January 2013 corporate update

AGNICO EAGLE MINES LIMITEDAGNICO-EAGLE MINES LIMITED

Corporate Updatep pJanuary 2013

Forward Looking Statements

The information in this document has been prepared as at January 18, 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 lookinginformation 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 internalrates 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, includingestimates of exploration, development and production and other capital costs, and estimates of the timing of such exploration, developmentand production or decisions with respect to such exploration, development and production; estimates of reserves and resources, andstatements and information regarding anticipated future exploration; the anticipated timing of events with respect to the Company's mine sitesand statements and information regarding the sufficiency of the Company's cash resources. Such statements and information reflect theCompany's views as at the date of this document and are subject to certain risks uncertainties and assumptions and undue reliance shouldCompany s views as at the date of this document and are subject to certain risks, uncertainties and assumptions, and undue reliance shouldnot be placed on such statements and information. Many factors, known and unknown could cause the actual results to be materially differentfrom those expressed or implied by such forward looking statements and information. Such risks include, but are not limited to: the volatility ofprices 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; costof exploration and development programs; mining risks; community protests; risks associated with foreign operations; governmental andenvironmental regulation; the volatility of the Company's stock price; and risks associated with the Company's byproduct metal derivativeg ; y p y p ; p y ypstrategies. For a more detailed discussion of such risks and other factors that may affect the Company’s ability to achieve the expectationsset forth in the forward-looking statements contained in this document, see the Company's Annual Report on Form 20-F for the year endedDecember 31, 2011, as well as the Company's other filings with the Canadian Securities Administrators and the U.S. Securities andExchange Commission. The Company does not intend, and does not assume any obligation, to update these forward-looking statements andinformation. Alain Blackburn, a Qualified Person and the Company’s Senior Vice-President, Exploration, reviewed the technical informationdisclosed herein. For a detailed breakdown of the Company’s reserve and resource position see the February 15, 2012 press release on theC ’ b it Th t l l li t th Q lifi d P f h j tCompany’s website. That press release also lists the Qualified Persons for each project.

2

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 measuresunder United States generally accepted accounting principles ("US GAAP"). This data may not be comparable to data presented by othergold producers. These future estimates are based upon the total cash costs per ounce and minesite costs per tonne that the Companyexpects to incur to mine gold at the applicable projects and do not include production costs attributable to accretion expense and otherasset retirement costs which will vary over time as each project is developed and mined It is therefore not practicable to reconcile theseasset retirement costs, which will vary over time as each project is developed and mined. It is therefore not practicable to reconcile theseforward-looking non-GAAP financial measures to the most comparable GAAP measure. A reconciliation of the Company's total cash costper ounce and minesite cost per tonne to the most comparable financial measures calculated and presented in accordance with USGAAP for the Company's historical results of operations is set forth in the notes to the financial statements included in the Company'sAnnual Information Form and Annual Report on Form 20-F, for the year ended December 31, 2011, as well as the Company's otherfilings 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 andforeign exchange rates that are different from those used in the reserve estimates. These factors and others mean that the goldproduction guidance presented in this disclosure does not reconcile exactly with the production models used to support these mineralreserves.

3

2012 – AEM one of the best performing gold equities

Share price increased ~ 40%

Market outperformance driven by better than expected operating results at Meadowbank

Record annual gold production in 2012 Record annual gold production in 2012

Raised quarterly dividend by 10% in December

Announced near-term growth with production decisions at Goldex and La India

Disciplined acquisition strategy

4

Operating Results – Nine Months Record production with improved costs

YTD Sep. 2012

Production (Gold oz)

Total Cash Cost ($/oz)

Gross Operating Margin (US $M)

LaRonde 123,964 514 138

Kittila 130,605 564 133

Lapa 81,570 683 80

Pinos Altos1 182 345 284 236Pinos Altos1 182,345 284 236

Meadowbank 288,792 836 226

Total 807,276 602 $813

YTD Sep. 2012

2012 Forecast (as of Oct 24. 2012)

Gold (oz) 807,276 1,025,0002

YTD Sep. 2012 Revenue By Metal

Silver (000’s oz) 3,450 n.a.

Zinc (t) 29,915 n.a.

