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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934

For the month of May, 2015.

Commission File Number 001-13422

AGNICO EAGLE MINES LIMITED

(Translation of registrant's name into English)

145 King Street East, Suite 400, Toronto, Ontario M5C 2Y7

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F o                                    Form  40-F ý

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b)(1):                         

Note: Regulation S-T Rule 101 (b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b)(7):                         

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o                        No ý

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b) : 82-                        .

   

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EXHIBITS

Exhibit No.
  Exhibit Description

99.1

  First Quarter Report


SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

  AGNICO EAGLE MINES LIMITED
(Registrant)

       

Date: May 12, 2015

  By:   /s/ R. GREGORY LAING

R. Gregory Laing
General Counsel, Sr. Vice President, Legal
and Corporate Secretary

Exhibit Number 99.1 submitted with this Form 6-K is hereby incorporated by reference into Agnico Eagle Mines Limited's Registration Statements on Form F-10 (Reg. No. 333-189715), Form F-3D (Reg. No. 333-190888) and Form S-8 (Reg. Nos. 333-130339 and 333-152004).

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First Quarter Report 2015

 



AGNICO EAGLE MINES LIMITED
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Prepared in accordance with International Financial Reporting Standards)
for the three months ended March 31, 2015

This Management's Discussion and Analysis ("MD&A") dated May 12, 2015 of Agnico Eagle Mines Limited ("Agnico Eagle" or the "Company") should be read in conjunction with the Company's condensed interim unaudited consolidated financial statements for the three months ended March 31, 2015, prepared in accordance with International Financial Reporting Standards ("IFRS"). This MD&A should also be read in conjunction with the MD&A and consolidated financial statements included in the Company's Annual Report on Form 40-F for the year ended December 31, 2014 (the "Form 40-F"), prepared in accordance with IFRS. The Company has adopted IFRS as its basis of accounting, replacing US GAAP effective July 1, 2014. The condensed interim unaudited consolidated financial statements and MD&A are presented in United States dollars ("US dollars", "$" or "US$") and all units of measurement are expressed in metric, unless otherwise specified. Certain information in this MD&A is presented in Canadian dollars ("C$") or European Union euros ("Euros" or "€"). Additional information relating to the Company, including risk factors in the Form 40-F, is available on the Canadian Securities Administrators' (the "CSA") SEDAR website at www.sedar.com.

Business Overview

        Agnico Eagle is a senior Canadian gold mining company that has produced precious metals since 1957. The Company's nine mines are located in Canada, Mexico and Finland, with exploration and development activities in each of these regions as well as in the United States. The Company and its shareholders have full exposure to gold prices due to its long-standing policy of no forward gold sales. Agnico Eagle has declared a cash dividend every year since 1983.

        Agnico Eagle earns a significant proportion of its revenue and cash flow from the production and sale of gold in both dore bar and concentrate form. The remainder of revenue and cash flow is generated by the production and sale of by-product metals, primarily silver, zinc and copper.

        Over the past six years, Agnico Eagle has evolved from operating two gold mines in Canada to being an international gold mining company with nine gold mines at the end of 2014. Each mine is located in what the Company believes to be a politically stable country that is supportive of the mining industry. The political stability of the regions in which Agnico Eagle operates helps to provide confidence in its current and future prospects and profitability. This is important for Agnico Eagle as it believes that many of its new mines and recently acquired mining projects have long-term mining potential.

Financial and Operating Results

Balance Sheet Review

        Total assets as at March 31, 2015 of $6,767.1 million decreased by 1.1% compared with December 31, 2014 total assets of $6,839.2 million. Cash and cash equivalents decreased by $39.5 million to $138.0 million between December 31, 2014 and March 31, 2015 due primarily to a net $100.0 million repayment of long-term debt during the first quarter of 2015, partially offset by net proceeds from the sale of available-for-sale securities and warrants. Ore in stockpiles and on leach pads inventories increased from $52.0 million at December 31, 2014 to $57.5 million at March 31, 2015 due primarily to planned mine sequencing resulting in the buildup of ore in stockpiles at the Canadian Malartic and Meadowbank mines during the first quarter of 2015. Concentrates and dore bar inventories increased from $111.9 million at December 31, 2014 to $127.2 million at March 31, 2015 due primarily to a buildup of concentrates and dore bar inventories at the Canadian Malartic mine as mill throughput is increased toward capacity and to planned mine sequencing resulting in the buildup of concentrates and dore bar inventories at the Pinos Altos and Meadowbank mines. Supplies inventories decreased from $282.8 million at December 31, 2014 to $257.6 million at March 31, 2015 due primarily to planned supplies drawdowns at the Meadowbank mine that were delivered during the summer barge shipping season. Available-for-sale securities decreased from $56.5 million at December 31, 2014 to $46.9 million at March 31,

2



AGNICO EAGLE MINES LIMITED
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Prepared in accordance with International Financial Reporting Standards)
for the three months ended March 31, 2015

2015 due to $9.9 million in disposals, $9.3 million in unrealized fair value losses and $0.7 million in impairment losses, partially offset by $10.3 million in new investments recorded during the first quarter of 2015. Property, plant and mine development decreased from $5,281.5 million at December 31, 2014 to $5,247.5 million at March 31, 2015 due primarily to amortization expense of $135.9 million, partially offset by $82.9 million in capital expenditures and property acquisitions totaling $20.4 million during the first quarter of 2015.

        Total liabilities decreased to $2,667.4 million at March 31, 2015 from $2,770.8 million at December 31, 2014 due primarily to $100.0 million in Credit Facility repayments during the first quarter of 2015. A $22.3 million decrease in accounts payable and accrued liabilities between December 31, 2014 and March 31, 2015 was due primarily to the payment during the first quarter of 2015 of expenditures incurred during the summer barge shipping season at the Meadowbank mine and the settlement of litigation liabilities related to the June 16, 2014 joint acquisition of Osisko Mining Corporation ("Osisko"). Agnico Eagle's net income taxes payable position of $17.7 million at December 31, 2014 was reduced during the first quarter of 2015 by payments to tax authorities, resulting in a net income taxes receivable position of $6.4 million at March 31, 2015.

        Certain previously reported balance sheet line items as at December 31, 2014 have been updated to reflect adjusted preliminary estimates of the fair value of identifiable assets acquired and liabilities assumed related to the June 16, 2014 joint acquisition of Osisko. As a result of new information obtained about the facts and circumstances that existed as of the Osisko acquisition date, the following adjustments have been recorded to the December 31, 2014 balance sheet as previously reported: the goodwill line item has increased by $18.7 million; the property, plant and mine development line item has decreased by $20.0 million, the accounts payable and accrued liabilities line item has increased by $3.7 million; and the deferred income and mining tax liabilities line item has decreased by $5.0 million. Estimates of the fair value of identifiable assets acquired and liabilities assumed related to the joint acquisition of Osisko remain preliminary and may be materially adjusted during the measurement period as new information about the facts and circumstances that existed as of the acquisition date is obtained.

Fair Value of Derivative Financial Instruments

        The Company occasionally enters into contracts to limit the risk associated with decreased by-product metal prices, increased foreign currency costs (including capital expenditures) and input costs. The contracts act as economic hedges of underlying exposures and are not held for speculative purposes. Agnico Eagle does not use complex derivative contracts to hedge exposures. The fair value of the Company's derivative financial instruments is outlined in the financial instruments note to the condensed interim unaudited consolidated financial statements.

Results of Operations

        Agnico Eagle reported net income of $28.7 million, or $0.13 per share, in the first quarter of 2015 compared with net income of $97.1 million, or $0.56 per share, in the first quarter of 2014. In the first quarter of 2015, the operating margin (revenues from mining operations less production costs) decreased to $236.3 million from $273.7 million in the first quarter of 2014 due primarily to a 13.4% increase in production costs and an 8.1% decrease in the average realized price of gold between periods, partially offset by a 10.3% increase in gold production. Gold production increased to 404,210 ounces in the first quarter of 2015 compared with 366,421 ounces in the first quarter of 2014 due primarily to the addition of 67,893 attributable ounces from the acquired interest in the Canadian Malartic mine and the ramp up of production from the La India mine and the Goldex mine's M and E Zones which achieved commercial production in February 2014 and October 2013, respectively. Partially offsetting the overall increase in gold production between the first quarter of 2014 and the first quarter of 2015 was a 43.4% decrease in gold production at the Meadowbank mine due primarily to lower gold grade. Cash provided by operating activities amounted to $143.5 million in the first quarter of 2015

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AGNICO EAGLE MINES LIMITED
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Prepared in accordance with International Financial Reporting Standards)
for the three months ended March 31, 2015

compared with $250.4 million in the first quarter of 2014. Total weighted average cash costs per ounce of gold produced amounted to $588 on a by-product basis and $651 on a co-product basis in the first quarter of 2015 compared with $537 on a by-product basis and $625 on a co-product basis in the first quarter of 2014.

        The table below sets out variances in the key drivers of net income for the three months ended March 31, 2015 compared with the three months ended March 31, 2014:

(millions of United States dollars)
  Three Months Ended
March 31, 2015
vs. Three Months Ended
March 31, 2014
 

Decrease in gold revenue

  $ (2.5 )

Decrease in silver revenue

    (2.0 )

Decrease in net copper revenue

    (3.3 )

Decrease in net zinc revenue

    (0.4 )

Decrease in production costs due to weaker Canadian dollar, Mexican peso and Euro

    32.1  

Increase in production costs

    (61.3 )

Increase in exploration and corporate development expenses

    (7.2 )

Increase in amortization of property, plant and mine development

    (52.4 )

Decrease in general and administrative expense

    1.0  

Change in impairment loss on available-for-sale securities

    (0.7 )

Increase in finance costs

    (2.6 )

Change in gain on sale of available-for-sale securities

    20.8  

Change in non cash foreign currency translation

    6.6  

Decrease in income and mining taxes

    21.6  

Other

    (18.1 )
       

Total net income variance

  $ (68.4 )
       

        Revenues from mining operations decreased to $483.6 million in the first quarter of 2015 compared with $491.8 million in the first quarter of 2014 due primarily to an 8.1% decrease in the average realized price of gold, a 17.5% decrease in the average realized price of silver and a 24.9% decrease in copper production between periods. Partially offsetting the overall decrease in revenues from mining operations between the first quarter of 2014 and the first quarter of 2015 was a 10.3% increase in gold production due primarily to new production from the Canadian Malartic mine which was jointly acquired on June 16, 2014.

        Production costs were $247.3 million in the first quarter of 2015, a 13.4% increase compared with $218.1 million in the first quarter of 2014 due primarily to the addition of $41.2 million in attributable production costs from the acquired interest in the Canadian Malartic mine and $6.7 million in additional production costs from the La India mine which achieved commercial production in February 2014. Partially offsetting the total increase in production costs between the first quarter of 2014 and the first quarter of 2015 was the impact of a weaker Canadian dollar, Mexican peso and Euro relative to the US dollar and a decrease in mining costs at the Meadowbank and Pinos Altos mines.

        Total weighted average cash costs per ounce of gold produced increased to $588 on a by-product basis and $651 on a co-product basis in the first quarter of 2015 compared with $537 on a by-product basis and $625 on a co-product basis in the first quarter of 2014 due primarily to decreased gold production at the Meadowbank mine between periods and the addition of the acquired interest in the Canadian Malartic mine at total cash costs per ounce of gold produced of $632 on a by-product basis and $649 on a co-product basis. Lower by-product revenue credits at the LaRonde and Pinos Altos mines contributed to incrementally increased weighted average cash costs per ounce of gold produced on a by-product basis between the first quarter of 2014 and the first

4



AGNICO EAGLE MINES LIMITED
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Prepared in accordance with International Financial Reporting Standards)
for the three months ended March 31, 2015

quarter of 2015. Partially offsetting the overall increase in total weighted average cash costs per ounce of gold produced between the first quarter of 2014 and the first quarter of 2015 was increased gold production at the La India, Goldex, Kittila and Pinos Altos mines, decreased mining costs at the Meadowbank and Pinos Altos mines and the impact on costs of a weaker Canadian dollar, Mexican peso and Euro relative to the US dollar. For a reconciliation of total cash costs per ounce of gold produced on both a by-product basis (deducting by-product metal revenues from production costs) and co-product basis (before by-product metal revenues) to production costs as presented in the condensed interim unaudited consolidated statements of income (loss) and comprehensive income (loss) in accordance with IFRS, see Non-GAAP Financial Performance Measures in this MD&A.

