Agnico-Eagle Mines Limitedstrengthening our gold mining business and creating shareholder value” – Sean Boyd, Vice-Chairman and CEO -100% 0% 100% 200% 300% 400% 500% 600% Sep-05

Corporate Update – September 2011

Agnico-Eagle Mines Limited

2

Forward Looking Statements

The information in this document has been prepared as at September 19, 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

54 Years and Counting

Same Strategy

5

AEM Has Created Significant Per Share Value

5

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

– Sean Boyd, Vice-Chairman and CEO

-100%

0%

100%

200%

300%

400%

500%

600%

Sep-05 Mar-06 Sep-06 Mar-07 Sep-07 Mar-08 Sep-08 Mar-09 Sep-09 Mar-10 Sep-10 Mar-11

AEMGoldXAU

6

Creating Per Share Value

Gold Reserves (oz) Per 1,000 Shares

90

110

130

'06 '07 '08 '09 '10 '11E

Increasing Leverage To Gold – In The Ground

Gold reserves (m oz) 21.3

Average reserve grade (g/t) 3.57

Indicated resource (m oz) 6.4

Inferred resource (m oz) 9.8

Est. LOM (years) 21

7

Increasing Leverage To Gold - Produced Creating Per Share Value

0

1

2

3

4

5

6

7

'06 '07 '08 '09 '10 '11E

Payable Gold Production (oz) Per 1,000 Shares

8

Production Per Share Growth Leads to Cash Flow Per Share Growth Creating Per Share Value

$0

$1

$2

$3

$4

'05 '06 '07 '08 '09 '10 '11*

Cash Provided By Operating Activities Per Share ($)

* 2011E CFPS is annualized based on 2011YTD data

9

Increase Reserves Per Share – Recent Acquisitions Early Stage M&A Has Added Shareholder Value

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

10

Capital Allocation Meliadine and internal expansions not included in this estimate

-$100,000

$100,000

$300,000

$500,000

$700,000

$900,000

$1,100,000

$1,300,000

$1,500,000

2007A 2008A 2009A 2010A 2011E 2012E 2013E 2014E 2015E

USD

$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 $1650/oz gold, $35/oz silver, $2350/t zinc, C$0.99/USD, 1.40USD/€

11

Increase Cash Dividends Per Share - A Core Part Of Our Strategy

Creating Per Share Value

Dividends Per Share Dividend Yields (August 29, 2011)

AEM has paid a cash dividend for 29 consecutive years

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

1.4%

1.6%

NEM IAG AEM ABX AUY KGC GG EGO

$0.03

$0.12

$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

Acquisitions Grayd To Add Production Growth

And Exploration Upside

13

Consistent Early Stage M&A Strategy

Deal Terms

C$2.80 per Grayd share – total purchase price of approx. $275M Consideration of up to one third

cash and two thirds AEM shares Maximum share issuance

represents 1.4% of total shares outstanding (f.d.)

Adds 3.4% to AEM’s gold ounces contained in reserves and resources

Lock up agreements with Grayd’s directors and officers

66 2/3% minimum tender condition Bid expiry expected to be mid

November

Low technical risk heap leach project with good exploration potential

La India Project, Sonora, Mexico (Grayd NI 43-101 Resource) Measured & Indicated Resources : 760,000 oz (26.8mt at 0.88 g/t Au) Inferred Resources : 506,000 oz (19.7mt at 0.80 g/t Au ) Grayd resource by QP G. Giroux in a technical report, as of June 15, 2011)

Transaction leverages AEM’s workforce and success in Mexico

14

La India and Tarachi Deposits Grayd is one of the largest land holders in the Mulatos Gold Belt with 54,000 ha

La India Project – Grayd PEA*

■ Conventional open pit / heap leach project with a strip ratio <1.0

■ Estimated gold production – 2014

■ Estimated total CAPEX of $105M

■ Planned production of ~100Koz pa at a cash cost of ~$500/oz

■ Potential mine life of 9 years

Tarachi Project

■ Gold porphyry exploration project

■ Initial resource expected in 2012

*Preliminary Economic Assessment prepared for Grayd by Independent Qualified Persons (under NI 43-101) M. Gray, G. Giroux, J. Gray and M. Smith and filed on December 6, 2010.