Copper (t) 3 312 n a

Gold89%

Silver8%

Base Metals3%

1. Pinos Altos figures include Creston Mascota 2. Adjusted forecast 5

Copper (t) 3,312 n.a.

Total cash costs ($/oz) 602 6602

Financial ResultsStrong earnings and cash flow

Nine months

2012

Nine months

2011

Y/YChange

Total cash costs ($ per ounce) $602 $553 9%

Revenues from mining operations (millions) $1,468 $1,366 7%

Net income ( illi ) $228 $32 603%Net income (millions) $228 $32 603%

Net income per share (basic) $1.33 $0.19 600%

Cash provided by operating activities (millions) $590 $535 10%y g

Pinos Altos Meadowbank

YTD 2012 Total Operating Margin - $813M

29% Meadowbank28%

Laronde17%

Lapa10%

Kittila16%

6

Financial PositionStrong, liquid balance sheet

ALL AMOUNTS ARE IN US$, unless otherwise indicated Sep. 30, 2012

CASH AND CASH EQUIVALENTS (millions) $321

LONG TERM DEBT (millions) $800

AVAILABLE CREDIT FACILITIES $1 2 BilliAVAILABLE CREDIT FACILITIES $1.2 Billion

COMMON SHARES OUTSTANDING, BASIC (Q3’12 Weighted average, millions) 171

COMMON SHARES OUTSTANDING, FULLY DILUTED (Q3’12 Weighted average, millions) 172

7

Generating Net Free Cash Flow Cash flow to fund dividend and growth plans

Capital Expenditures (US$ 000's)

$1,000,000

$1,200,000

Approximate Average EBITDA*

$600,000

$800,000Illustrative Ongoing

Re‐Investment

$200 000

$400,000

$ ,

$0

$200,000

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

Actual EstimateActual Estimate

* Approximate average EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) estimate for illustrative purposes using $1700/oz gold, $32/oz silver, $2000/t zinc, C$/US$ 1.00, 1.35USD/€ 8

2013 – “Building for the next leg of growth”

Current guidance calls for production of 990,000 ounces in 2013.

Transition to higher grade, deeper part of the mine continuing at Laronde.

Constructing La India and Goldex – commercial production expected by mid-2014

25% expansion study at Kittila expected to be complete in Q1’13.

Updated Meliadine feasibility study expected in early 2014.

9

Upcoming News Flow

February 13, 2013

Q4 Results

New reserve/resource estimates New reserve/resource estimates

Updated three-year production and cost guidance

Kittila expansion study – Q1’13

Q1’13 results – April 25p

Annual General Meeting – April 26

10

Exploration and Developmentp p

La India & Tarachi ProjectsFive high priority targets on AEM’s 56,000 ha property

12

La India Commercial Production Expected in H2 2014

P&P GOLD RESERVES (million oz)(45 M tonnes @ 0.7g/t)

0.9

AVERAGE GOLD RESERVE GRADE (g/t) 0.7(g )

Indicated gold resource (million oz)(27 M tonnes @ 0.5g/t)

0.4

Inferred gold resource (million oz)(103 M tonnes @ 0.3g/t)

1.1

Est. LOM (years) 8

Note: La India reserves and resource estimate is as of June 30, 2012, disclosed in AEM September 4, 2012 press release.

Estimated annual gold production of g papprox. 90 koz @ average total cash costs of approx. $500/ozOpen pit, heap leach mine, with stripping ratio of 1:1stripping ratio of 1:1Estimated total construction capital costs of $158MEstimated after-tax internal rate of ret rn 31%*

* Assumes $1379/oz gold, $26.49/oz silver, 13.00 MXP per USD

return – 31%*

13

La India – Infill Drilling Confirming Grades And Widths

North ZoneNorth Zone

2.13 g/t Au / 46.4 m

4.17 g/t Au / 9.1 m1.76 g/t Au / 15.2 m

2.15 g/t Au / 17.7 m

La India PitLa India Pit

0.95 g/t Au / 30.3 m

Main ZoneMain Zone

1.05 g/t Au / 25.0 m

14

Tarachi Deposit - exploration potential still unfolding

Tarachi is believed to be a gold porphyry which is locatedporphyry which is located about 10 km north of La India.

Current indicated resource of 0.4 million ounces (21.5 M tonnes at 0.6 g/t gold).

