First Quarter 2011 Results – April 2011

Agnico-Eagle Mines Limited

2

Forward Looking Statements

The information in this document has been prepared as at April 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 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.

3

Note To Investors

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, 2010, as well as the Company's other filings with the Canadian Securities Administrators and the SEC.

Regarding the use of non-GAAP financial measures

LaRonde Goldex Kittila Lapa Pinos Altos Meadowbank

3

4

Corporate Strategy

■Grow gold reserves

■ Increase gold production

■Acquire small, think big

■Be a low-cost leader

■Maintain a solid financial profile

Build shareholder value by increasing PER SHARE metrics

4

For many years, we have adhered to a consistent, low-risk strategy for strengthening our gold mining business and creating shareholder value.

5

The Investment Case For AEM Uniquely positioned to outperform the competition

5

Investment Objectives

Gold ETF

Junior Explorers / Developers

Senior Gold

Operators AEM

Yield × × Stable, De-risked Leverage To Gold Price × Meaningful Exploration & Expansion Upside on a PER SHARE basis × ×

■ AEM uniquely offers gold investors exposure to important investment objectives

6

Investment Highlights

Dividends Per Share Share Price vs. Gold Price & Gold Index

Gold Reserves (oz) Per 1,000 Shares

Payable Gold Production (oz) Per 1,000 Shares

Measured, Indicated and Inferred Resources (oz) Per 1,000 Shares

0

20

40

60

80

100

120

'06 '07 '08 '09 '1090

110

130

'06 '07 '08 '09 '100

2

4

6

8

'06 '07 '08 '09 '10

0.030.12

0.18 0.18 0.18

0.64

$0.0

$0.1

$0.2

$0.3

$0.4

$0.5

$0.6

$0.7

'06 '07 '08 '09 '10 '11-50%

0%50%

100%150%200%250%300%350%

'05 '06 '07 '08 '09 '10

AEM Gold XAU

Increasing leverage to gold

7

Strong Financial Position Production growth drives strong earnings and cash flows

7

2011 Q1

2010 Q1 2010

Revenues from mining operations (millions)

$412.1 $237.6 $1,422.5

Earnings (millions)

$45.3 $22.3 $332.1

Earnings per share (basic)

$0.27 $0.14 $2.05

Cash provided by operating activities (millions)

$171.0 $74.5 $483.5

8

Operating Results Growing, diversified multi-asset gold producer

All $ amounts are in US$, unless otherwise indicated

2011 Q1

2010 Q1 2011E 2010

Gold (ounces in thousands)

252 188 1,080 – 1,150 988

Silver (ounces in thousands)

1,099 1,099 6,140 5,305

Zinc (tonnes)

11,941 14,224 71,800 62,544

Copper (tonnes)

817 1,052 4,386 4,224

Total cash costs ($/oz)

$531 $441 $445 – $495 $451

2011E Revenue by Mine

LaRonde25%

Goldex13%

Lapa9%Kittila

11%

Pinos Altos18%

Meadowbank24%

8

9

Strong Financial Position

All amounts are in US$, unless otherwise indicated

Mar. 31 2011

Cash and cash equivalents (millions)

$114.8

Long term debt (millions)

$600.0

Available credit facilities $1.2B

Common shares outstanding (millions)

169.0

Common shares, fully diluted (millions)

186.7

Next phase of growth fully funded

9

10

Grow Gold Reserves

■ Targeting more than 22 million oz at year end 2011

■ 2011 exploration budget up 30% to record $145 million

■ Deposits also contain an additional 6.4 million ounces of indicated gold resources and 9.8 million ounces of inferred resource*

Reserves increased 545% since 2001. Shares outstanding up 148%.

