q1 2013 results
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First Quarter 2013 Results April 2013
FORWARD LOOKING STATEMENTS
The information in this document has been prepared as at April 25, 2013. 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 mine sites 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, 2012, 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. Alain Blackburn, a Qualified Person and the Company’s Senior Vice-President, Exploration, reviewed the technical information disclosed herein. For a detailed breakdown of the Company’s reserve and resource position see the February 13, 2013 press release on the Company’s website. That press release also lists the Qualified Persons for each project.
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NOTES TO INVESTORS
Note 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, 2012, as well as the Company’s other filings with the Canadian Securities Administrators and the SEC. Note Regarding Production Guidance The gold production guidance is based on the Company’s mineral reserves but includes contingencies and assumes metal prices and foreign exchange rates that are different from those used in the reserve estimates. These factors and others mean that the gold production guidance presented in this disclosure does not reconcile exactly with the production models used to support these mineral reserves.
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KEY OPERATING HIGHLIGHTS – Q1 2013 Production and costs on track; Goldex and La India startup ahead of schedule
• Q1 2013 gold production of 236,975 oz at a total cash cost of $740/oz – as expected
• Quarterly cash flows from operations of $146 million ($0.80 per share)
• Goldex to produce ahead of schedule - expected to provide 15,000 oz gold in Q4, 2013
• La India to begin commissioning in late Q4, 2013, ahead of schedule; Commercial production expected in Q1, 2014
• Kittila mill maintenance to take longer than expected – production to resume in late June
• 2013 Production guidance unchanged at 990,000 oz
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OPERATING RESULTS First quarter production and costs in line with expectations
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Q1 2013 2013 Forecast
Production (Gold oz)
Total Cash Cost
($/oz)
Operating Margin ($,
000’s)
Midpoint of Production Estimate (Gold oz)
LaRonde 39,073 $718 $33,295 177,000
Kittila 43,145 $624 $44,956 150,000
Lapa 26,868 $680 $21,788 97,000
Pinos Altos1 46,071 $300 $53,827 191,000
Meadowbank 81,818 $1,069 $36,503 360,000
Goldex 15,000
Total 236,975 $740 $190,369 990,000
LaRonde 17%
Lapa 11%
Kittila 24%
Pinos Altos 28%
Meadowbank 19%
Q1 2013 Total Operating Margin – $190M
Gold 89%
Silver 8%
Base Metals
3%
Q1 2013 Revenue by Metal
1. Pinos Altos figures include Creston Mascota.
2012 FINANCIAL RESULTS Strong operating quarter in line with expectations
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All amounts are in US$, unless otherwise indicated
Q1 2013
Q1 2012
Revenues (millions) $420.4 $472.9
Earnings (millions) $23.9 $78.5
Earnings per share (basic) $0.14 $0.46
Cash provided by operating activities (millions) $146.1 $196.5
Payable Production
Gold (ounces) 236,975 227,792
Silver (ounces in thousands) 1,251 1,215
Zinc (tonnes) 8,239 12,978
Copper (tonnes) 1,082 1,326
Total cash costs ($/oz) $740 $594
FINANCIAL POSITION Expecting to generate free cash flow in 2013
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ALL AMOUNTS ARE IN US$, unless otherwise indicated
Mar. 31, 2013
CASH AND CASH EQUIVALENTS (millions) $264
LONG TERM DEBT (millions) $800
AVAILABLE CREDIT FACILITIES $1.2 Billion
COMMON SHARES OUTSTANDING, BASIC (Q1’13 Weighted average, millions) 172.3
COMMON SHARES OUTSTANDING, FULLY DILUTED (Q1’13 Weighted average, millions) 172.6
Long-Term Debt Maturities
2017 2020 2022 2024
Notes Outstanding (millions) $115 $360 $225 $100
Coupon 6.13% 6.67% 5.93% 5.02%
MODERATE, ACHIEVABLE PRODUCTION GROWTH Low political risk, mining-friendly jurisdictions
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100,000
300,000
500,000
700,000
900,000
1,100,000
1,300,000
2008A 2009A 2010A 2011A 2012A 2013E 2014E 2015E
Actual Estimate
Payable Gold Production Profile (oz)
GENERATING NET FREE CASH FLOW Well positioned to fund growth plans and dividends
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$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
2008A 2009A 2010A 2011A 2012A 2013E 2014 2015
Actual Estimate
Capital Expenditures (US$ 000’s)
Illustrative Ongoing Re-Investment
Estimate for projects not yet approved
~ $350M Sustaining Capital and Capitalized Exploration
~ $250M
OPERATIONS
LARONDE Ramp up at lower mine on track
• Q1 2013 production of 39,073 oz gold at total cash costs per ounce of $718
• Additional cooling capacity expected to be installed in 4Q 2013 • Positive for operating flexibility
and production • Approximately 60% of ore in Q1 2013
sourced from deeper mine • Value of ore per tonne approximately
50% higher over life mine versus 2012
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P&P GOLD RESERVES (million oz) 4.2
AVERAGE GOLD RESERVE GRADE (g/t) 4.5
Indicated resource (million oz) (5.4 M tonnes @ 1.88 g/t) 0.3
Inferred resource (million oz) (11.9 M tonnes @ 3.73 g/t) 1.4
Estimated LOM (years) 14
2013 exploration budget (LaRonde & regional) $2M
See AEM Feb 13, 2013 press release for detailed breakdown of reserves and resources.