0.68 g/t Au / 29.0 m

2012 exploration demonstrated that the mineralized envelope is larger and more continuous.

Initial metallurgical testing

Mineralized envelope

g

0.6 g/t Au / 107.0 m0.4 g/t Au / 230.0 mIncl. 0.8 g/t Au / 61.0 m

0.4 g/t Au / 169.0 m

1 77 g/t Au / 18 0 m0.64 g/t Au / 52.0 m

Initial metallurgical testing planned for 2013.

1.77 g/t Au / 18.0 m

0.9 g/t Au / 244.0 m0.9 g/t Au / 253.0 m

Incl. 1.5 g/t Au / 117.0 m

15

Goldex – Commercial Production Expected in Q2 2014CM & E satellite zones will be the initial focus. Significant resource remains.

M & E satellite zones have been approved for construction following extensive review – GEZ

P&P GOLD RESERVES (million oz)(6.5 M tonnes @ 1.5 g/t)

0.3

AVERAGE GOLD RESERVE GRADE (g/t) 1.5

Measured & Indicated gold resource (million oz) 1 7g

remains suspendedFeasibility study parameters for M & E zones:

Measured & Indicated gold resource (million oz)(30.4 M tonnes @ 1.8 g/t)

1.7

Inferred gold resource (million oz)(31.1 M tonnes @ 1.6 g/t)

1.6

Est. LOM (years) 4

See Oct 14, 2012 Technical Report for detailed breakdown of reserves and resources.

Daily Throughput 5,100 tpd

Gold Grade 1.5 g/t

LOM Gold Prod’n to 2017 300,000 oz

Minesite Cost C$41 per tonne

Total Cash Costs $900 per ounce

Lif f Mi 4Life of Mine 4 years

Net Free Cash Flow $70 million

16

Hanhimaa Project – could have similar potential to Kittila

Can earn up to 70% interest from Dragon Mining.

360 km2 property covers the north‐south Hanhimaa shear zone.

Previous exploration by Dragon outlined several goldDragon outlined several gold prospects.

At Kilmalaki, drilling by Dragon yielded intercepts including 11.7 metres core length at

/ ld d4.48 g/t gold and 7.5 metres core length at 5.88 g/t gold.

17

Kittila’s Rimpi Zone Extended With High-grade Step-out Intercepts

RIE120128.3 g/t Au/ 35.3 m

RIE120163.8 g/t Au/ 5.4 m6.4 g/t Au/ 3.0 m4.3 g/t Au/ 7.5 m

RIE12016B5.6 g/t Au/ 40.0 mIncl. 10.2 g/t Au/ 9.2 m

RIE11019B3.9 g/t Au/ 14.3 m

Incl. 6.9 g/t Au/ 7.7 m 3.9 g/t Au/ 5.8 m

18

Meliadine Project – 80 km long property position

19

MeliadinePermitting and road construction underway

Updated feasibility study expected in early 2014Exploration success at Wesmeg

P&P GOLD RESERVES (million oz)(12.5 M tonnes @ 7.2 g/t) 2.9

AVERAGE GOLD RESERVE GRADE (g/t) 7 2Exploration success at Wesmeg, Normeg improving open pit and underground production scenariosRecent exploration results at P F Z d

AVERAGE GOLD RESERVE GRADE (g/t) 7.2

Indicated gold resource (million oz)(12.6 M tonnes @ 4.1 g/t) 1.7

Inferred gold resource (million oz)(12 7 M tonnes @ 6 0 g/t) 2.4

Pump, F Zone and Wesmeg/Normeg expected to add meaningful reserve and resource ounces at year-end

(12.7 M tonnes @ 6.0 g/t)

2012 exploration budget $40M

See AEM Feb 15, 2012 press release for detailed breakdown of reserves and resources.

