BofA Global Metals, Mining & SteelVirtual Conference

MAY 18-19, 2021

Forward Looking Statements

The inf ormation in this presentation has been prepared as at May 14, 2021. Certain statements contained in this news release 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 prov incial securities laws and are referred to herein as "forward-looking statements". All statements, other than statements of historical fact, that address circumstances, events, activities or developments that could, or may or will occur are forward looking statements. When used in this news release, the words "anticipate", "could", "estimate", "expect", "f orecast", "f uture", "plan", "possible", "potential", "will" and similar expressions are intended to identify forward-looking statements. Such statements include, without limitation: statements regarding the impact of the COVID-19 pandemic and measures taken to reduce the spread of COVID-19 on the Company 's future operations, including its employ ees and overall business; the Company's f orward-looking guidance, including metal production, estimated ore grades, recovery rates, project timelines, drilling results, lif e of mine estimates, total cash costs per ounce, AISC per ounce, minesite costs per tonne, other expenses, cash flows and free cash f low; the estimated timing and conclusions of technical studies and ev aluations; the methods by which ore will be extracted or processed; statements concerning the Company's expansion plans at Kittila, Meliadine Phase 2, the Amaruq underground project and the Odyssey project, including the timing, f unding, completion and commissioning thereof and production therefrom; statements about the Company's plans at the Hope Bay mine; statements about the potential for the Hope Bay mine to be a 250,000 to 300,000 ounces of gold per year operation; statements concerning other expansion projects, recovery rates, mill throughput, optimization and projected exploration, including costs and other estimates upon which such projections are based; statements regarding timing and amounts of capital expenditures, other expenditures and other cash needs, and expectations as to the f unding thereof; estimates of future mineral reserv es, mineral resources, mineral production and sales; the projected dev elopment of certain ore deposits, including estimates of exploration, development and production and other capital costs and estimates of the timing of such exploration, dev elopment and production or decisions with respect to such exploration, dev elopment and production; estimates of mineral reserves and mineral resources and the effect of drill results on f uture mineral reserves and mineral resources; statements regarding the Company's ability to obtain the necessary permits and authorizations in connection with its proposed or current exploration, dev elopment and mining operations and the anticipated timing thereof; statements regarding anticipated future exploration; the anticipated timing of events with respect to the Company's mine sites; statements regarding the sufficiency of the Company's cash resources; statements regarding future activ ity with respect to the Company's unsecured revolving bank credit facility; future dividend amounts and payment dates; and statements regarding anticipated trends with respect to the Company's operations, exploration and the f unding thereof. Such statements reflect the Company's views as at the date of this news release and are subject to certain risks, uncertainties and assumptions, and undue reliance should not be placed on such statements. Forward-looking statements are necessarily based upon a number of f actors and assumptions that, while considered reasonable by Agnico Eagle as of the date of such statements, are inherently subject to signif icant business, economic and competitive uncertainties and contingencies. The materialf actors and assumptions used in the preparation of the forward looking statements contained herein, which may prove to be incorrect, include, but are not limited to, the assumptions set f orth herein and in management's discussion and analysis ("MD&A") and the Company's Annual Inf ormation Form ("AIF") for they ear ended December 31, 2020 f iled with Canadian securities regulators and that are included in its Annual Report onForm 40-F for theyear ended December 31, 2020 ("Form 40-F") filed with the U.S. Securities and Exchange Commission (the "SEC") as well as: that governments, the Company or others do not take additional measures in response to the COVID-19 pandemic or otherwise that, indiv idually or in the aggregate, materially affect the Company's ability to operate its business; that cautionary measures taken in connection with the COVID-19 pandemic do not affect productiv ity; that measures taken relating to, or other effects of, the COVID-19 pandemic do not affect the Company's ability to obtain necessary supplies and deliver them to its mine sites; that there are no signif icant disruptions affecting operations; that production, permitting, development, expansion and the ramp up of operations at each of Agnico Eagle's properties proceeds on a basis consistent with current expectations and plans; that the relev ant metal prices, foreign exchange rates and prices f or key mining and construction supplies will be consistent with Agnico Eagle's expectations; that Agnico Eagle's current estimates of mineral reserves, mineral resources, mineral grades and metal recov ery are accurate; that there are no material delays in the timing for completion of ongoing growth projects; that seismic activity at the Company's operations at LaRonde, Goldex and other properties is as expected by the Company; that the Company's current plans to optimize production are successful; and that there are no material variations in the current tax and regulatory env ironment. Many f actors, known and unknown, could cause the actual results to be materially different f rom those expressed or implied by such forward looking statements. Such risks include, but are not limited to: the extent and manner to which COVID-19, and measures taken by governments, the Company or others to attempt to reduce the spread of COVID-19, may affect the Company, whether directly or through eff ects on employee health, workforce productivity and availability (including the ability to transport personnel to the Meadowbank Complex, Meliadine mine and the Hope Bay mine which operate as fly-in/fly-out camps), travel restrictions, contractor availability, supply availability, ability to sell or deliver gold dore bars or concentrate, availability of insurance and the cost thereof, the ability to procure inputs required for the Company's operations and projects or other aspects of the Company's business; uncertainties with respect to the effect on the global economy associated with the COVID-19 pandemic and measures taken to reduce the spread of COVID-19, any of which could negatively affect f inancial markets, including the trading price of the Company's shares and the price of gold, and could adv ersely affect the Company's ability to raise capital; 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, project development, capital expenditures and other costs; foreign exchange rate f luctuations; f inancing of additional capital requirements; cost of exploration and development programs; seismic activity at the Company's operations, including the LaRonde Complex and Goldex mine; mining risks; community protests, including by First Nations groups; risks associated with foreign operations; gov ernmental and environmental regulation; the volatility of the Company's stock price; and risks associated with the Company's currency, f uel and by -product metal derivative strategies. For a more detailed discussion of such risks and other factors that may affect the Company's ability to achiev e the expectations set forth in thef orward-looking statements contained in this news release, see the AIF and MD&A filed on SEDAR at www.sedar.com and included in the Form 40-F f iled on EDGAR at www.sec.gov, as well as the Company's other filings with the Canadian securities regulators and the SEC. Other than as required by law, the Company does not intend, and does not assume any obligation, to update these forward-looking statements.