$0M
$80M
$160M
$240M
2010 2011 2012
Cash Operating Margin
LAPA Continues to deliver steady operating results
• Q1 2013 production of 26,868 oz gold at total cash costs per ounce of $680
• Optimization led to increased mill throughput on a year over year basis
• Ongoing exploration could extend the mine life beyond 2016
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$0M
$40M
$80M
$120M
2010 2011 2012
Cash Operating Margin
P&P GOLD RESERVES (million oz) 0.4
AVERAGE GOLD RESERVE GRADE (g/t) 6.0
Indicated resource (million oz) (1.1 M tonnes @ 4.08 g/t) 0.2
Inferred resource (million oz) (0.9 M tonnes @ 6.69 g/t) 0.2
Estimated LOM (years) 3
2013 exploration budget $3M
See AEM Feb 13, 2013 press release for detailed breakdown of reserves and resources.
KITTILA Record quarterly recoveries of 92%; Scheduled maintenance to take longer than planned
• Q1 2013 production of 43,145 oz gold at total cash costs per ounce of $624
• Scheduled maintenance for Q2 2013 now extended to include complete relining of the autoclave – production anticipated to resume late June
• Expected to reduce 2013 production by 10,000 to 15,000 oz and increase total cash costs for the Company by $10/oz
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$0M
$80M
$160M
$240M
2010 2011 2012
Cash Operating Margin
P&P GOLD RESERVES (million oz) 4.8
AVERAGE GOLD RESERVE GRADE (g/t) 4.5
Indicated resource (million oz) (7.8 M tonnes @ 2.65 g/t) 0.7
Inferred resource (million oz) (19.0 M tonnes @ 3.88 g/t) 2.4
Estimated LOM (years) 26
2013 exploration budget $7M
See AEM Feb 13, 2013 press release for detailed breakdown of reserves and resources.
MEXICO – PINOS ALTOS & CRESTON MASCOTA Creston Mascota leaching resumes ahead of schedule.
• Q1 2013 production of 46,071 oz gold at total cash cost of US$300/oz*
• Leaching resumed on the Phase 2 pad at Creston Mascota in March 2013, one month ahead of schedule. • Production at Creston Mascota expected
to ramp up gradually through year-end • Shaft sinking proceeding on time and
on budget
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P&P GOLD RESERVES (million oz) 2.7
AVERAGE GOLD RESERVE GRADE (g/t) 2.2
Indicated resource (million oz) (17.9 M tonnes @ 1.52 g/t) 0.9
Inferred resource (million oz) (24.6 M tonnes @ 1.19 g/t) 0.9
Estimated LOM (years) 16
2013 exploration budget $9M
See AEM Feb 13, 2013 press release for detailed breakdown of reserves and resources.
$0M
$80M
$160M
$240M
$320M
2010 2011 2012
Cash Operating Margin
*Total cash costs per ounce of gold produced and minesite costs per tonne for the Creston Mascota deposit at Pinos Altos are excluded in Q1 2013 due to suspension of heap leach operations effective October 1, 2012.