20

Meliadine Project Continues to GrowPlan view of mineralized zones

21

Wesmeg & Normeg Show Significant Resource GrowthComposite Longitudinal Section

M12‐1806 7.3 g/t Au / 11.5 mIncl. 23.3 g/t Au / 2.9 m

M12‐17947.2 g/t Au / 7.9 mIncl. 12.1 g/t Au / 3.0 m

M12‐18226.0 g/t Au / 3.9 m

M12‐179411.3 g/t Au / 4.3 m

5 km 5 km

2011

M12‐177510.3 g/t Au / 3.8 m18.8 g/t Au / 3.2 m

M12‐176513.7 g/t Au / 2.6 m

M12‐184011.5 g/t Au / 3.0 m

M12‐18005.4 g/t Au / 6.3 mIncl 7 7 g/t Au / 3 6 m

M12‐18435.1 g/t Au / 9.3 m8.8 g/t Au / 3. m13.7 g/t Au / 2.6 m .5 g/t Au / 3.0 mIncl. 7.7 g/t Au / 3.6 m 5.1 g/t Au / 9.3 m

22

Tiriganiaq Deposit Remains Open for ExpansionComposite Longitudinal Section

M12‐17598.9 g/t Au / 6.5 m

M12‐172512.6 g/t Au / 9.7 mIncl. 21.4 g/t Au / 5.1 m

M12‐1371B13.2 g/t Au / 6.5 m14.0 g/t Au / 6.9 m

M12‐15898.1 g/t Au / 3.2 m6.0 g/t Au / 6.8 m

M12‐172216.9 g/t Au / 2.7 m

M12‐175018.0 g/t Au / 6.1 m27.0 g/t Au / 4.7 m

M12‐17646.5 g/t Au / 6.2 mI l 9 3 / A / 3 7

M12‐168814.0 g/t Au / 6.6 m9 1 / A / 16 0

M12‐179113.8 g/t Au / 4.0 m

M12‐164410.9 g/t Au / 10.0 mI l 15 9 /t A / 5 1

M12‐172920.8 g/t Au / 3.3 m

Incl. 9.3 g/t Au / 3.7 m 9.1 g/t Au / 16.0 mIncl. 15.9 g/t Au / 5.1 m

23

Operationsp

LaRonde Transition period to lower mine extended

Gold production to Sept 30, 2012 of 123,964 oz at total cash costs of $514 per ounce


AVERAGE GOLD RESERVE GRADE (g/t) 4.4ounce Q3’12 gold grade 2.5 g/t vs. 1.7 g/t in Q3’11 Heat, congestion and lack of flexibility

extend production ramp-up period through


Inferred gold resource (million oz)(11.4 M tonnes @ 3.7 g/t) 1.3

2015; Life of mine profile remains unchanged

Value of ore per tonne approximately 50% higher over life of mine versus 2012 See AEM Feb 15, 2012 press release for detailed breakdown of reserves and resources.

Estimated LOM (years) 15

2012 exploration budget (LaRonde & Regional) $1M

higher over life of mine versus 2012

$60M

$75M Cash Operating Margin

$30M

$45M

$60M

25$0M

$15M

Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12

LapaStable production and cost control continues

Gold production to Sept 30, 2012 of 81,570 oz at total cash costs per ounce of $683


AVERAGE GOLD RESERVE GRADE (g/t) 6.5of $683

Anticipated life of mine extended into 2016

Underground exploration drifts to east



Underground exploration drifts to east and west will provide access to drill targets that could extend mine life





$20M

26$0M

Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12

Kittila Record quarterly production at low costs

Q3’12 gold production – a record 48,619 oz at total cash costs of $478 per ounce


AVERAGE GOLD RESERVE GRADE (g/t) 4.7p

Initial 25% expansion study expected in Q1’13

Good exploration results at Rimpi



p psuggest potential for ongoing phased expansions

Transitioning fully to underground operations in 2013; Expecting higher




operations in 2013; Expecting higher unit costs


$25M

$40M

27$10M

Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12

Mexico - Pinos Altos & Creston MascotaStrong Q3 production at record low cash costs

Q3’12 gold production of 61,973 oz at record low total cash costs per ounce of $212


AVERAGE GOLD RESERVE GRADE (g/t) 2.1$212

La India expected to add to production profile in 2014

Production delays at Creston Mascota;


Inferred gold resource (million oz)(16.8 M tonnes @ 1.1 g/t ) 0.8

Production delays at Creston Mascota; Ramp-up to resume in Q2 2013 Estimated LOM (years) 18




$60M

$80M

28$40M

Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12

MeadowbankRecord production and operating profit

Record gold production in Q3’12 of 110,988 oz at total cash costs per ounce of $734


