

Toronto, Ontario, Canada, M5C 2Y7Tel: 416-947-1212Toll-Free: 888-822-6714 Fax: 416-367-4681

Chief Executive Officer

Ebe ScherkusPresident and

Chief Operating Officer

Ammar Al-JoundiSVP Finance and

Chief Financial Officer

David SmithSVP Investor Relations

Trading Symbol:

agnico-eagle.comTrading Symbol:

AEM on TSX & NYSE

info@agnico-eagle.com