MEADOWBANK Record quarterly mill throughput
• Q1 2013 production of 81,818 oz gold at a total cash cost of $1,069/oz. • Record quarterly throughput of 11,320
tpd • Production expected to be higher in H2
2013 due to higher anticipated grades
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P&P GOLD RESERVES (million oz) 2.3
AVERAGE GOLD RESERVE GRADE (g/t) 2.8
Measured & Indicated resource (million oz) (10.3 M tonnes @ 2.49 g/t) 0.8
Inferred resource (million oz) (3.6 M tonnes @ 3.81 g/t) 0.4
Estimated LOM (years) 6
2013 exploration budget $4M
See AEM Feb 13, 2013 press release for detailed breakdown of reserves and resources.
$0M
$80M
$160M
$240M
$320M
2010 2011 2012
Cash Operating Margin
DEVELOPMENT
LA INDIA Commissioning expected to start by year-end 2013
• Construction proceeding well and on budget • Commercial production expected in 1Q
2014, one quarter ahead of schedule • Estimated annual gold production of
approx. 90 koz @ average total cash costs of approx. $500/oz
• Open pit, heap leach mine, with stripping ratio of 1:1
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PROBABLE GOLD RESERVES (million oz) 0.8
AVERAGE GOLD RESERVE GRADE (g/t) 0.7
Indicated gold resource (million oz) (43.2 M tonnes @ 0.4 g/t) 0.6
Inferred gold resource (million oz) (81 M tonnes @ 0.4 g/t) 1.0
Estimated LOM (years) 8
See AEM Feb 13, 2013 press release for detailed breakdown of reserves and resources.
GOLDEX Initial production expected in Q4 2013
• Expected 2013 production - 15,000 oz, two quarters ahead of schedule
• Initial focus on the M & E satellite zones – GEZ remains suspended
• Technical studies are underway on several other satellite zones with results expected by year-end
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P&P GOLD RESERVES (million oz) 0.35
AVERAGE GOLD RESERVE GRADE (g/t) 1.6
Measured & Indicated gold resource (million oz) (27.2 M tonnes @ 1.8 g/t) 1.6
Inferred gold resource (million oz) (34.6 M tonnes @ 1.5 g/t) 1.7
Estimated LOM (years) 4
See AEM Feb 13, 2013 press release for detailed breakdown of reserves and resources.
SOUND BUSINESS CONTINUES TO DELIVER No change in strategy or focus
• AEM continues to be among industry leaders in per share reserves, production, cash flows and dividends
• Meaningful near-term production growth driven by LaRonde, La India and Goldex, with manageable, fully funded capex
• Solid, achievable production and cost guidance • 22% production growth 2013–2015 at stable costs
• Business generating strong cash flows in regions of low political risk • Allocated to dividends, exploration and investing in strategic assets
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0%
500%
1000%
1500%
12/31/1997 5/18/2000 10/10/2002 3/01/2005 7/19/2007 12/03/2009 4/23/2012
15-Year Indexed Price Performance
AEM-NYSE XAU Spot Gold
APPENDIX
COST EFFECTIVE EXPLORATION REFLECTS SUCCESSFUL M&A STRATEGY Significant exploration results at acquired properties
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0
3,000
6,000
9,000Ki
ttila
'05
Kitt
ila '1
2
Pino
sAl
tos '
06
Pino
sAl
tos '
12
Mea
dow
bank
'07
Mea
dow
bank
'12
Mel
iadi
ne'1
0
Mel
iadi
ne'1
2
La In
dia
'11
La In
dia
'12
Mined
Proven &ProbableMeasured &IndicatedInferred
+1105 koz
+5644 koz
+3161 koz
+3085 koz
+1097 koz
$54 $43
$173
$121
$186
$18 $27 $48
$26 $10
$0
$50
$100
$150
$200
Kittila Pinos Altos Meadowbank Meliadine La India
Purchase Cost per OzDiscovery Cost per Oz
Note: The terms “measured resources”, “indicated resources” and “inferred resources” are not recognized under the SEC guidelines. Detailed information can be found in the February 13, 2013 press release.