        Exploration and corporate development expenses increased to $16.7 million in the first quarter of 2015 compared with $9.4 million in the first quarter of 2014 due primarily to exploration at the Amaruq project in Nunavut and the El Barqueno project in Mexico, exploration related to the acquired interest in the Canadian Malartic General Partnership and increased corporate development and project evaluation expenses between periods.

        Amortization of property, plant and mine development increased by $52.4 million to $135.9 million between the first quarter of 2014 and the first quarter of 2015 due primarily to the consolidation of the acquired interest in the Canadian Malartic mine and the achievement of commercial production at the La India mine in February 2014. The overall increase in amortization of property, plant and mine development between periods was partially offset by decreased gold production at the Meadowbank mine due to lower gold grade.

        General and administrative expense decreased to $25.2 million during the first quarter of 2015 compared with $26.3 million during the first quarter of 2014 due primarily to decreased acquisition-related legal and consulting expenditures and lower compensation expenses. Partially offsetting the overall decrease in general and administrative expense, the Company consolidated its interest in the Canadian Malartic mine's general and administrative expense in the first quarter of 2015.

        An impairment loss on certain available-for-sale securities of $0.7 million was recorded as at March 31, 2015 compared with nil as at March 31, 2014. Impairment loss evaluations of available-for-sale securities are based on whether a decline in fair value is considered to be significant or prolonged. A gain of $21.0 million was recorded on the sale of available-for-sale securities in the first quarter of 2015 compared with $0.3 million in the first quarter of 2014.

        During the first quarter of 2015, there was a non-cash foreign currency translation gain of $11.7 million attributable to a weakening of the Canadian dollar, Mexican peso and Euro versus the US dollar at March 31, 2015 relative to December 31, 2014. A non-cash foreign currency translation gain of $5.1 million was recorded during the comparative first quarter of 2014.

        In the first quarter of 2015, the Company recorded income and mining taxes expense of $28.0 million on income before income and mining taxes of $56.7 million, resulting in an effective tax rate of 49.3%. In the first quarter of 2014, the Company recorded income and mining taxes expense of $49.6 million on income before income and mining taxes of $146.7 million, resulting in an effective tax rate of 33.8%. The increase in the effective tax rate between the first quarter of 2014 and the first quarter of 2015 is due primarily to foreign exchange rate movements, offset partially by a decrease in non-deductible permanent differences.

        There are a number of factors that can significantly impact the Company's effective tax rate including varying rates in different jurisdictions, the non-recognition of certain tax assets, mining allowances, foreign currency exchange rate movements, changes in tax laws, the impact of specific transactions and assessments and the relative distribution of income in the Company's operating jurisdictions. As a result of these factors, the Company's effective tax rate is expected to fluctuate in future periods.

5



AGNICO EAGLE MINES LIMITED
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Prepared in accordance with International Financial Reporting Standards)
for the three months ended March 31, 2015

LaRonde mine

        At the LaRonde mine, gold production decreased by 0.8% to 58,893 ounces in the first quarter of 2015 compared with 59,352 ounces in the first quarter of 2014 due primarily to lower gold grade. Production costs at the LaRonde mine were $45.9 million in the first quarter of 2015, a decrease of 3.0% compared with production costs of $47.3 million in the first quarter of 2014 driven primarily by a weakening of the Canadian dollar relative to the US dollar, partially offset by increased mill throughput and higher local currency costs related to temporary issues with the paste fill piping network.

Lapa mine

        At the Lapa mine, gold production increased by 10.7% to 25,920 ounces in the first quarter of 2015 compared with 23,409 ounces in the first quarter of 2014 due primarily to higher gold grade and increased mill recoveries. Production costs at the Lapa mine were $14.0 million in the first quarter of 2015, a decrease of 8.9% compared with production costs of $15.4 million in the first quarter of 2014 driven primarily by a weakening of the Canadian dollar relative to the US dollar and decreased mill throughput due to a reduction in the number of stopes available for mining between periods.

Goldex mine

        On October 19, 2011, the Company suspended mining operations and gold production at the Goldex mine due to geotechnical concerns with the rock above the mining horizon. As of September 30, 2011, Agnico Eagle recorded an impairment loss on its investment in the Goldex mine (net of expected residual value) and its underground ore stockpile. All of the remaining 1.6 million ounces of proven and probable mineral reserves at the Goldex mine, other than ore stockpiled on the surface, were reclassified as mineral resources. An environmental remediation liability was recorded as of September 30, 2011 reflecting anticipated costs of remediation. The Goldex mill completed processing feed from the remaining Goldex Extension Zone ("GEZ") surface stockpile in October of 2011. Operations in the GEZ remain suspended indefinitely.

        The Company incurred $0.1 million in remediation costs during the first quarter of 2015 and $1.9 million in remediation costs during the first quarter of 2014 that were applied against the environmental remediation liability recognized in 2011.

        Exploration drilling continued on several mineralized zones on the Goldex mine property near the GEZ after mining operations were suspended in October of 2011. A team of independent consultants and Agnico Eagle staff performed a thorough review, including a preliminary economic assessment, to determine whether future mining operations on the property, including the M and E zones, would be viable. After a review of the assessment, Agnico Eagle's Board of Directors (the "Board") approved the M and E Zones for development using existing mine infrastructure such as the shaft and mill. Commercial production was achieved at the Goldex mine's M and E Zones in October 2013.

        As a result of the Company's restatement of comparative information under IFRS, a $109.7 million impairment loss reversal was recorded as at the January 1, 2013 IFRS transition date. Specific long-lived assets associated with the GEZ that were impaired as at September 30, 2011 due to the suspension of mining operations, including the Goldex mine's shaft and mill, were subsequently incorporated into the development plan for the Goldex mine's M and E Zones which was approved by the Board in July 2012.

        At the Goldex mine's M and E Zones, gold production increased by 50.5% to 29,250 ounces in the first quarter of 2015 compared with 19,430 ounces in the first quarter of 2014 due primarily to higher gold grade, an increase in tonnes of ore milled and improved mill recoveries. Production costs at the Goldex mine's M and E Zones were $14.9 million in the first quarter of 2015, a decrease of 6.2% compared with production costs of

6



AGNICO EAGLE MINES LIMITED
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Prepared in accordance with International Financial Reporting Standards)
for the three months ended March 31, 2015

$15.8 million in the first quarter of 2014 driven primarily by a weakening of the Canadian dollar relative to the US dollar. Partially offsetting the overall decrease in production costs was a 16.7% increase in mill throughput between periods due to the exploitation of more mature mining fronts in the first quarter of 2015 as the operations ramp up continued at the Goldex mine's M and E Zones in the first quarter of 2014 after achieving commercial production in October 2013.

Meadowbank mine

        At the Meadowbank mine, gold production decreased by 43.4% to 88,523 ounces in the first quarter of 2015 compared with 156,444 ounces in the first quarter of 2014 due primarily to lower gold grade and a decrease in mill recoveries. Production costs at the Meadowbank mine were $57.1 million in the first quarter of 2015, a decrease of 14.9% compared with production costs of $67.1 million in the first quarter of 2014 driven primarily by a weakening of the Canadian dollar relative to the US dollar, decreased fuel and labour costs and lower reagent consumption between periods.

Canadian Malartic mine

        Agnico Eagle and Yamana Gold Inc. ("Yamana") jointly acquired 100.0% of Osisko on June 16, 2014 by way of a plan of arrangement under the Canada Business Corporations Act (the "Arrangement"). As a result of the Arrangement, Agnico Eagle and Yamana each indirectly own 50.0% of Osisko and Canadian Malartic GP, which now holds the Canadian Malartic mine. Agnico Eagle and Yamana will also jointly explore, through their indirect ownership of Canadian Malartic Corporation (the successor to Osisko), the Kirkland Lake assets, the Hammond Reef project and the Pandora and Wood-Pandora properties.

        During the first quarter of 2015, the Canadian Malartic mine produced 67,893 attributable ounces of gold and incurred attributable production costs of $41.2 million.

Kittila mine

        At the Kittila mine, gold production increased by 15.8% to 44,654 ounces in the first quarter of 2015 compared with 38,552 ounces in the first quarter of 2014 due primarily to increases in tonnes of ore milled and gold grade, partially offset by lower mill recoveries between periods. Production costs at the Kittila mine increased by 8.6% to $32.0 million in the first quarter of 2015 compared with $29.5 million in the first quarter of 2014 driven primarily by a 12.4% increase in mill throughput facilitated by the mill expansion completed in the fourth quarter of 2014. Partially offsetting the overall increase in production costs at the Kittila mine between periods were lower energy and consumables expenditures and a weakening of the Euro relative to the US dollar.

Pinos Altos mine

        At the Pinos Altos mine, gold production increased by 10.8% to 50,106 ounces in the first quarter of 2015 compared with 45,217 ounces in the first quarter of 2014 due primarily to increases in gold grade and tonnes of ore milled, partially offset by a 46.6% decrease in tonnes of ore stacked on the heap leach pad between periods. Production costs at the Pinos Altos mine were $24.2 million in the first quarter of 2015, a decrease of 22.9% compared with production costs of $31.4 million in the first quarter of 2014 driven primarily by a weakening of the Mexican peso relative to the US dollar and a decrease in tonnes of ore stacked on the heap leach pad between periods.

7



AGNICO EAGLE MINES LIMITED
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Prepared in accordance with International Financial Reporting Standards)
for the three months ended March 31, 2015

Creston Mascota deposit at Pinos Altos

        At the Creston Mascota deposit at Pinos Altos, gold production increased 20.7% to 12,448 ounces in the first quarter of 2015 compared with 10,317 ounces in the first quarter of 2014 due primarily to increases in ore stacked on the heap leach pad and gold grade. Production costs at the Creston Mascota deposit at Pinos Altos decreased by 3.8% to $5.6 million in the first quarter of 2015 compared with $5.8 million in the first quarter of 2014 due primarily to a weakening of the Mexican peso relative to the US dollar between periods.

La India mine

        The La India mine achieved commercial production on February 1, 2014. During the first quarter of 2015, the La India mine produced 26,523 ounces of gold compared with 13,700 ounces of gold in the first quarter of 2014, including 3,492 ounces of gold produced prior to the achievement of commercial production. Production costs at the La India mine were $12.5 million in the first quarter of 2015 compared with $5.8 million in the first quarter of 2014 due primarily to the operations ramp up during the period in which commercial production was achieved. Partially offsetting the overall increase in production costs between periods was the impact of a weakening of the Mexican peso relative to the US dollar.

Liquidity and Capital Resources

        As at March 31, 2015, the Company's cash and cash equivalents, short-term investments and current restricted cash totaled $172.1 million compared with $215.3 million at December 31, 2014. The Company's policy is to invest excess cash in highly liquid investments of the highest credit quality to eliminate risks associated with these investments. Such investments with remaining maturities of greater than three months at the time of purchase are classified as short-term investments. Decisions regarding the length of maturities are based on cash flow requirements, rates of return and various other factors.

        Working capital (current assets less current liabilities) decreased to $550.2 million at March 31, 2015 compared with $575.7 million at December 31, 2014.