Tarachi

La India

Mulatos Mine

15

Regional Exploration Plan 80,000m drilling program proposed over next 3 years

■ TARACHI: large gold porphyry system

■ Gold mineralization mapped and sampled over a 5km strike length and still open

■ Recent drill results include (core length): ■ 117m @ 1.73 g/t Au

■ 88m @ 1.5 g/t Au within 191m grading 0.9 g/t Au



■ REGIONAL TARGETS

■ Salto Colorado: large alteration zones

■ El Pilar: chip samples up to 10g/t Au

■ San Javier: chip samples up to 4g/t Au

Exploration Upside Renewed Focus on Newly Built Mines

17

LaRonde – Bousquet – Ellison Exploration

Bousquet Zone 5

Au (Moz)

Tonnes (000s)

Gold Grade (g/t)

Inferred resources

1.13 18,798 1.87

2011 Exploration Program $4.0 million budgeted

Bousquet Zone 5 Shallow historic open pit and underground production Initial open pit resource Dec’ 10 Potential for open pit mine using LaRonde-Lapa mill capacity Resource conversion and expansion drilling in 2010 Scoping study expected in H2, 2011

LaRonde Extension

Resource potential below current outline

Ellison

Exploration objective to build an initial resource in 2011

18

D zone Au

(M oz) Tonnes (000s)

Gold Grade (g/t)

Inferred resources

0.75 14,361 1.62

3.02 g/t Au / 117.0 m

1.84 g/t Au / 112.5 m

1.48 g/t Au / 76.5 m

1.70 g/t Au / 69.0 m

1.50 g/t Au / 120.0 m incl. 2.40 g/t Au / 61.5 m

2.47 g/t Au / 240.0 m

2.17 g/t Au / 192.0 m

1.70 g/t Au / 192.0 m

2011 Exploration Program $8.4 million budgeted 50 to 100 m thick, approximately 350 m

wide and 500 m height (open in all directions)

Exploration ramp initiated

Grade and thickness higher at depth

Initial mining study by end of 2011

Potential to add to reserves in 2013

Goldex - D Zone Growing at Depth

19

Kittila – Growing Reserves & Resources

7.10 g/t Au / 21.0 m

9.93 g/t Au / 6.2 m

5.98 g/t Au / 7.8 m

9.32 g/t Au / 11.2 m

9.50 g/t Au / 6.0 m

2011 Exploration Program $15.6 million budgeted Suuri – Roura Deep exploration ramp

initiated Suuri – Roura Deep exploration shaft

project under evaluation Latest drilling has potential to

enhance economics of Kittila expansion and shaft projects

20

Meliadine Exploration Upside - 80km Strike Length

Pump Au (Moz)

Tonnes ('000)

Au (g/t)

Inferred Resources 0.10 495 6.29

Tiriganiaq Au (Moz)

Tonnes ('000)

Au (g/t)

Probable Reserves 2.60 9,467 8.54 Indicated Resources 0.81 5,407 4.66 Inferred Resources 1.91 7,883 7.55

Discovery Au (Moz)

Tonnes ('000)

Au (g/t)

Indicated Resources 0.32 1,323 7.41 Inferred Resources 0.14 498 8.97

Wolf Au (Moz)

Tonnes ('000)

Au (g/t)

Indicated Resources 0.02 183 3.79 Inferred Resources 0.16 947 5.24

F zone Au (Moz)

Tonnes ('000)

Au (g/t)

Indicated Resources 0.33 1,895 5.39 Inferred Resources 0.18 1,010 5.62

Wesmeg Au (Moz)

Tonnes ('000)

Au (g/t)

Inferred Resources 0.14 1,000 4.45

Discovery

F Zone

Tiriganiaq Wesmeg Wolf

Pump

2011 Exploration budget $64.8 million for drilling, feasibility and camp Resource to reserve conversion and

expansion underway at Tiriganiaq /Wesmeg

Permitting and preparations for access road construction

Aggressive regional exploration initiated (plans to build new exploration base at Discovery)