* See attached reserve and resource tables

3.3 4.0

7.9 7.9

10.412.4

16.718.1 18.4

21.3 22.0+

0

2

4

6

8

10

12

14

16

18

20

22

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E

Gold reserves* (millions of ounces)

11

Grow Gold Reserves Per Share AEM is among the top 3 gold equities in reserves per share

48

93 92 106 103

117 117 117

AEM 126

ABX

NEM

0

50

100

150

200

250

2002 2003 2004 2005 2006 2007 2008 2009 2010

Proven and Probable Reserves per 1,000 Shares

12

800,000

900,000

1,000,000

1,100,000

1,200,000

1,300,000

1,400,000

1,500,000

1,600,000

2010 2011E 2012E 2013E 2014E

Payable Gold Production Estimates (ounces)

Targeting 1.5 million oz by 2014, a 50% increase over 2010 Growth fully funded from operating cash flows

Production growth for 2015 and beyond expected to include: Kittila expansion, Meliadine, Pinos Altos mill and satellite zones

13

2.0 1.6 1.8

3.1

AEM 5.9

ABX

NEM

0

2

4

6

8

10

12

14

2006 2007 2008 2009 2010

Gold Production (Oz per 1,000 Shares)

Growing Production Per Share AEM is among the top 3 gold equities in production per share

14

Acquire Small, Think Big

Transaction Date Purchase Price (Net of Cash)

Reserve Then

Resource Then

Purchase Cost per

oz

Oz Added Since

Acquisition

Total Exploration Investment

Exploration Cost per oz

Time to Drill, Permit

& Build

Comaplex –Meliadine

Apr 10 $668 M nil 5.0 Moz $134 +1.7 Moz

(+34%) $9.9 M ~$6/oz tbd

Cumberland –Meadowbank

Feb 07 $480 M 2.9 Moz 1.1 Moz $120 +1.9 Moz

(+48%) $44.3 M ~$23/oz 3 yrs

Pinos Altos Mar 06 $67 M nil 2.1 Moz $32 +3.0 Moz

(+143%) $77.8 M ~$26/oz 3.5 yrs

Riddarhyttan – Kittila

May 05 $145 M nil 2.8 Moz $52 +4.2 Moz

(150%) $83.4 M ~20/oz 4 yrs

Total $1.4B 2.9 Moz 11 Moz $98 10.8 Moz (78%) $215 M ~$20/oz

Established track record of adding value via quality acquisitions and exploration

15

Kittila – Focused Exploration Builds Long Term Value

16

Be A Low-Cost Leader Optimization expected to drive unit costs down

16

LaRonde, $54/oz

Goldex, $349/oz

Pinos Altos, $406/oz

Lapa, $518/oz Kittila, $548/oz

Meadowbank, $700/oz

-$400/oz

-$200/oz

$0/oz

$200/oz

$400/oz

$600/oz

$800/oz

$1,000/oz

0% 25% 50% 75% 100%

2010 World Cash Cost Avg - $557/oz

Source: GFMS, TD Newcrest

2011E Global Cash Cost and Production Curve

17

Capital Expenditure Estimates Increasing net free cash flow as production increases and capex decreases

$0

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

2007A 2008A 2009A 2010A 2011E 2012E 2013E 2014E

US

D $

000'

s

Actual Estimate

Approximate Average EBITDA*

Illustrative Ongoing Re-Investment

* 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/€

18

$0

$1

$2

$3

$4

$5

$6

$7

$8

$9

$10

Newmont Barrick Agnico-Eagle Goldcorp IAMGold Kinross Yamana Eldorado

2009 2010E 2011E 2012E

Among Industry Leaders in Cash Generation Per Share

2010

2011

E

2012

E

2009

Cash Flow Per Share

Commodity assumptions: Au – (2011: $1423/oz, 2012: 1463/oz); Ag – (2011: $32.78/oz, 2012: 35.58/oz) Source: Merrill Lynch, April18/2011

19

Upcoming Events

Q2 – 2011 ■ Investor tours of Kittila, Pinos Altos, Meadowbank

and Meliadine ■ Exploration update

Q3 – 2011 ■ Production ramp up with additional crushing

capacity at Meadowbank ■ Exploration update and new Meliadine resource

Q4 – 2011 ■ Complete Kittila expansion study ■ Dividend Announcement ■ Exploration update

19

Operations & Exploration Update

21

LaRonde – Canada

■ 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 ■ Expand and convert resource on Zone 5 ■ Defining a gold resource at Ellison (2 km west of LaRonde)