Operating Activities

        Cash provided by operating activities decreased by $106.9 million to $143.5 million in the first quarter of 2015 compared with $250.4 million in the first quarter of 2014 due primarily to a 13.4% increase in production costs and an 8.1% decrease in the average realized price of gold between periods. Partially offsetting these negative impacts on cash provided by operating activities was a 10.3% increase in gold production and the impact of a weaker Canadian dollar, Mexican peso and Euro relative to the US dollar on costs between periods.

Investing Activities

        Cash used in investing activities decreased to $53.9 million in the first quarter of 2015 compared with $108.3 million in the first quarter of 2014 due primarily to a $37.1 million increase in net proceeds from the sale of available-for-sale securities and warrants and an $18.6 million decrease in capital expenditures between periods. The decrease in capital expenditures between periods is mainly attributable to significant construction expenditures incurred in the first quarter of 2014 related to the La India mine which achieved commercial production in February 2014 and the Kittila mine's mill expansion project which was completed ahead of schedule later in 2014.

        In the first quarter of 2015, the Company purchased $5.3 million in available-for-sale securities and warrants compared with $13.4 million in the first quarter of 2014. In the first quarter of 2015, the Company

8



AGNICO EAGLE MINES LIMITED
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Prepared in accordance with International Financial Reporting Standards)
for the three months ended March 31, 2015

received net proceeds of $37.7 million from the sale of available-for-sale securities and warrants compared with $0.6 million in the first quarter of 2014. The Company's investments in available-for-sale securities consist primarily of investments in common shares of entities in the mining industry.

Financing Activities

        Cash used in financing activities increased to $123.2 million in the first quarter of 2015 compared with $98.1 million in the first quarter of 2014 due primarily to a $20.0 million increase in the repayment of the Credit Facility between periods, partially offset by a $6.2 million increase in proceeds on employee stock option plan exercises.

        On February 11, 2015, Agnico Eagle declared a quarterly cash dividend of $0.08 per common share paid on March 16, 2015 to holders of record of the common shares of the Company on March 2, 2015. Agnico Eagle has declared a cash dividend every year since 1983. In the first quarter of 2015, the Company paid dividends of $14.8 million compared with $12.0 million in the first quarter of 2014. Although the Company expects to continue paying dividends, future dividends will be at the discretion of the Board and will be subject to factors such as income, financial condition and capital requirements.

        On July 24, 2012, the Company closed a private placement consisting of $200.0 million of guaranteed senior unsecured notes (the "2012 Notes"). The 2012 Notes mature in 2022 and 2024 and at issuance had a weighted average maturity of 11.0 years and weighted average yield of 4.95%. Proceeds from the 2012 Notes were used to repay amounts outstanding under the Credit Facility.

        On September 5, 2014, the Company amended and restated its $1.2 billion Credit Facility, extending the maturity date from June 22, 2017 to June 22, 2019 and amending pricing terms. As at March 31, 2015, the Company's outstanding balance under the Credit Facility was $400.0 million. Credit Facility availability is reduced by outstanding letters of credit, amounting to $1.0 million at March 31, 2015. As at March 31, 2015, $799.0 million was available for future drawdown under the Credit Facility.

        On November 5, 2013, the Company amended its credit agreement with a financial institution relating to its uncommitted letter of credit facility (the "Letter of Credit Facility"). The amount available under the Letter of Credit Facility increased from C$150.0 million to C$175.0 million. The obligations of the Company under the Letter of Credit Facility are guaranteed by certain of its subsidiaries. The Letter of Credit Facility may be used to support the reclamation obligations or non-financial or performance obligations of the Company or its subsidiaries. As at March 31, 2015, $142.8 million had been drawn under the Letter of Credit Facility. On August 22, 2014, the financial institution and the Company agreed that the Company may draw up to C$185.0 million under the Letter of Credit Facility.

        On April 7, 2010, the Company closed a private placement consisting of $600.0 million of guaranteed senior unsecured notes due in 2017, 2020 and 2022 (the "2010 Notes") with a weighted average maturity of 9.84 years and weighted average yield of 6.59%. Proceeds from the offering of the 2010 Notes were used to repay amounts under the Company's then outstanding credit facilities.

        In connection with its joint acquisition of Osisko on June 16, 2014, Canadian Malartic GP was assigned and assumed certain outstanding debt and finance lease obligations of Osisko relating to the Canadian Malartic mine. Agnico Eagle's indirect attributable share of such debt and finance lease obligations is as follows:

    A secured loan facility in the principal amount of C$75.0 million ($69.1 million) with scheduled C$20.0 million repayments on June 30, 2015, June 30, 2016 and June 30, 2017 and a 6.875% interest rate. A scheduled repayment of C$15.0 million ($14.1 million) was made subsequent to the June 16, 2014 acquisition date, resulting in attributable outstanding principal of $47.3 million as at March 31, 2015. On

9



AGNICO EAGLE MINES LIMITED
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Prepared in accordance with International Financial Reporting Standards)
for the three months ended March 31, 2015

      September 29, 2014, Canadian Malartic GP amended the acquired secured loan facility (the "CMGP Loan") with no change to maturity or pricing terms.

    Senior unsecured convertible debentures with principal outstanding of C$37.5 million ($34.6 million), a November 2017 maturity date and a 6.875% interest rate. As at the June 16, 2014 acquisition date, the convertible debentures had an attributable fair value of $44.9 million. As at March 31, 2015, the convertible debentures had principal outstanding of $29.6 million and an attributable fair value of $36.4 million. A $4.4 million mark-to-market loss was recorded in the other income line item of the condensed interim unaudited consolidated statements of income related to the convertible debentures in the first quarter of 2015.

    A loan with principal outstanding of C$2.1 million ($2.0 million) with monthly repayments scheduled through the first quarter of 2015 and a 0.0% interest rate. As at March 31, 2015, the Company's attributable loan principal outstanding amounted to nil.

    Secured finance lease obligations of C$38.3 million ($35.3 million) provided in separate tranches with maturities ranging between 2015 and 2019 and a 7.5% interest rate. As at March 31, 2015, the Company's attributable finance lease obligations amounted to $25.4 million.

        The Company was in compliance with all covenants contained in the Credit Facility, 2012 Notes and 2010 Notes as at March 31, 2015. Canadian Malartic GP was in compliance with all CMGP Loan covenants as at March 31, 2015.

        The Company issued common shares for gross proceeds of $10.6 million in the first quarter of 2015 attributable to employee stock option plan exercises, issuances under the incentive share purchase plan and the dividend re-investment plan. In the first quarter of 2014, the Company issued common shares for gross proceeds of $4.6 million attributable to issuances under the incentive share purchase plan, employee stock option plan exercises and the dividend re-investment plan.

Risk Profile

        Volatility remains high in global financial markets and weakness in the global economy continues to have a serious impact on the profitability and liquidity of many businesses. Although there are signs of stabilization, the timing of a return to historical market conditions is uncertain. Virtually all industries, including gold mining, have been affected by weak economic conditions and volatile financial markets. Continuation of volatility in world markets could have a significant impact on Agnico Eagle's business. In particular, the global credit/liquidity crisis could continue to affect the cost and availability of financing and Agnico Eagle's overall liquidity. The volatility in gold, silver, zinc and copper prices directly affects Agnico Eagle's revenues, earnings and cash flow. Volatile energy, commodity and consumables prices and currency exchange rates impact production costs. The volatility of global stock markets impacts the valuation of the Company's equity investments.

International Financial Reporting Standards

        The Company has adopted IFRS as its basis of accounting, replacing US GAAP effective July 1, 2014. As a result, Agnico Eagle's condensed interim unaudited consolidated financial statements for the first quarter of 2015 are reported in accordance with IFRS, with comparative information restated under IFRS and a transition date of January 1, 2013.

        Generally Accepted Accounting Principles ("GAAP") for Canadian publicly accountable enterprises became IFRS as issued by the International Accounting Standards Board in 2011 and the US Securities and

10



AGNICO EAGLE MINES LIMITED
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Prepared in accordance with International Financial Reporting Standards)
for the three months ended March 31, 2015

Exchange Commission ("SEC") in the United States accepts financial statements prepared in accordance with IFRS without reconciliation to US GAAP from foreign private issuers. Accordingly, Agnico Eagle decided to convert its basis of accounting to IFRS to enhance the comparability of its financial statements to the Company's peers in the mining industry.

        Agnico Eagle developed and executed a detailed IFRS conversion plan including an assessment phase, an impact analysis and design phase and an implementation phase, culminating in the Company's initial reporting in accordance with IFRS in the third quarter of 2014.

Disclosure Controls and Procedures and Internal Controls over Financial Reporting

        Pursuant to regulations adopted by the SEC under the Sarbanes-Oxley Act of 2002 and those of the CSA, the Company's management evaluates the effectiveness of the design and operation of the Company's disclosure controls as well as its procedures and internal controls over financial reporting. This evaluation is completed under the supervision of, and with the participation of, the Company's Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO").

        Management of the Company, with the participation of the CEO and CFO, is responsible for establishing and maintaining adequate internal controls over financial reporting. The Company's internal controls over financial reporting are designed to provide reasonable assurance regarding the reliability of financial reporting and preparation of consolidated financial statements for external purposes in accordance with generally accepted accounting principles. There have been no significant changes in the Company's internal control over financial reporting in the first quarter of 2015 that have materially affected, or are reasonably likely to materially affect, the reliability of financial reporting.

        The Company's management, including the CEO and CFO, recognizes there are inherent limitations in any system of disclosure controls and procedures and internal controls over financial reporting, no matter how well designed. Therefore, even those systems that are considered to be effective can provide only reasonable assurance that the objectives of the control system are met.

Non-GAAP Financial Performance Measures

        This MD&A presents certain financial performance measures, including adjusted net income, total cash costs per ounce of gold produced, minesite costs per tonne and all-in sustaining costs per ounce of gold produced, that are not recognized measures under IFRS. This data may not be comparable to data presented by other gold producers. Non-GAAP financial performance measures should be considered together with other data prepared in accordance with IFRS.

Adjusted Net Income

        Adjusted net income is not a recognized measure under IFRS and this data may not be comparable to data presented by other gold producers. This measure is calculated by adjusting net income as recorded in the condensed interim unaudited consolidated statements of income and comprehensive income for non-recurring, unusual and other items. The Company believes that this generally accepted industry measure allows the evaluation of the results of continuing operations and is useful in making comparisons between periods. Adjusted net income is intended to provide investors with information about the Company's continuing income

11



AGNICO EAGLE MINES LIMITED
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Prepared in accordance with International Financial Reporting Standards)
for the three months ended March 31, 2015

generating capabilities. Management uses this measure to monitor and plan for the operating performance of the Company in conjunction with other data prepared in accordance with IFRS.

(thousands of United States dollars)
  Three Months Ended
March 31, 2015
  Three Months Ended
March 31, 2014
 

Net income for the period

  $ 28,743   $ 97,145  

Impairment loss on available-for-sale securities

    685      

Gain on sale of available-for-sale securities

    (21,049 )   (273 )

Foreign currency translation gain

    (11,690 )   (5,059 )

Stock options expense

    7,791     9,027  

Mark-to-market loss (gain) on warrants

    2,559     (3,129 )

(Gain) loss on settlements of warrants

    (9,664 )   185  

Mark-to-market loss on convertible debentures issued by Osisko

    4,447      

Income and mining taxes adjustments

    15,221     1,508  

Other

    14,367      
           

Adjusted net income for the period

  $ 31,410   $ 99,404  
           

Net income per share — basic

 
$

0.13
 
$

0.56
 

Net income per share — diluted

  $ 0.13   $ 0.56  

Adjusted net income per share — basic

  $ 0.15   $ 0.57  

Adjusted net income per share — diluted

  $ 0.15   $ 0.57  

Total Cash Costs per Ounce of Gold Produced and Minesite Costs per Tonne

        The Company believes that total cash costs per ounce of gold produced and minesite costs per tonne are realistic indicators of operating performance and facilitate period over period comparisons. However, both of these non-GAAP generally accepted industry measures should be considered together with other data prepared in accordance with IFRS. These measures, taken by themselves, are not necessarily indicative of operating costs or cash flow measures prepared in accordance with IFRS.