Currency

All amounts in this presentation are expressed in U.S. dollars except as otherwise noted.

Further Information

For f urther details on Agnico Eagle's first quarter 2021 results, please see the Company's news release dated April 29, 2021.

Front Cover

Agnico Eagle's Canadian Malartic (50%) taken in the third quarter of 2020.

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Notes to Investors

Note Regarding the Use of Non-GAAP Financial Measures

This presentation discloses certain measures, including "total cash costs per ounce", "all-i n sustaining costs per ounce", "minesite costs per tonne", "operating ma rgin" a nd "f ree cash-f low" that are not standardized measures under IFRS. These measures may not be comparable to similar measures reported by other gold mining companies. For a reconciliation of these measures to the most directly comparable f inancial inf ormation reported in the consolidated f inancial statements prepared in accordance with IFRS and f or an explanation of how man agement uses these measures, see "Non-GAA P Financial Perf ormance Measures" in the MD&A f iled on SEDAR at www.sedar.com and included in the Form 6-K f iled on EDGAR at www.sec.gov , as well as the Company 's other f ilings with the Canadian securities regulators and the SEC.

The total cash costs per ounce of gold produced is reported on both a by -product basis (deducting by -product metal rev enues f rom production costs) and co-product basis (without deducting byproduct metal rev enues). Unless otherwise specif ied total cash costs per ounce of gold produced is reported on a by -product basis in this presentation. The total cash costs per ounce of gold produced on a by -product basis is calculated by adjusting production costs as recorded in the consolidated statements of income (loss) f or by -product rev enues, inv entory production costs, smelting, ref ining and marketing charges and other adjustments, and then div iding by the number of ounces of gold produced. The total cash costs per ounce of gold produced on a co-product basis is calculated in the same manner as the total cash costs per ounce of gold produced on a by -product basis except that no adjustment is made f or by -product metal rev enues. Accordingly , the calculation of total cash costs per ounce of gold produced on a co-product basis does not ref lect a reduction in production costs or smelting, ref ining and marketing charges associated with the production and sale of by -product metals. The total cash costs per ounce of gold produced is intended to prov ide inf ormation about the cash-generating capabilities of the Company 's mining operations. Man agement also uses this measure to monitor the perf ormance of the Company 's mining operations. As market prices f or gold are quoted o n a per ounce basis, using the total cash costs per ounce of gold produced on a by -product basis measure allows management to assess a mine's cash-generating capabilities at v arious gold prices.

All-in sustaining costs per ounce ("AISC") is used to sho w the f ull cost of gold production f rom current operations. The Company calculates all-in sustaining costs per ounce of gold produced on a by -product basis as the aggregate of total cash costs on a by -product basis, sustaining capital expenditures (including capitali zed explor ation), general and administrativ e expenses (including stock options), lease pay ments related to sustaining assets and reclamation expenses, and then div iding by the number of ounces of gold produced. The all-in sustaining costs per ounce of gold produced on a co-product basis is calculated in the same manner as the all-in sustaining costs per ounce of gold prod uced on a by -product basis, except that the total cash costs per ounce on a co-pro duct basis are used, meaning no adjustment is made f or by -product metal rev enues. Management is aware that these per ounce measures of perf ormance can be aff ected by f luctuations in foreign exchange rates and, in the case of total cash costs per ounce of gold produced on a by -product basis, by -product metal prices. Management compensates for these inherent limitations by using these measures in conjunction with minesite costs per tonne (discussed below) as well as other data prep ared in accordance with IFRS. The World Gold Council ("WGC") is a non-re gulatory market dev elopment organization f or the gold industry. Although the WGC is not a mining industry regulatory organization, it has worked closely with its member companies to dev elop relev ant non-GAAP measures. The Company f ollows the guidance on all-in sustaining costs released by the WGC in Nov ember 2018. Adoption of the all-in sustaining costs metric is v oluntary and, notwithstanding the Company 's adoption of the WGC's guidance, all-in sustaining costs per ounce of gold produced reported by the Company may not be comparable to data reported by other gold mining companies. The Company believ es that this measure prov ides helpf ul inf ormation about operating perf ormance. Howev er, this non-GAAP measure should be considered together with other data prepared in accordance with IFRS as it is not necessarily indicativ e of operating costs or cash f low measures prepared in accordance with IFRS.