Increasing gold output in 2012

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

21

22

Bousquet – LaRonde Gold Trend – Ellison Target Established mining camp still has potential to grow

23

Goldex – Canada

■ 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

Strong free cash flow generator

23

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

24

Goldex - Composite Longitudinal Section

73-414 1.77 g/t Au / 108 m

76-011 1.64 g/t Au / 165.0 m

76-012 1.70 g/t Au / 192.0 m

76-013 2.47 g/t Au / 240.0 m 76-014

2.17 g/t Au / 192.00 m

25

Lapa – Canada

■ 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 extend mine life

Steady state mine with good tonnage and cost performance

25

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

26

Lapa – Composite Longitudinal Section

LA11-98-28 8.9 g/t Au / 2.8 m

LA11-98-25 15.5 g/t Au / 2.8 m

LA11-98-23 23.5 g/t Au / 2.8 m

LA11-98-40 13.5 g/t Au / 2.8 m

LA10-98-19 12.8 g/t Au / 2.8 m

27

Kittila – Finland

■ 2011 ■ Estimated production of 150,000oz Au at total cash costs

of $548/oz ■ Expansion study expected to be completed Q4 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

Record production in Q1/11; Focus on cost reduction

27

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

28

Kittila – Composite Longitudinal Section Deposit remains open at depth and along strike

ROU10035 4.78 g/t Au / 3.8 m

ROU10036C 4.10 g/t Au / 6.8 m 5.08 g/t Au / 4.2 m

ROU10037 9.50 g/t Au / 6.0 m

ROU10036B 5.97 g/t Au / 5.9 m

29

Pinos Altos – Mexico

■ 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

Operating costs declining as start-up phase complete

29

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

30

Pinos Altos Composite Longitudinal Section

31

Meadowbank – Canada

■ 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

Newest mine – largest gold producer

31

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

32

Meadowbank Regional Geology Map

PDF

Vault

Portage

Goose Island

Goose South

Focus on resource conversion and expansion of Vault deposit

33

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

Meliadine – Canada

■ 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 ■ Potential to accelerate underground development to test

deposit at depth

■ Production decision expected in 2013

Fast growing gold reserve and resource

33

34

Meliadine Project - Local Geology Map 100% ownership of 80km greenstone belt

North trend

35

Meliadine Project – Wesmeg Composite Longitudinal Section

M11-1004 4.78g/t Au / 13.5 m

M11-1008 2.2 g/t Au / 3.0 m

M11-1014 8.17 g/t Au / 5.4 m

M11-1010 5.89 g/t Au / 3.9 m

M11-1013 3.1 g/t Au / 6.7 m

M11-1021 3.79 g/t Au / 4.0 m 5.84 g/t Au / 4.2 m

Growing, near-surface gold deposit

36

Meliadine Project - Tiriganiaq Longitudinal Section High grade gold deposit remains open for expansion

37

Appendix

38

Operating Metrics

LaRonde

$0/t

$20/t

$40/t

$60/t

$80/t

$100/t

$120/t

4,000tpd4,500tpd5,000tpd5,500tpd6,000tpd6,500tpd7,000tpd7,500tpd8,000tpd

Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11

LaRonde - Ore milled ('000 tonnes) LaRonde - Minesite costs per tonne (C$)Steady state producer

$0/t

$5/t

$10/t

$15/t

$20/t

$25/t

$30/t

$35/t

0tpd

1,000tpd

2,000tpd

3,000tpd

4,000tpd

5,000tpd

6,000tpd

7,000tpd

8,000tpd

9,000tpd

Q3

08

Q4

08

Q1

09

Q2

09

Q3

09

Q4

09

Q1

10

Q2

10

Q3

10

Q4

10

Q1

11

Goldex - Ore milled ('000 tonnes) Goldex - Minesite costs per tonne (C$)