        Total cash costs per ounce of gold produced is presented on both a by-product basis (deducting by-product metal revenues from production costs) and co-product basis (before by-product metal revenues). Total cash costs per ounce of gold produced on a by-product basis is calculated by adjusting production costs as recorded in the condensed interim consolidated statements of income and comprehensive income for by-product revenues, unsold concentrate inventory production costs, smelting, refining and marketing charges and other adjustments, and then dividing by the number of ounces of gold produced. Total cash costs per ounce of gold produced on a co-product basis is calculated in the same manner as total cash costs per ounce of gold produced on a by-product basis except that no adjustment for by-product metal revenues is made. Accordingly, the calculation of total cash costs per ounce of gold produced on a co-product basis does not reflect a reduction in production costs or smelting, refining and marketing charges associated with the production and sale of by-product metals. Total cash costs per ounce of gold produced is intended to provide information about the cash generating capabilities of the Company's mining operations. Management also uses these measures to monitor the performance of the Company's mining operations. As market prices for gold are quoted on a per ounce basis, using the total cash cost per ounce of gold produced on a by-product basis measure allows management to assess a mine's cash generating capabilities at various gold prices. Management is aware that these per ounce measures of performance can be affected by fluctuations in 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

12



AGNICO EAGLE MINES LIMITED
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Prepared in accordance with International Financial Reporting Standards)
for the three months ended March 31, 2015

other data prepared in accordance with IFRS. Management also performs sensitivity analyses in order to quantify the effects of fluctuating exchange rates and metal prices.

        Agnico Eagle's primary business is gold production and the focus of its current operations and future development is on maximizing returns from gold production, with other metal production being incidental to the gold production process. Accordingly, all metals other than gold are considered by-products.

        Total cash costs per ounce of gold produced is presented on a by-product basis because (i) the majority of the Company's revenues are gold revenues, (ii) the Company mines ore, which contains gold, silver, zinc, copper and other metals, (iii) it is not possible to specifically assign all costs to revenues from the gold, silver, zinc, copper and other metals the Company produces, and (iv) it is the method used by management and the Board to monitor operations.

        Minesite costs per tonne is calculated by adjusting production costs as shown in the condensed interim consolidated statements of income and comprehensive income for unsold concentrate inventory production costs and other adjustments and then dividing by tonnes of ore processed. As the total cash costs per ounce of gold produced measure can be impacted by fluctuations in by-product metal prices and exchange rates, management believes that the minesite costs per tonne measure provides additional information regarding the performance of mining operations. Management is aware that this per tonne measure of performance can be impacted by fluctuations in production levels and compensates for this inherent limitation by using this measure in conjunction with production costs prepared in accordance with IFRS.

        Total cash costs per ounce of gold produced and minesite costs per tonne have been restated to conform with IFRS for all reported periods.

        The following tables set out a reconciliation of total cash costs per ounce of gold produced (on both a by-product basis and co-product basis) and minesite costs per tonne to production costs, exclusive of amortization, as presented in the condensed interim consolidated statements of income and comprehensive income in accordance with IFRS.

Total Production Costs by Mine

(thousands of United States dollars)
  Three Months Ended
March 31, 2015
  Three Months Ended
March 31, 2014
 

LaRonde mine

  $ 45,865   $ 47,279  

Lapa mine

    13,985     15,350  

Goldex mine

    14,866     15,845  

Meadowbank mine

    57,096     67,079  

Canadian Malartic mine(i)

    41,186      

Kittila mine

    31,999     29,459  

Pinos Altos mine

    24,212     31,419  

Creston Mascota deposit at Pinos Altos

    5,606     5,825  

La India mine(ii)

    12,465     5,810  
           

Production costs per the condensed interim consolidated statements of income and comprehensive income

  $ 247,280   $ 218,066  
           

13



AGNICO EAGLE MINES LIMITED
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Prepared in accordance with International Financial Reporting Standards)
for the three months ended March 31, 2015

Reconciliation of Production Costs to Total Cash Costs per Ounce of Gold Produced(iii) by Mine and Reconciliation of Production Costs to Minesite Costs per Tonne(iv) by Mine

LaRonde Mine — Total Cash Costs per Ounce of Gold Produced(iii)

(thousands of United States dollars, except as noted)
  Three Months Ended
March 31, 2015
  Three Months Ended
March 31, 2014
 

Production costs

  $ 45,865   $ 47,279  

Adjustments:

             

Inventory and other adjustments(v)

    6,678     7,818  
           

Cash operating costs (co-product basis)

  $ 52,543   $ 55,097  

By-product metal revenues

    (11,134 )   (21,053 )
           

Cash operating costs (by-product basis)

  $ 41,409   $ 34,044  

Gold production (ounces)

    58,893     59,352  

Total cash costs per ounce of gold produced ($ per ounce)(iii):

             

Co-product basis

  $ 892   $ 928  
           

By-product basis

  $ 703   $ 574  
           

LaRonde Mine — Minesite Costs per Tonne(iv)

(thousands of United States dollars, except as noted)
  Three Months Ended
March 31, 2015
  Three Months Ended
March 31, 2014
 

Production costs

  $ 45,865   $ 47,279  

Inventory and other adjustments(vi)

    866     1,148  
           

Minesite operating costs

  $ 46,731   $ 48,427  

Minesite operating costs (thousands of C$)

  C$ 57,789   C$ 55,081  

Tonnes of ore milled (thousands of tonnes)

    558     557  
           

Minesite costs per tonne (C$)(iv)

  C$ 104   C$ 99  
           

Lapa Mine — Total Cash Costs per Ounce of Gold Produced(iii)

(thousands of United States dollars, except as noted)
  Three Months Ended
March 31, 2015
  Three Months Ended
March 31, 2014
 

Production costs

  $ 13,985   $ 15,350  

Adjustments:

             

Inventory and other adjustments(v)

    749     160  
           

Cash operating costs (co-product basis)

  $ 14,734   $ 15,510  

By-product metal revenues

    (17 )   (2 )
           

Cash operating costs (by-product basis)

  $ 14,717   $ 15,508  

Gold production (ounces)

    25,920     23,409  

Total cash costs per ounce of gold produced ($ per ounce)(iii):

             

Co-product basis

  $ 568   $ 663  
           

By-product basis

  $ 568   $ 662  
           

14



AGNICO EAGLE MINES LIMITED
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Prepared in accordance with International Financial Reporting Standards)
for the three months ended March 31, 2015

Lapa Mine — Minesite Costs per Tonne(iv)

(thousands of United States dollars, except as noted)
  Three Months Ended
March 31, 2015
  Three Months Ended
March 31, 2014
 

Production costs

  $ 13,985   $ 15,350  

Inventory and other adjustments(vi)

    548     118  
           

Minesite operating costs

  $ 14,533   $ 15,468  

Minesite operating costs (thousands of C$)

  C$ 18,077   C$ 17,069  

Tonnes of ore milled (thousands of tonnes)

    152     157  
           

Minesite costs per tonne (C$)(iv)

  C$ 119   C$ 109  
           

Goldex Mine — Total Cash Costs per Ounce of Gold Produced(iii)

(thousands of United States dollars, except as noted)
  Three Months Ended
March 31, 2015
  Three Months Ended
March 31, 2014
 

Production costs

  $ 14,866   $ 15,845  

Adjustments:

             

Inventory and other adjustments(v)

    973     (1,038 )
           

Cash operating costs (co-product basis)

  $ 15,839   $ 14,807  

By-product metal revenues

    (7 )   (6 )
           

Cash operating costs (by-product basis)

  $ 15,832   $ 14,801  

Gold production (ounces)

    29,250     19,430  

Total cash costs per ounce of gold produced ($ per ounce)(iii):

             

Co-product basis

  $ 542   $ 762  
           

By-product basis

  $ 541   $ 762  
           

Goldex Mine — Minesite Costs per Tonne(iv)

(thousands of United States dollars, except as noted)
  Three Months Ended
March 31, 2015
  Three Months Ended
March 31, 2014
 

Production costs

  $ 14,866   $ 15,845  

Inventory and other adjustments(vi)

    761     (1,018 )
           

Minesite operating costs

  $ 15,627   $ 14,827  

Minesite operating costs (thousands of C$)

  C$ 19,317   C$ 15,168  

Tonnes of ore milled (thousands of tonnes)

    566     485  
           

Minesite costs per tonne (C$)(iv)

  C$ 34   C$ 31  
           

15



AGNICO EAGLE MINES LIMITED
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Prepared in accordance with International Financial Reporting Standards)
for the three months ended March 31, 2015

Meadowbank Mine — Total Cash Costs per Ounce of Gold Produced(iii)

(thousands of United States dollars, except as noted)
  Three Months Ended
March 31, 2015
  Three Months Ended
March 31, 2014
 

Production costs

  $ 57,096   $ 67,079  

Adjustments:

             

Inventory and other adjustments(v)

    2,541     1,312  
           

Cash operating costs (co-product basis)

  $ 59,637   $ 68,391  

By-product metal revenues

    (1,689 )   (552 )
           

Cash operating costs (by-product basis)

  $ 57,948   $ 67,839  

Gold production (ounces)

    88,523     156,444  

Total cash costs per ounce of gold produced ($ per ounce)(iii):

             

Co-product basis

  $ 674   $ 437  
           

By-product basis

  $ 655   $ 434  
           

Meadowbank Mine — Minesite Costs per Tonne(iv)

(thousands of United States dollars, except as noted)
  Three Months Ended
March 31, 2015
  Three Months Ended
March 31, 2014
 

Production costs

  $ 57,096   $ 67,079  

Inventory and other adjustments(vi)

    1,694     1,389  
           

Minesite operating costs

  $ 58,790   $ 68,468  

Minesite operating costs (thousands of C$)

  C$ 70,627   C$ 75,552  

Tonnes of ore milled (thousands of tonnes)

    990     994  
           

Minesite costs per tonne (C$)(iv)

  C$ 71   C$ 76  
           

Canadian Malartic Mine — Total Cash Costs per Ounce of Gold Produced(i)(iii)

(thousands of United States dollars, except as noted)
  Three Months Ended
March 31, 2015
  Three Months Ended
March 31, 2014
 

Production costs

  $ 41,186   $  

Adjustments:

             

Inventory and other adjustments(v)

    2,851      
           

Cash operating costs (co-product basis)

  $ 44,037   $  

By-product metal revenues

    (1,142 )    
           

Cash operating costs (by-product basis)

  $ 42,895   $  

Gold production (ounces)

    67,893      

Total cash costs per ounce of gold produced ($ per ounce)(iii):

             

Co-product basis

  $ 649   $  
           

By-product basis

  $ 632   $  
           

16



AGNICO EAGLE MINES LIMITED
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Prepared in accordance with International Financial Reporting Standards)
for the three months ended March 31, 2015

Canadian Malartic Mine — Minesite Costs per Tonne(i)(iv)

(thousands of United States dollars, except as noted)
  Three Months Ended
March 31, 2015
  Three Months Ended
March 31, 2014
 

Production costs

  $ 41,186   $  

Inventory and other adjustments(vi)

    2,605      
           

Minesite operating costs

  $ 43,791   $  

Minesite operating costs (thousands of C$)

  C$ 54,320   C$  

Tonnes of ore milled (thousands of tonnes)

    2,339      
           

Minesite costs per tonne (C$)(iv)

  C$ 23   C$  
           

Kittila Mine — Total Cash Costs per Ounce of Gold Produced(iii)