OPERATING METRICS
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$0/t
$20/t
$40/t
$60/t
$80/t
$100/t
$120/t
$140/t
4,000tpd
4,500tpd
5,000tpd
5,500tpd
6,000tpd
6,500tpd
7,000tpd
7,500tpd
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13
LaRonde - Ore milled ('000 tonnes) LaRonde - Minesite costs per tonne (C$)
$50/t
$70/t
$90/t
$110/t
$130/t
$150/t
$170/t
1,400tpd
1,450tpd
1,500tpd
1,550tpd
1,600tpd
1,650tpd
1,700tpd
1,750tpd
1,800tpd
1,850tpd
1,900tpd
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13
Lapa - Ore milled ('000 tonnes)
Lapa - Minesite costs per tonne (C$)
Lapa
LaRonde
OPERATING METRICS
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€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
4,000tpd
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13
Kittila - Ore milled('000 tonnes) Kittila - Minesite costs per tonne (EUR)
$0/t
$20/t
$40/t
$60/t
$80/t
$100/t
$120/t
$140/t
0tpd
2,000tpd
4,000tpd
6,000tpd
8,000tpd
10,000tpd
12,000tpd
Q1
11
Q2
11
Q3
11
Q4
11
Q1
12
Q2
12
Q3
12
Q4
12
Q1
13
Meadowbank - Ore milled ('000 tonnes) Meadowbank - Minesite costs per tonne (C$)
$0/t
$10/t
$20/t
$30/t
$40/t
$50/t
$60/t
4,000tpd
4,200tpd
4,400tpd
4,600tpd
4,800tpd
5,000tpd
5,200tpd
5,400tpd
Q1
11
Q2
11
Q3
11
Q4
11
Q1
12
Q2
12
Q3
12
Q4
12
Q1
13
Pinos Altos - Ore milled ('000 tonnes) Pinos Altos - Minesite costs per tonne (USD$)
Kittila
Pinos Altos Meadowbank
GOLD AND SILVER RESERVES AND RESOURCES December 31, 2012
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Gold
Tonnes (000’s)
Gold (g/t)
Gold (ounces)
(000’s)
Proven 13,836 3.13 1,394
Probable 170,300 3.16 17,286
Total Reserves 184,136 3.16 18,681
Measured & Indicated 140,995 1.79 8,104
Inferred 199,503 1.90 12,159
Silver
Tonnes (000’s)
Silver
(g/t)
Silver (ounces)
(000’s)
Proven 9,390 47.30 14,281
Probable 57,536 43.93 81,256
Total Reserves 66,926 44.40 95,537
Measured & Indicated 23,379 31.95 24,015
Inferred 36,479 20.66 24,228
See AEM Feb 13, 2013 press release for detailed breakdown of reserves and resources. Reserves are not a subset of resources.
COPPER, ZINC AND LEAD RESERVES AND RESOURCES December 31, 2012
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See AEM Feb 13, 2013 press release for detailed breakdown of reserves and resources. Reserves are not a subset of resources.
Copper Tonnes (000’s)
Copper (%)
Copper (tonnes)
Proven 6,323 0.30 18,744
Probable 22,462 0.24 53,835
Total Reserves 28,786 0.25 72,580
Indicated 5,432 0.12 6,644
Inferred 11,887 0.25 29,317
Zinc Tonnes (000’s)
Zinc (%)
Zinc (tonnes)
Proven 6,323 1.06 67,211
Probable 22,462 0.68 152,973
Total Reserves 28,786 0.76 220,184
Indicated 5,432 1.50 81,551
Inferred 11,887 0.58 69,048
Lead Tonnes (000’s)
Lead (%)
Lead (tonnes)
Proven 6,323 0.12 7,738
Probable 22,462 0.05 10,304
Total Reserves 28,786 0.06 18,042
Indicated 5,432 0.15 8,071
Inferred 11,887 0.05 5,375
NOTES TO INVESTORS REGARDING THE USE OF RESOURCES Cautionary Note to Investors Concerning Estimates of Measured and Indicated Resources This document uses the terms “measured resources” and “indicated resources”. We advise investors that while those terms are recognized and required by Canadian regulations, the SEC does not recognize them. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. Cautionary Note to Investors Concerning Estimates of Inferred Resources This document also uses the term “inferred resources”. We advise investors that while this term is recognized and required by Canadian regulations, the SEC does not recognize it. “Inferred resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable. Scientific and Technical Data Agnico-Eagle Mines Limited is reporting mineral resource and reserve estimates in accordance with the CIM guidelines for the estimation, classification and reporting of resources and reserves. Cautionary Note To U.S. Investors – The SEC permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. Agnico-Eagle uses certain terms in this press release, such as “measured”, “indicated”, and “inferred”, and “resources” that the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 20-F, which may be obtained from us, or from the SEC’s website at: http://sec.gov/edgar.shtml. A “final” or “bankable” feasibility study is required to meet the requirements to designate reserves under Industry Guide 7. Estimates for all properties were calculated using historic three-year average metals prices and foreign exchange rates in accordance with the SEC Industry Guide 7. Industry Guide 