Minesite costs per tonne are calculated by adjusting production costs as recorded in the consolidated statements of income (loss) f or inv entory production costs and other adjustments, and then div iding by tonnes of ore processed. As the total cash costs per ounce of gold produced can be aff ected by f luctuations in by product metal prices and f oreign exchange rates, management believ es that minesite costs per tonne prov ide additional inf ormation regarding the perf ormance of mining operations, eliminating the impact of v ary ing production lev els. Management also uses this measure to determine the economic v iability of mining blocks. As each mining block is ev aluated based on the net realizable v alue of each tonne mined, in order to be economically v iable the estimated rev enue on a per tonne basis must be in excess of the minesite costs per tonne. Management is a ware that this per ton ne measure of perf ormance can be impacted by f luctuations in processing lev els and compensates f or this inherent limitation by using this measure in conjunction with production costs prepared in accordance with IFRS.

Operating margi n is not a recogni zed measure und er IFRS and this data may not be comparable to data presented by other gold pro ducers. This measure is calculated by excluding the f ollowing f rom net income (loss) as recorded in the condensed interim consolidated f inancial statements: Income and mining taxes expense; Other expenses (income); Foreign currency translation loss (gain); Gain (loss) on deriv ativ e f inancial instruments; Finance costs; General and administrativ e expenses; Amortization of property , plant and mine dev elopment; Exploration and corporate dev elopment expenses; and Impairment losses (rev ersals). The Company believ es that operating margin is a usef ul measure that represents the operating perf ormance of its mines associated with the ongoing production and sale of gold and by -product metals. Management uses this measure internally to plan and f orecast future operating results. This measure is intended to prov ide inv estors with additional inf ormation about the Company 's underly ing operating results and should be ev aluated in conjunction with other data prepared in accordance with IFRS.

Free cash f low is calculated by deducting additions to property , plant and mine dev elopment from cash prov ided by operating activities including changes in non-cash working capital balances. Manag ement uses free cash f low to assess the av ailability of cash, af ter f unding operations and capital expenditures, to operate the business without additional borrowing or drawing down on the Company 's existing cash balance.

Note Regarding Production Guidance

The gold pr oduction guidance is based on the Company 's mineral reserv es but includes contingencies and assumes metal prices and f oreign exchange rates that are diff erent f rom those used in the mineral reserv e estimates. These f actors and others mean that the gold production guidance presented in this presentation does not reconcile exactly with the production models used to support these mineral reserv es.

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Building A Long Term, Sustainable, Self Funding Business

Solid Operating Performance

Growing at a Steady, Measured Pace

  • Strong operational and safety performance at all of the Company's key mines in Q1 2021
  • Second consecutive quarter of record gold production in Q1 2021 with better than forecast costs
  • 24% production growth forecast from 2020 to
    2024 supported by record mineral reserve
  • A growing exploration story at existing assets
  • Opportunities to secure the project pipeline and add value from longer term projects

Strong Financial Position

Consistent Strategy

  • $1.3B of available liquidity (March 31, 2021)
  • DBRS Morningstar and Fitch ratings reaffirmed in April 2021 with ratings at BBB with stable outlook
  • A cash dividend has been declared every year since 1983
  • Strategy is to grow production per share by focusing on geological potential
  • Established a competitive advantage in low- geopolitical risk, pro-mining jurisdictions
  • Recognized for our leading industry practices in ESG by independent research agencies

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ESG is Central to our Strategy to Build a High Quality Business

Battery-powered equipment, Kittila

Solar wall to heat LaRonde mill

  • 2020 Sustainability Report provides an updated climate change strategy - Key initiatives include the adoption of a net-zero emissions target for 2050 and the initial disclosure of Scope 3 emissions
  • GHG Scope 1 and 2 emissions reported for 2020 - At 0.40 t.CO2eq/oz, the Company has one of the lowest GHG emissions intensity in peer group, achieved by sourcing 52% of its electricity needs from renewable sources and ongoing GHG reductions initiatives. Other alternatives such as wind power generation are also being evaluated in Nunavut
  • Achieved one of the lowest combined lost-time accident and restricted work frequency (employees and contractors) at 1.02 in the Company's history
  • Continued support and investment in local communities through a challenging year

Recognized for our leading industry practices in ESG by independent research agencies

ESG Rank

Credit Suisse

1

Bloomberg

2

Sustainalytics

Winner of the 2020 Towards

Thomson Reuters

2

Sustainable Mining® (TSM)

Environmental Excellence Award from

MSCI Rating

AA

the Mining Association of Canada

Source: Credit Suisse ESG Report, Bloomberg, Thompson Reuters, MSCI website

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Agnico-Eagle Mines Limited published this content on 18 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 May 2021 20:33:10 UTC.