(thousands of United States dollars, except as noted)
  Three Months Ended
March 31, 2015
  Three Months Ended
March 31, 2014
 

Production costs

  $ 31,999   $ 29,459  

Adjustments:

             

Inventory and other adjustments(v)

    (1,543 )   1,233  
           

Cash operating costs (co-product basis)

  $ 30,456   $ 30,692  

By-product metal revenues

    (35 )   (37 )
           

Cash operating costs (by-product basis)

  $ 30,421   $ 30,655  

Gold production (ounces)

    44,654     38,552  

Total cash costs per ounce of gold produced ($ per ounce)(iii):

             

Co-product basis

  $ 682   $ 796  
           

By-product basis

  $ 681   $ 795  
           

Kittila Mine — Minesite Costs per Tonne(iv)

(thousands of United States dollars, except as noted)
  Three Months Ended
March 31, 2015
  Three Months Ended
March 31, 2014
 

Production costs

  $ 31,999   $ 29,459  

Inventory and other adjustments(vi)

    (1,659 )   1,081  
           

Minesite operating costs

  $ 30,340   $ 30,540  

Minesite operating costs (thousands of €)

  26,714   22,544  

Tonnes of ore milled (thousands of tonnes)

    345     307  
           

Minesite costs per tonne (€)(iv)

  77   73  
           

17



AGNICO EAGLE MINES LIMITED
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Prepared in accordance with International Financial Reporting Standards)
for the three months ended March 31, 2015

Pinos Altos Mine — Total Cash Costs per Ounce of Gold Produced(iii)

(thousands of United States dollars, except as noted)
  Three Months Ended
March 31, 2015
  Three Months Ended
March 31, 2014
 

Production costs

  $ 24,212   $ 31,419  

Adjustments:

             

Inventory and other adjustments(v)

    3,244     (2 )
           

Cash operating costs (co-product basis)

  $ 27,456   $ 31,417  

By-product metal revenues

    (9,579 )   (9,720 )
           

Cash operating costs (by-product basis)

  $ 17,877   $ 21,697  

Gold production (ounces)

    50,106     45,217  

Total cash costs per ounce of gold produced ($ per ounce)(iii):

             

Co-product basis

  $ 548   $ 695  
           

By-product basis

  $ 357   $ 480  
           

Pinos Altos Mine — Minesite Costs per Tonne(iv)

(thousands of United States dollars, except as noted)
  Three Months Ended
March 31, 2015
  Three Months Ended
March 31, 2014
 

Production costs

  $ 24,212   $ 31,419  

Inventory and other adjustments(vi)

    2,681     (562 )
           

Minesite operating costs

  $ 26,893   $ 30,857  

Tonnes of ore processed (thousands of tonnes)

    584     624  
           

Minesite costs per tonne (US$)(iv)

  $ 46   $ 49  
           

Creston Mascota deposit at Pinos Altos — Total Cash Costs per Ounce of Gold Produced(iii)

(thousands of United States dollars, except as noted)
  Three Months Ended
March 31, 2015
  Three Months Ended
March 31, 2014
 

Production costs

  $ 5,606   $ 5,825  

Adjustments:

             

Inventory and other adjustments(v)

    467     681  
           

Cash operating costs (co-product basis)

  $ 6,073   $ 6,506  

By-product metal revenues

    (547 )   (334 )
           

Cash operating costs (by-product basis)

  $ 5,526   $ 6,172  

Gold production (ounces)

    12,448     10,317  

Total cash costs per ounce of gold produced ($ per ounce)(iii):

             

Co-product basis

  $ 488   $ 631  
           

By-product basis

  $ 444   $ 598  
           

18



AGNICO EAGLE MINES LIMITED
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Prepared in accordance with International Financial Reporting Standards)
for the three months ended March 31, 2015

Creston Mascota deposit at Pinos Altos — Minesite Costs per Tonne(iv)

(thousands of United States dollars, except as noted)
  Three Months Ended
March 31, 2015
  Three Months Ended
March 31, 2014
 

Production costs

  $ 5,606   $ 5,825  

Inventory and other adjustments(vi)

    399     583  
           

Minesite operating costs

  $ 6,005   $ 6,408  

Tonnes of ore processed (thousands of tonnes)

    527     379  
           

Minesite costs per tonne (US$)(iv)

  $ 11   $ 17  
           

La India Mine — Total Cash Costs per Ounce of Gold Produced(ii)(iii)

(thousands of United States dollars, except as noted)
  Three Months Ended
March 31, 2015
  Three Months Ended
March 31, 2014
 

Production costs

  $ 12,465   $ 5,810  

Adjustments:

             

Inventory and other adjustments(v)

    (245 )   (875 )
           

Cash operating costs (co-product basis)

  $ 12,220   $ 4,935  

By-product metal revenues

    (1,132 )   (584 )
           

Cash operating costs (by-product basis)

  $ 11,088   $ 4,351  

Gold production (ounces)

    26,523     10,208  

Total cash costs per ounce of gold produced ($ per ounce)(iii):

             

Co-product basis

  $ 461   $ 483  
           

By-product basis

  $ 418   $ 426  
           

La India Mine — Minesite Costs per Tonne(ii)(iv)

(thousands of United States dollars, except as noted)
  Three Months Ended
March 31, 2015
  Three Months Ended
March 31, 2014
 

Production costs

  $ 12,465   $ 5,810  

Inventory and other adjustments(vi)

    (409 )   (939 )
           

Minesite operating costs

  $ 12,056   $ 4,871  

Tonnes of ore processed (thousands of tonnes)

    1,378     687  
           

Minesite costs per tonne (US$)(iv)

  $ 9   $ 7  
           

Notes:

(i)
On June 16, 2014, Agnico Eagle and Yamana jointly acquired 100.0% of Osisko by way of the Arrangement. As a result of the Arrangement, Agnico Eagle and Yamana each indirectly own 50.0% of Osisko (now Canadian Malartic Corporation) and Canadian Malartic GP, which now holds the Canadian Malartic mine. The information set out in this table reflects the Company's 50.0% interest in the Canadian Malartic mine since the date of acquisition, which was subsequent to the first quarter of 2014.

(ii)
The La India mine achieved commercial production on February 1, 2014. 3,492 ounces of payable gold production were excluded from the calculation of total cash costs per ounce of gold produced in the first quarter of 2014 as they were produced prior to the achievement of commercial production.

(iii)
Total cash costs per ounce of gold produced is not a recognized measure under IFRS and this data may not be comparable to data presented by other gold producers. Total cash costs per ounce of gold produced is presented on both a by-product basis (deducting

19



AGNICO EAGLE MINES LIMITED
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Prepared in accordance with International Financial Reporting Standards)
for the three months ended March 31, 2015

    by-product metal revenues from production costs) and co-product basis (before by-product metal revenues). Total cash costs per ounce of gold produced on a by-product basis is calculated by adjusting production costs as recorded in the condensed interim consolidated statements of income for by-product metal revenues, unsold concentrate inventory production costs, smelting, refining and marketing charges and other adjustments, and then dividing by the number of ounces of gold produced. Total cash costs per ounce of gold produced on a co-product basis is calculated in the same manner as total cash costs per ounce of gold produced on a by-product basis except that no adjustment for by-product metal revenues is made. The calculation of total cash costs per ounce of gold produced on a co-product basis does not reflect a reduction in production costs or smelting, refining and marketing charges associated with the production and sale of by-product metals. The Company believes that these generally accepted industry measures provide a realistic indication of operating performance and provide useful comparison points between periods. Total cash costs per ounce of gold produced is intended to provide information about the cash generating capabilities of the Company's mining operations. Management also uses these measures to monitor the performance of the Company's mining operations. As market prices for gold are quoted on 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 various gold prices. Management is aware that these per ounce measures of performance can be affected by fluctuations in exchange rates and, in the case of total cash costs 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 prepared in accordance with IFRS. Management also performs sensitivity analyses in order to quantify the effects of fluctuating metal prices and exchange rates.

(iv)
Minesite costs per tonne is not a recognized measure under IFRS and this data may not be comparable to data presented by other gold producers. This measure is calculated by adjusting production costs as shown in the condensed interim consolidated statements of income for unsold concentrate inventory production costs, and then dividing by tonnes of ore milled. As the total cash costs per ounce of gold produced measure can be impacted by fluctuations in by-product metal prices and exchange rates, management believes that the minesite costs per tonne measure provides additional information regarding the performance of mining operations, eliminating the impact of varying production levels. Management also uses this measure to determine the economic viability of mining blocks. As each mining block is evaluated based on the net realizable value of each tonne mined, in order to be economically viable the estimated revenue on a per tonne basis must be in excess of the minesite costs per tonne. Management is aware that this per tonne measure of performance can be impacted by fluctuations in processing levels and compensates for this inherent limitation by using this measure in conjunction with production costs prepared in accordance with IFRS.

(v)
Under the Company's revenue recognition policy, revenue is recognized on concentrates when legal title passes. As total cash costs per ounce of gold produced are calculated on a production basis, an inventory adjustment is made to reflect the sales margin on the portion of concentrate production not yet recognized as revenue. Other adjustments include the addition of smelting, refining and marketing charges to production costs.

(vi)
This inventory and other adjustment reflects production costs associated with unsold concentrates.

All-in Sustaining Costs per Ounce of Gold Produced

        All-in sustaining costs per ounce of gold produced is not a recognized measure under IFRS and this data may not be comparable to data presented by other gold producers. The Company believes that this measure provides information about operating performance. However, this non-GAAP measure should be considered together with other data prepared in accordance with IFRS as it is not necessarily indicative of operating costs or cash flow measures prepared in accordance with IFRS.

        Based on the recommendations of the World Gold Council made in 2013, the Company modified its calculation of all-in sustaining costs per ounce of gold produced beginning in 2014. All-in sustaining costs per ounce of gold produced is presented on both a by-product basis (deducting by-product metal revenues from production costs) and co-product basis (before by-product metal revenues). All-in sustaining costs per ounce of gold produced on a by-product basis is calculated as the aggregate of total cash costs per ounce of gold produced on a by-product basis and sustaining capital expenditures (including capitalized exploration), general and administrative expenses (including stock options) and non-cash reclamation provision expense per ounce of gold produced. All-in sustaining costs per ounce of gold produced on a co-product basis is calculated in the same manner as all-in sustaining costs per ounce of gold produced on a by-product basis except that no adjustment for by-product metal revenues is made to total cash costs per ounce of gold produced. The calculation of all-in sustaining costs per ounce of gold produced on a co-product basis does not reflect a reduction in production costs or smelting, refining and marketing charges associated with the production and sale of by-product metals.

20



AGNICO EAGLE MINES LIMITED
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Prepared in accordance with International Financial Reporting Standards)
for the three months ended March 31, 2015

        Prior to modifying its calculation of all-in sustaining costs per ounce of gold produced for 2014 based on the recommendations of the World Gold Council, the Company calculated all-in sustaining costs per ounce of gold produced on a by-product basis as the aggregate of total cash costs per ounce of gold produced on a by-product basis and sustaining capital expenditures, general and administrative expenses (net of stock options) and exploration and corporate development expenses (excluding greenfield exploration) per ounce of gold produced. All-in sustaining costs per ounce of gold produced on a co-product basis would have been calculated in the same manner as all-in sustaining costs per ounce of gold produced on a by-product basis except that no adjustment for by-product metal revenues, net of smelting, refining and marketing charges would have been made to total cash costs per ounce of gold produced.

        The following table sets out a reconciliation of production costs to all-in sustaining costs per ounce of gold produced for the three months ended March 31, 2015 and the three months ended March 31, 2014 on both a by-product basis (deducting by-product metal revenues from production costs) and co-product basis (before by-product metal revenues).