6,000 -10,000 tpd feasibility expected 2013

10 km

21

Meliadine Exploration - Tiriganiaq

Tiriganiaq Longitudinal Section

Largest deposit at Meliadine Resource expansion and resource to

reserve conversion drilling underway Underground bulk sampling initiated

Ramp project to test for deeper extensions Potential to add reserves and resources

at Tiriganiaq in 2011

8.62 g/t Au / 19.3 m

10.9 g/t Au / 7.0 m

5.33 g/t Au / 4.2 m

15.14 g/t Au / 5.8 m 16.64 g/t Au / 7.4 m

7.98 g/t Au / 39.3 m

Tiriganiaq Au (Moz)

Tonnes ('000)

Au (g/t)

Probable Reserves 2.60 9,467 8.54 Indicated Resources 0.81 5,407 4.66 Inferred Resources 1.91 7,883 7.55

22

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

22

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

Operations Optimization and Expansion

24

LaRonde – Canada

■ 2011 ■ First half gold production of 64,418 ounces ■ Deep mine development on time and budget

■ 2012-2015 ■ Estimated average annual gold production of 290,000 oz

■ Exploration Focus ■ Additional potential at depth, to the East and to the West ■ Expand and convert resource on Bousquet Zone 5 ■ Defining a gold resource at Ellison (2 km west of LaRonde)

Increasing Gold Output In 2012


Average gold reserve grade (g/t) 4.3



Est. LOM (years) 13

Estimated average LOM production (k oz/yr) 324

2011 exploration budget (LaRonde & regional) $11M

24

25

Goldex – Canada

■ 2011 ■ First half gold production of 80,498 ounces ■ Minesite cost per tonne on budget


■ 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

25





Est. LOM (years) 8

Estimated average production (k oz/yr) 164

2011 exploration budget $6M

26

Lapa – Canada



■ 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

26





Est. LOM (years) 4



27

Kittila – Finland

■ 2011 ■ First half gold production of 71,128 ounces ■ Expansion study expected to be completed Q4 2011;

Targeting 50% increase in production rate


■ Exploration Focus ■ Resource conversion, expansion below Suuri, Roura and

Rimpi and along strike ■ Recent drilling has extended known gold resource

Focus On Optimization And Cost Reduction

27





Est. LOM (years) 22



28

Pinos Altos – Mexico


■ 2012-2015 ■ Estimated average annual gold production of 230,000 oz ■ Increase underground capacity to match mill

■ Exploration Focus ■ Potential to develop satellite deposits

Record Quarterly Gold Production

28


Average gold reserve grade (g/t) 2.3



Est. LOM (years) 16



29

Meadowbank – Canada

■ 2011 ■ First half gold production of 121,113 ounces ■ Secondary crushing plant has increased throughput in Q3 ■ Focus on optimization and cost reduction


■ Exploration Focus ■ Focus on resource conversion and expansion of Vault,

Goose South and Portage

Newest Mine – Largest Gold Producer

29



Measured & Indicated resource (m oz) 1.4


Est. LOM (years) 10



30






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 ■ Recent drilling has extended known gold resource ■ Potential to accelerate underground development to

test deposit at depth

■ Production decision expected in 2013

Fast Growing Gold Reserve And Resource

30

31

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 Q2 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

Q2

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

2,000tpd

Q2

09

Q3

09

Q4

09

Q1

10

Q2

10

Q3

10

Q4

10

Q1

11

Q2

11

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

Goldex Strong throughput keeps unit costs low

Lapa Consistently exceeding design throughput

32

Operating Metrics

€0/t €10/t €20/t €30/t €40/t €50/t €60/t €70/t €80/t €90/t €100/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 Q2 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

Q2

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

Q2

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

33

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

34

Copper, Zinc and Lead Reserves and Resources

*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

December 31, 2010

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 [email protected]

Documents

Agnico-Eagle Mines Limitedstrengthening our gold mining business and creating shareholder value” – Sean Boyd, Vice-Chairman and CEO -100% 0% 100% 200% 300% 400% 500% 600% Sep-05