AVERAGE GOLD RESERVE GRADE (g/t) 2.8ounce of $734

De-risked mine plan continuing to hit/exceed targets on throughput (10,902 tpd in Q3’12) and grade (3.7

Indicated resource (million oz)(17.2 M tonnes @ 2.4 g/t) 1.3

Inferred resource (million oz)(3.7 M tonnes @ 3.8 g/t) 0.5

g/t in Q3’12) Estimated LOM (years) 6



$100MCash Operating Margin

$60M

$80M

29$20M

$40M

Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12

Appendix

30

Operating Metrics

$120/t

$140/t

7,000tpd

7,500tpd

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

$20/t

$40/t

$60/t

$80/t

$100/t

4,500tpd

5,000tpd

5,500tpd

6,000tpd

6,500tpd

$0/t4,000tpdQ3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12

$170/t2,000tpd

Lapa - Ore milled ('000 tonnes)

Lapa - Minesite costs per tonne (C$)Lapa

$110/t

$130/t

$150/t

1,000tpd

1,200tpd

1,400tpd

1,600tpd

1,800tpd

$50/t

$70/t

$90/t

0tpd

200tpd

400tpd

600tpd

800tpd

pQ3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12

31

Operating Metrics

€75/t€80/t€85/t

3,000tpd

3,500tpd

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

€45/t€50/t€55/t€60/t€65/t€70/t

500tpd

1,000tpd

1,500tpd

2,000tpd

2,500tpd

€40/t0tpdQ3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12

$140/t12,000tpdPinos Altos Meadowbank

$60/t6,000tpd

$80/t

$100/t

$120/t

6,000tpd

8,000tpd

10,000tpd

$30/t

$40/t

$50/t

3,000tpd

4,000tpd

5,000tpd

$0/t

$20/t

$40/t

$60/t

0tpd

2,000tpd

4,000tpd

$0/t

$10/t

$20/t

0tpd

1,000tpd

2,000tpd

Q3

10

Q4

10

Q1

11

Q2

11

Q3

11

Q4

11

Q1

12

Q2

12

Q3

12

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

32

Q3

10

Q4

10

Q1

11

Q2

11

Q3

11

Q4

11

Q1

12

Q2

12

Q3

12

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

Gold and Silver Reserves and ResourcesDecember 31, 2011

GoldTonnes (000’s)

Gold (g/t)

Gold(ounces)

(000’s)Silver

Tonnes (000’s)

Silver (g/t)

Silver(ounces)

(000’s)(000 s)

Proven 11,029 2.80 994

(000 s)

Proven 7,318 45.35 10,670

Probable 146,057 3.78 17,757 Probable 72,693 45.06 105,319

Total Reserves 157,086 3.71 18,750

Measured & 168 336 1 78 9 633

Total Reserves 80,011 45.09 115,989

Measured & 27 801 27 24 24 344Indicated 168,336 1.78 9,633

Inferred 131,216 2.30 9,712

Indicated 27,801 27.24 24,344

Inferred 34,513 19.00 21,082

See AEM Feb 15, 2012 press release for detailed breakdown of reserves and resources. Reserves are not a subset of resources.

Copper, Zinc and Lead Reserves and ResourcesDecember 31, 2011

Copper Tonnes (000’s)

Copper(%)

Copper(tonnes) Zinc Tonnes

(000’s)Zinc

(%)Zinc

(tonnes) Lead Tonnes (000’s)

Lead(%)

Lead(tonnes)( ) (%) ( )

Proven 5,331 0.28 15,025

( ) (%) ( )

Proven 5,331 2.04 108,626

( ) (%) ( )

Proven 5,331 0.23 12,391

Probable 27,901 0.27 76,160 Probable 27,901 0.77 215,522 Probable 27,901 0.05 13,441

Total Reserves 33,232 0.27 91,184

I di t d 7 225 0 12 8 629

Total Reserves 33,232 0.98 324,149

I di t d 7 225 1 49 107 338

Total Reserves 33,232 0.08 25,832

I di t d 7 225 0 15 11 127Indicated 7,225 0.12 8,629

Inferred 11,400 0.26 29,664

Indicated 7,225 1.49 107,338

Inferred 11,400 0.44 49,745

Indicated 7,225 0.15 11,127

Inferred 11,400 0.05 5,138

34See AEM Feb 15, 2012 press release for detailed breakdown of reserves and resources. Reserves are not a subset of resources