$0/t

$20/t

$40/t

$60/t

$80/t

$100/t

$120/t

$140/t

$160/t

0tpd

200tpd

400tpd

600tpd

800tpd

1,000tpd

1,200tpd

1,400tpd

1,600tpd

1,800tpd

Q2

09

Q3

09

Q4

09

Q1

10

Q2

10

Q3

10

Q4

10

Q1

11

Lapa - Ore milled ('000 tonnes) Lapa - Minesite costs per tonne (C$)

Goldex Strong throughput keeps unit costs low

Lapa Consistently exceeding design throughput

39

Operating Metrics

€0/t €10/t €20/t €30/t €40/t €50/t €60/t €70/t €80/t €90/t

0tpd

500tpd

1,000tpd

1,500tpd

2,000tpd

2,500tpd

3,000tpd

3,500tpd

Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11

Kittila - Ore milled('000 tonnes) Kittila - Minesite costs per tonne (EUR)

$0/t

$10/t

$20/t

$30/t

$40/t

$50/t

$60/t

0tpd

500tpd

1,000tpd

1,500tpd

2,000tpd

2,500tpd

3,000tpd

3,500tpd

4,000tpd

4,500tpd

5,000tpd

Q4

09

Q1

10

Q2

10

Q3

10

Q4

10

Q1

11

Pinos Altos - Ore milled ('000 tonnes) Pinos Altos - Minesite costs per tonne (USD$)

$0/t

$20/t

$40/t

$60/t

$80/t

$100/t

$120/t

$140/t

$160/t

$180/t

0tpd

1,000tpd

2,000tpd

3,000tpd

4,000tpd

5,000tpd

6,000tpd

7,000tpd

8,000tpd

Q1

10

Q2

10

Q3

10

Q4

10

Q1

11

Meadowbank - Ore milled ('000 tonnes) Meadowbank - Minesite costs per tonne (C$)

Kittila Mill process stabilizing

Pinos Altos Additional tailings filters increased mill capacity

Meadowbank Design throughput expected by Q3, 2011

40

Gold and Silver Reserves and Resources December 31, 2010

Tonnes (000’s)

Gold (g/t)

Gold (ounces)

(000’s)

Proven 24,869 2.29 1,832

Probable 160,944 3.76 19,467

Total Reserves 185,813 3.57 21,299

Indicated 95,135 2.10 6,437

Inferred 118,111 2.59 9,839

Tonnes (000’s)

Silver (g/t)*

Silver (ounces)

(000’s)

Proven 7,702 54.75 13,558

Probable 71,190 48.09 110,061

Total Reserves 78,892 48.74 123,620

Indicated 32,554 21.90 22,918

Inferred 37,183 19.98 23,883

*Calculated grades

41

Copper, Zinc and Lead Reserves and Resources (December 31, 2010)

*Calculated grades

Tonnes (000’s)

Copper (%)

Copper (tonnes)

Proven 4,838 0.26 12,433

Probable 29,892 0.28 82,360

Total Reserves 34,730 0.27 94,793

Indicated 6,933 0.12 8,462

Inferred 11,526 0.27 30,820

Tonnes (000’s)

Zinc (%)

Zinc (tonnes)

Proven 4,838 2.78 134,651

Probable 29,892 0.90 269,581

Total Reserves 34,730 1.16 404,232

Indicated 6,933 1.36 94,457

Inferred 11,526 0.48 55,556

Tonnes (000’s)

Lead (%)

Lead (tonnes)

Proven 4,838 0.32 15,572

Probable 29,892 0.07 19,463

Total Reserves 34,730 0.10 35,035

Indicated 6,933 0.13 8,942

Inferred 11,526 0.05 5,463

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.

Executive and Registered Office: 145 King Street East, Suite 400

Toronto, Ontario, Canada, M5C 2Y7 Tel: 416-947-1212 Toll-Free: 888-822-6714 Fax: 416-367-4681

agnico-eagle.com

Sean Boyd Vice-Chairman and

Chief Executive Officer

Ebe Scherkus President and

Chief Operating Officer

Ammar Al-Joundi SVP Finance and

Chief Financial Officer

David Smith SVP Investor Relations

Trading Symbol: AEM on TSX & NYSE

Investor Relations: 416-947-1212

info@agnico-eagle.com