Reconciliation of Production Costs to All-in Sustaining Costs per Ounce of Gold Produced

(United States dollars per ounce of gold produced, except where noted)
  Three Months Ended
March 31, 2015
  Three Months Ended
March 31, 2014
 

Production costs per the condensed interim consolidated statements of income and comprehensive income
(thousands of United States dollars)

  $ 247,280   $ 218,066  
           

Adjusted gold production (ounces) (i)

    404,210     362,929  
           

Production costs per ounce of adjusted gold production(i)

  $ 612   $ 601  

Adjustments:

             

Inventory and other adjustments(ii)

    39     24  
           

Total cash costs per ounce of gold produced (co-product basis) (iii)

  $ 651   $ 625  

By-product metal revenues

    (63 )   (88 )
           

Total cash costs per ounce of gold produced (by-product basis) (iii)

  $ 588   $ 537  
           

Adjustments:

             

Sustaining capital expenditures (including capitalized exploration)

    150     168  

General and administrative expenses (including stock options)

    63     72  

Non-cash reclamation provision and other

    3     3  
           

All-in sustaining costs per ounce of gold produced (by-product basis)

  $ 804   $ 780  
           

By-product metal revenues

    63     88  
           

All-in sustaining costs per ounce of gold produced (co-product basis)

  $ 867   $ 868  
           

Notes:

(i)
The La India mine achieved commercial production on February 1, 2014. 3,492 ounces of payable gold production were excluded from the calculation of total cash costs per ounce of gold produced in the first quarter of 2014 as they were produced prior to the achievement of commercial production.

(ii)
Under the Company's revenue recognition policy, revenue is recognized on concentrates when legal title and risk is transferred. As total cash costs per ounce of gold produced are calculated on a production basis, this inventory adjustment reflects the sales margin on the portion of concentrate production not yet recognized as revenue. Other adjustments include the addition of smelting, refining and marketing charges to production costs.

21



AGNICO EAGLE MINES LIMITED
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Prepared in accordance with International Financial Reporting Standards)
for the three months ended March 31, 2015

(iii)
Total cash costs per ounce of gold produced is not a recognized measure under IFRS and this data may not be comparable to data presented by other gold producers. Total cash costs per ounce of gold produced is presented on both a by-product basis (deducting by-product metal revenues from production costs) and co-product basis (before by-product metal revenues). Total cash costs per ounce of gold produced on a by-product basis is calculated by adjusting production costs as recorded in the condensed interim consolidated statements of income for by-product metal revenues, unsold concentrate inventory production costs, smelting, refining and marketing charges and other adjustments, and then dividing by the number of ounces of gold produced. Total cash costs per ounce of gold produced on a co-product basis is calculated in the same manner as total cash costs per ounce of gold produced on a by-product basis except that no adjustment for by-product metal revenues is made. The calculation of total cash costs per ounce of gold produced on a co-product basis does not reflect a reduction in production costs or smelting, refining and marketing charges associated with the production and sale of by-product metals. The Company believes that these generally accepted industry measures provide a realistic indication of operating performance and provide useful comparison points between periods. Total cash costs per ounce of gold produced is intended to provide information about the cash generating capabilities of the Company's mining operations. Management also uses these measures to monitor the performance of the Company's mining operations. As market prices for gold are quoted on 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 various gold prices. Management is aware that these per ounce measures of performance can be affected by fluctuations in exchange rates and, in the case of total cash costs 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 as well as other data prepared in accordance with IFRS. Management also performs sensitivity analyses in order to quantify the effects of fluctuating metal prices and exchange rates.

22



AGNICO EAGLE MINES LIMITED
SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS
(thousands of United States dollars, except where noted)

 
  Three Months Ended
March 31,
 
 
  2015   2014  

Operating margin(i) by mine:

             

Northern Business

             

LaRonde mine

  $ 30,015   $ 45,425  

Lapa mine

    14,687     15,340  

Goldex mine

    19,253     9,525  

Meadowbank mine

    46,577     123,961  

Canadian Malartic mine(ii)

    34,718      

Kittila mine

    27,415     19,003  

Southern Business

             

Pinos Altos mine

    34,652     39,064  

Creston Mascota deposit at Pinos Altos

    8,409     7,714  

La India mine(iii)

    20,590     13,669  
           

Total operating margin(i)

    236,316     273,701  

Amortization of property, plant and mine development

    135,897     83,481  

Exploration, corporate and other

    43,706     43,502  
           

Income before income and mining taxes

    56,713     146,718  

Income and mining taxes expense

    27,970     49,573  
           

Net income for the period

  $ 28,743   $ 97,145  
           

Net income per share — basic (US$)

  $ 0.13   $ 0.56  

Net income per share — diluted (US$)

  $ 0.13   $ 0.56  

Cash flows:

             

Cash provided by operating activities

  $ 143,455   $ 250,396  

Cash used in investing activities

  $ (53,892 ) $ (108,288 )

Cash used in financing activities

  $ (123,182 ) $ (98,087 )

Realized prices (US$):

             

Gold (per ounce)

  $ 1,202   $ 1,308  

Silver (per ounce)

  $ 17.02   $ 20.62  

Zinc (per tonne)

  $ 2,072   $ 2,027  

Copper (per tonne)

  $ 5,056   $ 6,386  

Payable production(iv):

             

Gold (ounces):

             

Northern Business

             

LaRonde mine

    58,893     59,352  

Lapa mine

    25,920     23,409  

Goldex mine

    29,250     19,430  

Meadowbank mine

    88,523     156,444  

Canadian Malartic mine(ii)

    67,893      

Kittila mine

    44,654     38,552  

Southern Business

             

Pinos Altos mine

    50,106     45,217  

Creston Mascota deposit at Pinos Altos

    12,448     10,317  

La India mine(iii)

    26,523     13,700  
           

Total gold (ounces)

    404,210     366,421  
           

23



AGNICO EAGLE MINES LIMITED
SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS
(thousands of United States dollars, except where noted)

 
  Three Months Ended
March 31,
 
 
  2015   2014  

Silver (thousands of ounces):

             

Northern Business

             

LaRonde mine

    198     349  

Lapa mine

    1      

Meadowbank mine

    96     26  

Canadian Malartic mine(ii)

    72      

Kittila mine

    2     2  

Southern Business

             

Pinos Altos mine

    562     460  

Creston Mascota deposit at Pinos Altos

    32     16  

La India mine(iii)

    69     27  
           

Total Silver (thousands of ounces)

    1,032     880  
           

Zinc (tonnes)

    936     2,060  

Copper (tonnes)

    1,167     1,554  

Payable metal sold:

             

Gold (ounces):

             

Northern Business

             

LaRonde mine

    60,943     58,100  

Lapa mine

    23,497     23,451  

Goldex mine

    27,907     19,607  

Meadowbank mine

    84,780     147,502  

Canadian Malartic mine(ii)(v)

    59,261      

Kittila mine

    48,982     37,429  

Southern Business

             

Pinos Altos mine

    41,433     46,810  

Creston Mascota deposit at Pinos Altos

    11,399     10,228  

La India mine(iii)

    26,898     14,632  
           

Total gold (ounces)

    385,100     357,759  
           

Silver (thousands of ounces):

             

Northern Business

             

LaRonde mine

    205     340  

Meadowbank mine

    98     28  

Canadian Malartic mine(ii)(v)

    54      

Kittila mine

    2     2  

Southern Business

             

Pinos Altos mine

    446     507  

Creston Mascota deposit at Pinos Altos

    20     14  

La India mine(iii)

    63     26  
           

Total Silver (thousands of ounces)

    888     917  
           

Zinc (tonnes)

    1,264     1,673  

Copper (tonnes)

    1,160     1,542  

24



AGNICO EAGLE MINES LIMITED
SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS
(thousands of United States dollars, except where noted)

 
  Three Months Ended
March 31,
 
 
  2015   2014  

Total cash costs per ounce of gold produced — Co-product basis (US$)(vi):

             

Northern Business

             

LaRonde mine

  $ 892   $ 928  

Lapa mine

    568     663  

Goldex mine

    542     762  

Meadowbank mine

    674     437  

Canadian Malartic mine(ii)

    649      

Kittila mine

    682     796  

Southern Business

             

Pinos Altos mine

    548     695  

Creston Mascota deposit at Pinos Altos

    488     631  

La India mine(iii)

    461     483  
           

Weighted average total cash costs per ounce of gold produced

  $ 651   $ 625  
           

Total cash costs per ounce of gold produced — By-product basis (US$)(vi):

             

Northern Business

             

LaRonde mine

  $ 703   $ 574  

Lapa mine

    568     662  

Goldex mine

    541     762  

Meadowbank mine

    655     434  

Canadian Malartic mine(ii)

    632      

Kittila mine

    681     795  

Southern Business

             

Pinos Altos mine

    357     480  

Creston Mascota deposit at Pinos Altos

    444     598  

La India mine(iii)

    418     426  
           

Weighted average total cash costs per ounce of gold produced

  $ 588   $ 537  
           

Notes:

(i)
Operating margin is calculated as revenues from mining operations less production costs.

(ii)
On June 16, 2014, Agnico Eagle and Yamana jointly acquired 100.0% of Osisko by way of the Arrangement. As a result of the Arrangement, Agnico Eagle and Yamana each indirectly own 50.0% of Osisko (now Canadian Malartic Corporation) and Canadian Malartic GP, which now holds the Canadian Malartic mine. The information set out in this table reflects the Company's 50.0% interest in the Canadian Malartic mine since the date of acquisition, which was subsequent to the first quarter of 2014.

(iii)
The La India mine achieved commercial production on February 1, 2014.

(iv)
Payable production (a non-GAAP financial performance measure) is the quantity of mineral produced during a period contained in products that are or will be sold by the Company, whether such products are sold during the period or held as inventories at the end of the period.

(v)
The Canadian Malartic mine's payable metal sold excludes the 5.0% net smelter royalty transferred to Osisko Gold Royalties Ltd., pursuant to the Arrangement.

(vi)
Total cash costs per ounce of gold produced is not a recognized measure under IFRS and this data may not be comparable to data presented by other gold producers. Total cash costs per ounce of gold produced is presented on both a by-product basis (deducting by-product metal revenues from production costs) and co-product basis (before by-product metal revenues). Total cash costs per ounce of gold produced on a by-product basis is calculated by adjusting production costs as recorded in the condensed interim consolidated statements of income for by-product metal revenues, unsold concentrate inventory production costs, smelting, refining and marketing charges and other adjustments, and then dividing by the number of ounces of gold produced. Total cash costs per ounce of gold

25



AGNICO EAGLE MINES LIMITED
SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS
(thousands of United States dollars, except where noted)

    produced on a co-product basis is calculated in the same manner as total cash costs per ounce of gold produced on a by-product basis except that no adjustment for by-product metal revenues is made. The calculation of total cash costs per ounce of gold produced on a co-product basis does not reflect a reduction in production costs or smelting, refining and marketing charges associated with the production and sale of by-product metals. The Company believes that these generally accepted industry measures provide a realistic indication of operating performance and provide useful comparison points between periods. Total cash costs per ounce of gold produced is intended to provide information about the cash generating capabilities of the Company's mining operations. Management also uses these measures to monitor the performance of the Company's mining operations. As market prices for gold are quoted on 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 various gold prices. Management is aware that these per ounce measures of performance can be affected by fluctuations in exchange rates and, in the case of total cash costs 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 as well as other data prepared in accordance with IFRS. Management also performs sensitivity analyses in order to quantify the effects of fluctuating metal prices and exchange rates.