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 requiredby Canadian regulations the SEC does not recognize them Investors are cautioned not to assume that any part or all of mineral deposits in theseby Canadian regulations, the SEC does not recognize them. Investors are cautioned not to assume that any part or all of mineral deposits in thesecategories 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, theSEC does not recognize it. "Inferred resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic andlegal 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 ruleslegal 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 toassume 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 andreporting of resources and reserves.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 acompany 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 areurged 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 SECIndustry Guide 7. Industry Guide 7 requires the use of prices that reflect current economic conditions at the time of reserve determination, which the Staffof the SEC has interpreted to mean historic three-year average prices. The assumptions used for the mineral reserves and resources estimates reportedby the Company on February 15, 2012 were based on three-year average prices for the period ending December 31, 2011 of $1,255 per ounce gold,$23.00 per ounce silver, $0.91 per pound zinc, $3.25 per pound copper, $0.95 per pound lead and C$/US$, US$/Euro and MXP/US$ exchange rates of1.05, 1.37 and 12.86, respectively.

The Canadian Securities Administrators’ National Instrument 43-101 (“NI 43-101”) requires mining companies to disclose reserves and resources using thesubcategories of “proven” reserves, “probable” reserves, “measured” resources, “indicated” resources and “inferred” resources. Mineral resources that arenot mineral reserves do not have demonstrated economic viability.

35

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 ofreporting, that economic extraction can be justified. A mineral reserve includes diluting materials and allows for losses that may occur when the material ismined. 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 byA probable mineral reserve is the economically mineable part of an indicated, and in some circumstances, a measured mineral resource demonstrated byat 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 andprecious 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 geologicalevidence and knowledge. A measured mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physicalcharacteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economicparameters to support production planning and evaluation of the economic viability of the deposit The estimate is based on detailed and reliableparameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliableexploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drillholes that are spaced closely enough to confirm both geological and grade continuity. An indicated mineral resource is that part of a mineral resource forwhich quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriateapplication of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is basedon 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 thatpart of a mineral resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonablyassumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriatetechniques from locations such as outcrops, trenches, pits, workings and drill holes. Mineral resources which are not mineral reserves do not havedemonstrated 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 appropriatelydetailed assessments of realistically assumed mining, processing, metallurgical, economic, marketing, legal, environmental, social and governmentaldetailed assessments of realistically assumed mining, processing, metallurgical, economic, marketing, legal, environmental, social and governmentalconsiderations together with any other relevant operational factors and detailed financial analysis, that are necessary to demonstrate at the time of reportingthat extraction is reasonably justified (economically mineable). The results of the study may reasonably serve as the basis for a final decision by aproponent 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 aPre-Feasibility Study.

The effective date for all of the Company’s mineral resource and reserve estimates in this document is December 31, 2011, except for the La India project(June 30, 2012) and the Goldex project (October 14, 2012). Additional information about each of the mineral projects that is required by NI 43-101, sections3 2 and 3 3 and paragraphs 3 4 (a) (c) and (d) can be found in Technical Reports which may be found at www sedar com Other important operating3.2 and 3.3 and paragraphs 3.4 (a), (c) and (d) can be found in Technical Reports, which may be found at www.sedar.com. Other important operatinginformation can be found in the Company’s Form 20-F and its news release dated February 15, 2012.

Alain Blackburn, a Qualified Person and the Company’s Senior Vice-President, Exploration, reviewed the technical information disclosed herein.

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A solid financial position well funded growth projects in regions of low political riskA solid financial position, 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 BoydPresident and

Executive and Registered Office:145 King Street East, Suite 400es de t a d

Chief Executive Officer

David SmithSVP Finance and Chief Financial Officer

Trading Symbol: AEM on TSX & NYSE

5 g St eet ast, Su te 00Toronto, Ontario, Canada, M5C 2Y7Tel: 416‐947‐1212Toll‐Free: 888‐822‐6714 Fax: 416‐367‐4681

Investor Relations:416‐847‐8665info@agnico‐eagle.com

agnico-eagle.com

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January 2013 corporate update