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Agnico-Eagle Growth Strategy: Building Value Through Production and Reserve Growth

Agnico-Eagle Mines Limited focuses on producing more gold and growing reserves in mining-friendly regions to reach 18-20 million ounces within 20 months. By acquiring small and thinking big, the company aims to create value through strategic acquisitions and be a low-cost leader, generating strong earnings and maintaining a solid financial position with approximately $525 million in cash and no long-term debt. With extensive gold growth pipelines, substantial production growth, and substantial capital expenditure estimates, Agnico-Eagle is set for significant development in global gold reserves. The company anticipates further growth in reserves, with a strong record of increasing gold reserves per share.

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Agnico-Eagle Growth Strategy: Building Value Through Production and Reserve Growth

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  1. Growth StrategyBuilding Value Through Production and Reserve Growth • Produce more gold • targeting over 1.2 million ounces by 2010 • Grow gold reserves in mining friendly regions • Now 15.4 million ounces • Targeting 18-20 million ounceswithin 20 months • Acquire small, think big • Create value through strategic acquisitions • Be a low cost leader • Generate strong earnings and cash flows from low costs operations • Maintain a solid financial position • Approximately $525 million in cash, no long-term debt Agnico-Eagle Mines Limited

  2. Corporate HighlightsQ1, 2007 - Another Quarter of Strong Cash Flows and Earnings • Strong quarterly earnings of$24.9 million or $0.21 per share • Strong quarterly cash flow providedby operating activities of $56.1 million • Gold reserves increased 23% to15.4 million ounces from Dec. 31, 2006 • Low total cash costs ofminus $332 per ounce • Four new gold projects under construction, Pinos Altos Board approval expected mid-2007 Agnico-Eagle Mines Limited

  3. Gold ReservesAnticipating Further Strong Growth In Reserves This Year • Current gold reserves of 15.4 million ounces following successful Cumberland offer • AEM’s gold reserves are significantly larger than its intermediate gold producing peers • Targeting additional reserve conversion at Pinos Altos, Goldex, Kittila and Meadowbank • Strong record of growing gold reserves per share Total Agnico-Eagle Gold Reserves (Millions of Ounces) Target:18 - 20 15.4 12.5 10.4 7.9 7.9 4.0 3.3 3.3 3.0 1.3 LaRonde Goldex Lapa KittilaPinos Altos Meadowbank Agnico-Eagle Mines Limited

  4. BuildingGold Production and Reserves Agnico-Eagle Mines Limited

  5. Global GrowthExtensive Gold Growth Pipeline • Management and skills in place for mine building • AEM’s growth projects 100% owned, with low total acquisition costs • Located in mining friendly regions of low political risk • Each project region haslong-term mining camp potential • Largest exploration budgetin Agnico-Eagle’s history– greater than $40 million Finland Kittila CanadaMeadowbank Canada LaRonde, Goldex & Lapa U.S.A. Nevada Canada Toronto, HQ Mexico Pinos Altos Agnico-Eagle Mines Limited

  6. Substantial Gold Production GrowthAdditional Production Growth Anticipated to Come From Mexico Au Ounces LaRonde Goldex Lapa Kittila Meadowbank Pinos Altos Potential Agnico-Eagle Mines Limited

  7. Capital Expenditure Estimates($000's) Pinos Altos Potential Agnico-Eagle Mines Limited

  8. LaRonde Long Life Gold Reserves – Construction on Extension Began May 2006 • Proven and probable gold reserves of 35.6 million tonnes at 4.5 g/t, or 5.2 million oz • Anticipated average production, post-2011, of 320,000 oz/yr at total cash costs of approximately $230/oz • Development of new winze infrastructure ongoing • Intriguing new mineralization west of orebody is being drilled Agnico-Eagle Mines Limited

  9. Drill intersection of 2.9 g/t gold over 80.0 metres (true thickness)* to the east, and at depth to current resource envelope * (see press release of Feb. 21/07 for further detail) Goldex High Tonnage Gold Mine Under Construction – Production Q2, 2008 • Proven and probable gold reserves of 1.7 million ounces from 22.9 million tonnes grading 2.3 g/t • Estimated average annual production of 170,000 oz/yr with total cash costs expected at $225/oz • Shaft sinking underway - at 435 metres, towardplanned depth of 857 metres Agnico-Eagle Mines Limited

  10. LapaNew Gold Mine 11 km East of LaRonde – Production Q4, 2008 • Probable gold reserves of 1.2 million oz; 3.9 million tonnes at 9.1 g/t • Anticipating average production of 125,000 oz/yr at expected total cash costs of $210/oz • Shaft sinking and surface construction in progress. Shaft at 1,148 metres, toward planned depth of 1,370 metres • Deposit open for expansion Agnico-Eagle Mines Limited

  11. Probable reserves of 2.6 million oz; 16.0 million tonnes at 5.1 g/t – open on strike and at depth Average production expected at 150,000 oz/yr with approximate total cash costs of $250/oz Exploration ongoing to convert resource and extend zones Open pit, surface facility and underground ramp well advanced Kittila Mine – FinlandSix Drills in Operation – Production Q3, 2007 Agnico-Eagle Mines Limited

  12. Large land position – approximately 11,000 hectares $26 million exploration program in progress New drill targets in NW sector and at San Eligio Deposit close to major infrastructure Feasibility study complete, Board decision mid-2007 Optimization for new reserve underway Contained gold reserve Probable reserve 18.6 million tonnes at 3.1 g/t, or 1.8 million oz Contained silver reserve Probable reserve 18.6 million tons at 92.8 g/t, or 55.5 million oz Pinos Altos – MexicoGrowing Gold and Silver Reserve Agnico-Eagle Mines Limited Agnico-Eagle Mines Limited 13

  13. MeadowbankAgnico-Eagle Preliminary Estimates Agnico-Eagle Mines Limited

  14. Timeline and Upcoming News Second Quarter 2007 • Pinos Altos 3rd party review complete; Possible production decision • Anticipated closing of Cumberland acquisition • Exploration update, early May Agnico-Eagle Mines Limited

  15. Investment HighlightsEarly Stages of Growth Story – Potential Increase In Valuation Multiple • Generating strong earnings and cash flows • gold growth projects fully funded • Three new gold mines expected to start production next year • potential to increase gold production fivefold by 2010 • Existing projects provide potentialto increase gold reserves to18 million to 20 million ounces • Exploration upside exists at all projects Agnico-Eagle Mines Limited 16

  16. Appendix Agnico-Eagle Mines Limited

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