26



AGNICO EAGLE MINES LIMITED
SUMMARIZED QUARTERLY DATA
(thousands of United States dollars, except where noted)

 
  Three Months Ended  
 
  June 30,
2013
  September 30,
2013
  December 31,
2013
  March 31,
2014
  June 30,
2014
  September 30,
2014
  December 31,
2014
  March 31,
2015
 

Operating margin(i):

                                                 

Revenues from mining operations

  $ 336,423   $ 444,320   $ 437,240   $ 491,767   $ 438,521   $ 463,388   $ 503,090   $ 483,596  

Production costs

    206,433     222,774     230,495     218,066     229,383     269,793     287,317     247,280  
                                   

Total operating margin(i)

    129,990     221,546     206,745     273,701     209,138     193,595     215,773     236,316  

Operating margin(i) by mine:

                                                 

Northern Business

                                                 

LaRonde mine

    15,544     25,461     27,243     45,425     26,402     14,696     33,535     30,015  

Lapa mine

    16,576     15,303     18,143     15,340     9,050     13,748     16,060     14,687  

Goldex mine(ii)

            6,079     9,525     13,283     17,237     20,693     19,253  

Meadowbank mine

    46,459     90,658     80,818     123,961     88,728     52,504     39,839     46,577  

Canadian Malartic mine(iii)

                    3,668     33,224     39,092     34,718  

Kittila mine

    (171 )   39,150     27,949     19,003     14,184     12,128     14,312     27,415  

Southern Business

                                                 

Pinos Altos mine

    46,044     40,529     38,224     39,064     33,417     28,837     27,123     34,652  

Creston Mascota deposit at Pinos Altos

    5,538     10,445     8,289     7,714     7,428     8,032     8,392     8,409  

La India mine(iv)

                13,669     12,978     13,189     16,727     20,590  
                                   

Total operating margin(i)

    129,990     221,546     206,745     273,701     209,138     193,595     215,773     236,316  

Amortization of property, plant and mine development

    73,077     79,266     90,788     83,481     93,656     117,396     139,095     135,897  

Impairment loss

            1,014,688                      

Exploration, corporate and other

    73,413     53,725     61,644     43,502     81,665     69,884     74,390     43,706  
                                   

Income (loss) before income and mining taxes

    (16,500 )   88,555     (960,375 )   146,718     33,817     6,315     2,288     56,713  

Income and mining taxes expense (recovery)

    11,053     13,637     (180,103 )   49,573     11,659     21,365     23,571     27,970  
                                   

Net income (loss) for the period

  $ (27,553 ) $ 74,918   $ (780,272 ) $ 97,145   $ 22,158   $ (15,050 ) $ (21,283 ) $ 28,743  
                                   

Net income (loss) per share — basic (US$)

  $ (0.16 ) $ 0.43   $ (4.49 ) $ 0.56   $ 0.12   $ (0.07 ) $ (0.10 ) $ 0.13  

Net income (loss) per share — diluted (US$)

  $ (0.16 ) $ 0.43   $ (4.49 ) $ 0.56   $ 0.12   $ (0.10 ) $ (0.12 ) $ 0.13  

Cash flows:

                                                 

Cash provided by operating activities

  $ 87,439   $ 88,365   $ 140,789   $ 250,396   $ 182,728   $ 71,244   $ 163,956   $ 143,455  

Cash used in investing activities

  $ (230,423 ) $ (153,012 ) $ (143,928 ) $ (108,288 ) $ (488,543 ) $ (131,662 ) $ (123,126 ) $ (53,892 )

Cash provided by (used in) financing activities

  $ 18,677   $ 68,745   $ 30,811   $ (98,087 ) $ 381,950   $ (35,943 ) $ (18,685 ) $ (123,182 )

Notes:

(i)
Operating margin is calculated as revenues from mining operations less production costs.

(ii)
The Goldex mine's M and E Zones achieved commercial production on October 1, 2013.

(iii)
On June 16, 2014, Agnico Eagle and Yamana jointly acquired 100.0% of Osisko by way of the Arrangement. As a result of the Arrangement, Agnico Eagle and Yamana each indirectly own 50.0% of Osisko (now Canadian Malartic Corporation) and Canadian Malartic GP, which now holds the Canadian Malartic mine. The information set out in this table reflects the Company's 50.0% interest in the Canadian Malartic mine since the date of acquisition, which was subsequent to the first quarter of 2014.

(iv)
The La India mine achieved commercial production on February 1, 2014.

27



AGNICO EAGLE MINES LIMITED
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS
(thousands of United States dollars, except share amounts)
(Unaudited)

 
  As at
March 31,
2015
  As at
December 31,
2014
 

ASSETS

             

Current assets:

             

Cash and cash equivalents

  $ 138,006   $ 177,537  

Short-term investments

    4,722     4,621  

Restricted cash

    29,419     33,122  

Trade receivables (note 6)

    61,200     59,716  

Inventories (note 7)

    442,278     446,660  

Income taxes recoverable

    18,287     1,658  

Available-for-sale securities (notes 6 and 8)

    46,888     56,468  

Fair value of derivative financial instruments (notes 6 and 14)

    335     4,877  

Other current assets

    127,830     123,401  
           

Total current assets

    868,965     908,060  

Non-current assets:

             

Restricted cash

    19,116     20,899  

Goodwill (note 5)

    601,190     601,190  

Property, plant and mine development (note 9)

    5,247,513     5,281,473  

Other assets

    30,341     27,622  
           

Total assets

  $ 6,767,125   $ 6,839,244  
           

LIABILITIES AND EQUITY

             

Current liabilities:

             

Accounts payable and accrued liabilities

  $ 187,602   $ 209,906  

Reclamation provision (note 10)

    6,994     6,769  

Interest payable (note 11)

    20,987     13,816  

Income taxes payable

    11,894     19,328  

Finance lease obligations

    17,377     22,142  

Current portion of long-term debt (note 11)

    52,038     52,182  

Fair value of derivative financial instruments (notes 6 and 14)

    21,858     8,249  
           

Total current liabilities

    318,750     332,392  
           

Non-current liabilities:

             

Long-term debt (note 11)

    1,220,138     1,322,461  

Reclamation provision (note 10)

    250,734     249,917  

Deferred income and mining tax liabilities

    843,699     827,181  

Other liabilities

    34,062     38,803  
           

Total liabilities

    2,667,383     2,770,754  
           

EQUITY

             

Common shares (note 12):

             

Outstanding — 216,200,703 common shares issued, less 1,258,885 shares held in trust or by a depositary

    4,622,015     4,599,788  

Stock options (notes 12 and 13)

    206,611     200,830  

Contributed surplus

    37,254     37,254  

Deficit

    (768,011 )   (779,382 )

Accumulated other comprehensive income

    1,873     10,000  
           

Total equity

    4,099,742     4,068,490  
           

Total liabilities and equity

  $ 6,767,125   $ 6,839,244  
           

Commitments and contingencies (note 16)

             

See accompanying notes

28



AGNICO EAGLE MINES LIMITED
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(thousands of United States dollars, except per share amounts)
(Unaudited)

 
  Three Months Ended
March 31,
 
 
  2015   2014  

REVENUES

             

Revenues from mining operations

  $ 483,596   $ 491,767  

COSTS, EXPENSES AND OTHER INCOME

             

Production(i)

    247,280     218,066  

Exploration and corporate development

    16,651     9,418  

Amortization of property, plant and mine development (note 9)

    135,897     83,481  

General and administrative

    25,221     26,270  

Impairment loss on available-for-sale securities (note 8)

    685      

Finance costs (note 11)

    19,712     17,138  

Loss (gain) on derivative financial instruments (note 14)

    8,576     (3,746 )

Gain on sale of available-for-sale securities (note 8)

    (21,049 )   (273 )

Environmental remediation

    429     172  

Foreign currency translation gain

    (11,690 )   (5,059 )

Other expenses (income)

    5,171     (418 )
           

Income before income and mining taxes

    56,713     146,718  

Income and mining taxes expense

    27,970     49,573  
           

Net income for the period

  $ 28,743   $ 97,145  
           

Net income per share — basic (note 12)

  $ 0.13   $ 0.56  
           

Net income per share — diluted (note 12)

  $ 0.13   $ 0.56  
           

Cash dividends declared per common share

  $ 0.08   $ 0.08  
           

COMPREHENSIVE INCOME

             

Net income for the period

  $ 28,743   $ 97,145  
           

Other comprehensive income (loss):

             

Items that may be subsequently reclassified to net income:

             

Available-for-sale securities and other investments:

             

Unrealized change in fair value of available-for-sale securities

    10,987     21,018  

Reclassification to impairment loss on available-for-sale securities (note 8)

    685      

Reclassification to gain on sale of available-for-sale securities (note 8)

    (21,049 )   (273 )

Income tax impact of reclassification items

    2,713      

Income tax impact of other comprehensive loss items

    (1,463 )    
           

    (8,127 )   20,745  

Items that will not be subsequently reclassified to net income:

             

Pension benefit obligations:

             

Remeasurement losses of pension benefit obligations

    (206 )    

Income tax impact

    55      
           

    (151 )    
           

Other comprehensive income (loss) for the period

    (8,278 )   20,745  
           

Comprehensive income for the period

  $ 20,465   $ 117,890  
           

Note:

(i)
Exclusive of amortization, which is shown separately.

See accompanying notes

29



AGNICO EAGLE MINES LIMITED
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF EQUITY
(thousands of United States dollars, except share and per share amounts)
(Unaudited)

 
  Common Shares
Oustanding
   
   
   
   
   
 
 
   
   
   
  Accumulated
Other
Comprehensive
Income
   
 
 
  Stock
Options
  Contributed
Surplus
   
  Total
Equity
 
 
  Shares   Amount   Deficit  

Balance December 31, 2013

    173,953,975   $ 3,294,007   $ 184,078   $ 37,254   $ (800,074 ) $ 2,141   $ 2,717,406  
                               

Net income

                    97,145         97,145  

Other comprehensive income

                        20,745     20,745  
                               

Total comprehensive income

                    97,145     20,745     117,890  
                               

Transactions with owners:

                                           

Shares issued under employee stock option plan (notes 12 and 13)

    78,475     2,478     (665 )               1,813  

Stock options (notes 12 and 13)

            8,699                 8,699  

Shares issued under incentive share purchase plan

    127,473     3,936                     3,936  

Shares issued under dividend reinvestment plan

    62,826     1,989                     1,989  

Dividends declared ($0.08 per share)

                    (13,943 )       (13,943 )

Restricted share unit plan (note 13)

    (170,808 )   (4,400 )                   (4,400 )
                               

Balance March 31, 2014

    174,051,941   $ 3,298,010   $ 192,112   $ 37,254   $ (716,872 ) $ 22,886   $ 2,833,390  
                               

Balance December 31, 2014

    214,236,234   $ 4,599,788   $ 200,830   $ 37,254   $ (779,382 ) $ 10,000   $ 4,068,490  
                               

Net income

                    28,743         28,743  

Other comprehensive loss

                    (151 )   (8,127 )   (8,278 )
                               

Total comprehensive income (loss)

                    28,592     (8,127 )   20,465  
                               

Transactions with owners:

                                           

Shares issued under employee stock option plan (notes 12 and 13)

    338,603     10,454     (2,231 )               8,223  

Stock options (notes 12 and 13)

            8,012                 8,012  

Shares issued under incentive share purchase plan

    124,791     3,607                     3,607  

Shares issued under dividend reinvestment plan

    85,225     2,459                     2,459  

Shares issued for joint acquisition of Malartic CHL property

    459,197     13,441                     13,441  

Dividends declared ($0.08 per share)

                    (17,221 )       (17,221 )

Restricted share unit plan and Long Term Incentive Plan (note 13)

    (302,232 )   (7,734 )                   (7,734 )
                               

Balance March 31, 2015

    214,941,818   $ 4,622,015   $ 206,611   $ 37,254   $ (768,011 ) $ 1,873   $ 4,099,742  
                               

   

See accompanying notes

30



AGNICO EAGLE MINES LIMITED
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
(thousands of United States dollars)
(Unaudited)