7 requires the use of prices that reflect current economic conditions at the time of reserve determination, which the Staff of the SEC has interpreted to mean historic three-year average prices. The assumptions used for the mineral reserves and resources estimates at the Lapa, Meadowbank and Creston Mascota mines and the Goldex and Meliadine projects reported by the Company on February 13, 2013 are based on three-year average prices for the period ending December 31, 2012 of $1,490 per ounce gold, $29.00 per ounce silver, $0.95 per pound zinc, $3.67 per pound copper, $1.00 per pound lead and C$/US$, US$/Euro and MXP/US$ exchange rates of 1.00, 1.34 and 12.75, respectively. The assumptions used for the mineral reserves and resources estimates at the LaRonde, Pinos Altos and Kittila mines and the La India and Tarachi projects reported by the Company on February 13, 2013 were based on three-year average prices for the period ending June 30, 2012 of $1,345 per ounce gold, $25.00 per ounce silver, $0.95 per pound zinc, $3.49 per pound copper, $0.99 per pound lead and C$/US$, US$/Euro and MXP/US$ exchange rates of 1.00, 1.30 and 13.00, respectively. The Canadian Securities Administrators’ National Instrument 43-101 (“NI 43-101”) requires mining companies to disclose reserves and resources using the subcategories of “proven” reserves, “probable” reserves, “measured” resources, “indicated” resources and “inferred” resources. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
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NOTES TO INVESTORS REGARDING THE USE OF RESOURCES A mineral reserve is the economically mineable part of a measured or indicated mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified. A mineral reserve includes diluting materials and allows for losses that may occur when the material is mined. A proven mineral reserve is the economically mineable part of a measured mineral resource demonstrated by at least a preliminary feasibility study. A probable mineral reserve is the economically mineable part of an indicated, and in some circumstances, a measured mineral resource demonstrated by at least a preliminary feasibility study. A mineral resource is a concentration or occurrence of natural, solid, inorganic material, or natural solid fossilized organic material including base and precious metals in or on the Earth’s crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge. A measured mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough to confirm both geological and grade continuity. An indicated mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed. An inferred mineral resource is that part of a mineral resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. Mineral resources which are not mineral reserves do not have demonstrated economic viability. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable. A Feasibility Study is a comprehensive technical and economic study of the selected development option for a mineral project that includes appropriately detailed assessments of realistically assumed mining, processing, metallurgical, economic, marketing, legal, environmental, social and governmental considerations together with any other relevant operational factors and detailed financial analysis, that are necessary to demonstrate at the time of reporting that extraction is reasonably justified (economically mineable). The results of the study may reasonably serve as the basis for a final decision by a proponent or financial institution to proceed with, or finance, the development of the project. The confidence level of the study will be higher than that of a Pre-Feasibility Study. The effective date for all of the Company’s mineral resource and reserve estimates in this press release is December 31, 2012. Additional information about each of the mineral projects that is required by NI 43-101, sections 3.2 and 3.3 and paragraphs 3.4 (a), (c) and (d) can be found in the Technical Reports referred to above, which may be found at www.sedar.com. Other important operating information can be found in the Company’s Form 20-F and this news release dated February 13, 2013. Alain Blackburn, a Qualified Person and the Company’s Senior Vice-President, Exploration, reviewed the technical information disclosed herein.
agnicoeagle.com 27
agnicoeagle.com
Trading Symbol: AEM on TSX & NYSE
Investor Relations: 416-847-8665 info@agnicoeagle.com
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