 
  Three Months Ended
March 31,
 
 
  2015   2014  

OPERATING ACTIVITIES

             

Net income for the period

  $ 28,743   $ 97,145  

Add (deduct) items not affecting cash:

             

Amortization of property, plant and mine development (note 9)

    135,897     83,481  

Deferred income and mining taxes

    19,300     19,964  

Gain on sale of available-for-sale securities (note 8)

    (21,049 )   (273 )

Stock-based compensation (note 13)

    11,718     12,608  

Impairment loss on available-for-sale securities (note 8)

    685      

Foreign currency translation gain

    (11,690 )   (5,059 )

Other

    13,536     225  

Adjustment for settlement of reclamation provision

    (302 )   (934 )

Changes in non-cash working capital balances:

             

Trade receivables

    (1,484 )   (7,111 )

Income taxes

    (24,063 )   21,747  

Inventories

    10,412     23,471  

Other current assets

    (4,837 )   15,520  

Accounts payable and accrued liabilities

    (20,582 )   (17,405 )

Interest payable

    7,171     7,017  
           

Cash provided by operating activities

    143,455     250,396  
           

INVESTING ACTIVITIES

             

Additions to property, plant and mine development (note 9)

    (82,887 )   (101,460 )

Acquisition of El Realito property

    (7,000 )    

Net purchases of short-term investments

    (101 )    

Net proceeds from sale of available-for-sale securities and warrants (note 8)

    37,668     613  

Purchase of available-for-sale securities and warrants (note 8)

    (5,275 )   (13,385 )

Decrease in restricted cash

    3,703     5,944  
           

Cash used in investing activities

    (53,892 )   (108,288 )
           

FINANCING ACTIVITIES

             

Dividends paid

    (14,775 )   (11,973 )

Repayment of finance lease obligations

    (8,405 )   (4,252 )

Sale-leaseback financing

        1,027  

Repayment of long-term debt (note 11)

    (100,000 )   (80,000 )

Repurchase of common shares for restricted share unit plan (note 13)

    (10,642 )   (7,518 )

Proceeds on exercise of stock options (note 13)

    8,223     1,985  

Common shares issued (note 12)

    2,417     2,644  
           

Cash used in financing activities

    (123,182 )   (98,087 )
           

Effect of exchange rate changes on cash and cash equivalents

    (5,912 )   (1,347 )
           

Net (decrease) increase in cash and cash equivalents during the period

    (39,531 )   42,674  

Cash and cash equivalents, beginning of period

    177,537     139,101  
           

Cash and cash equivalents, end of period

  $ 138,006   $ 181,775  
           

SUPPLEMENTAL CASH FLOW INFORMATION

             

Interest paid (note 11)

  $ 11,081   $ 8,151  
           

Income and mining taxes paid

  $ 37,947   $ 8,149  
           

   

See accompanying notes

31



AGNICO EAGLE MINES LIMITED
NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
(Unaudited)
March 31, 2015

1.     CORPORATE INFORMATION

    Agnico Eagle Mines Limited ("Agnico Eagle" or the "Company") is principally engaged in the production and sale of gold, as well as related activities such as exploration and mine development. The Company's mining operations are located in Canada, Mexico and Finland and has exploration activities in Canada, Europe, Latin America and the United States. Agnico Eagle is a public company incorporated and domiciled in Canada with its head and registered office located at 145 King Street East, Suite 400, Toronto, Ontario, M5C 2Y7. The Company is listed on the Toronto Stock Exchange and the New York Stock Exchange. Agnico Eagle sells its gold production into the world market.

    These condensed interim consolidated financial statements were authorized for issuance by the Board of Directors on May 12, 2015.

2.     BASIS OF PRESENTATION

    A)
    Statement of Compliance

      The accompanying condensed interim consolidated financial statements of Agnico Eagle have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting ("IAS 34") as issued by the International Accounting Standards Board ("IASB") in United States ("US") dollars. These condensed interim consolidated financial statements do not include all of the disclosures required by International Financial Reporting Standards ("IFRS") for annual audited consolidated financial statements.

      These condensed interim consolidated financial statements were prepared on a going concern basis under the historical cost method except for certain financial assets and liabilities which are measured at fair value.

      These condensed interim consolidated financial statements should be read in conjunction with the Company's 2014 annual audited consolidated financial statements, including the accounting policies and notes thereto, included in the Annual Report and Annual Information Form/Form 40-F for the year ended December 31, 2014, which were prepared in accordance with IFRS.

      In the opinion of management, the condensed interim consolidated financial statements reflect all adjustments, which consist of normal and recurring adjustments necessary to present fairly the financial position as at March 31, 2015 and December 31, 2014 and the results of operations and cash flows for the three months ended March 31, 2015 and March 31, 2014.

      Operating results for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2015.

    B)
    Basis of Presentation

      Subsidiaries

      These condensed interim consolidated financial statements include the accounts of Agnico Eagle and its consolidated subsidiaries. All intercompany balances, transactions, income and expenses and gains or losses have been eliminated on consolidation. Subsidiaries are consolidated where Agnico Eagle has the ability to exercise control. Control of an investee exists when Agnico Eagle is exposed to variable returns from the Company's involvement with the investee and has the ability to affect those returns through its power over the investee. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the elements of control.

      Joint Arrangements

      A joint arrangement is defined as an arrangement in which two or more parties have joint control. Joint control is the contractually agreed sharing of control over an arrangement between two or more parties. This exists only when the decisions about the relevant activities that significantly affect the returns of the arrangement require the unanimous consent of the parties sharing control.

      A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement and have rights to the assets and obligations for the liabilities relating to the arrangement. These condensed interim consolidated financial statements include the Company's interests in the assets, liabilities, revenues and expenses of the joint operations, from the date that joint control commenced. Agnico Eagle's interest in the Canadian Malartic Corporation, located in Quebec, has been accounted for as a joint operation.

32



AGNICO EAGLE MINES LIMITED
NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
(Unaudited)
March 31, 2015

3.     ACCOUNTING POLICIES

    These condensed interim consolidated financial statements follow the same accounting policies and methods of their application as the December 31, 2014 annual audited consolidated financial statements.

    Recently Issued Accounting Pronouncements

    IFRS 9 — Financial Instruments

    In July 2014, the IASB issued IFRS 9 — Financial Instruments which brings together the classification and measurement, impairment and hedge accounting phases of the IASB's project to replace IAS 39 — Financial Instruments: Recognition and Measurement. Application of the standard is mandatory for annual periods beginning on or after January 1, 2018, with early adoption permitted. Agnico Eagle is evaluating the impact of the adoption of IFRS 9 on the Company's consolidated financial statements along with the timing of adoption.

    IFRS 15 — Revenue from Contracts with Customers

    In May 2014, the IASB issued IFRS 15 — Revenue from Contracts with Customers, which establishes principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing, and uncertainty of revenue and cash flows arising from a contract with a customer. Application of the standard is mandatory for annual reporting periods beginning on or after January 1, 2017, with earlier adoption permitted. Agnico Eagle is evaluating the impact of the adoption of IFRS 15 on the Company's consolidated financial statements along with the timing of adoption.

4.     SIGNIFICANT JUDGMENTS, ESTIMATES AND ASSUMPTIONS

    The preparation of these condensed interim consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the amounts reported in the condensed interim consolidated financial statements and accompanying notes. Management believes that the estimates used in the preparation of the condensed interim consolidated financial statements are reasonable; however, actual results may differ materially from these estimates. The areas involving significant judgments, estimates and assumptions have been detailed in note 4 to the Company's annual audited consolidated financial statements for the year ended December 31, 2014.

5.     ACQUISITIONS

    Cayden Resources Inc.

    On November 28, 2014, the Company acquired all of the issued and outstanding common shares of Cayden Resources Inc. ("Cayden"), including common shares issuable on the exercise of Cayden's outstanding options and warrants, pursuant to a court-approved plan of arrangement under the Business Corporations Act (British Columbia). Cayden is an exploration company focused on the discovery of precious metals in Mexico.

    The total purchase price of $122.1 million was comprised of $0.5 million in cash and 4,853,875 Agnico Eagle common shares issued from treasury. The Cayden acquisition was accounted for as an asset acquisition and transaction costs associated with the acquisition totaling $3.2 million were capitalized to the mining properties acquired.

33



AGNICO EAGLE MINES LIMITED
NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
(Unaudited)
March 31, 2015

5.     ACQUISITIONS (Continued)

    The following table sets out the allocation of the purchase price to assets acquired and liabilities assumed, based on management's estimates of fair value:

 

Total purchase price:

       
 

Cash paid for acquisition

  $ 476  
 

Agnico Eagle common shares issued for acquisition

    121,655  
         
 

Total purchase price to allocate

  $ 122,131  
         
 

Fair value of assets acquired and liabilities assumed:

       
 

Mining properties

  $ 117,178  
 

Cash and cash equivalents

    3,953  
 

Trade receivables(i)

    141  
 

Other current assets

    2,071  
 

Plant and equipment

    68  
 

Accounts payable and accrued liabilities

    (1,280 )
         
 

Net assets acquired

  $ 122,131  
         

    Note:

    (i)
    The fair value of trade receivables approximates the gross contractual amounts receivable.

    Osisko Mining Corporation

    On June 16, 2014, Agnico Eagle and Yamana jointly acquired 100.0% of the issued and outstanding shares of Osisko by way of the Arrangement. Under the Arrangement, Agnico Eagle and Yamana each indirectly acquired 50.0% of Osisko's issued and outstanding shares. As part of the Arrangement, the Canadian Malartic mine in Quebec was transferred to the newly formed Canadian Malartic GP in which each of Agnico Eagle and Yamana have an indirect 50.0% interest. Agnico Eagle and Yamana will also jointly explore the Kirkland Lake assets, the Hammond Reef project and the Pandora and Wood-Pandora properties through their indirect joint ownership of Canadian Malartic Corporation (the successor to Osisko).

    Each outstanding share of Osisko was exchanged under the Arrangement for: (i) C$2.09 in cash (Agnico Eagle's 50.0% share was C$1.045); (ii) 0.07264 of an Agnico Eagle common share (a value of C$2.64 based on the closing price of C$36.29 for Agnico Eagle common shares on the Toronto Stock Exchange as of June 16, 2014); (iii) 0.26471 of a Yamana common share; and (iv) 0.1 of one common share of Osisko Gold Royalties Ltd., a company that was newly formed in connection with the Arrangement and is now traded on the Toronto Stock Exchange.

    Pursuant to the Arrangement, the following assets of Osisko were transferred to Osisko Gold Royalties Ltd.: (i) a 5.0% net smelter royalty on the Canadian Malartic mine; (ii) C$157.0 million in cash; (iii) a 2.0% net smelter royalty on the Kirkland Lake assets, the Hammond Reef project, and certain other exploration properties retained by Canadian Malartic Corporation; (iv) all assets and liabilities of Osisko in its Guerrero camp in Mexico; and (v) certain other investments and assets.

    Agnico Eagle has recognized its interest in the assets, liabilities, revenues and expenses of Osisko in accordance with the Company's rights and obligations prescribed by the Arrangement, as the joint arrangement was determined to be a joint operation under IFRS.

    Agnico Eagle's transaction costs associated with the acquisition totaling $16.7 million were expensed through the general and administrative line item of the consolidated statements of income (loss) and comprehensive income (loss) during year ended December 31, 2014.

    Agnico Eagle's share of the June 16, 2014 preliminary purchase price of Osisko was comprised of the following:

 

Cash paid for acquisition

  $ 462,728  
 

Agnico Eagle common shares issued for acquisition

    1,135,071  
         
 

Total Agnico Eagle preliminary purchase price to allocate

  $ 1,597,799  
         

34



AGNICO EAGLE MINES LIMITED
NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
(Unaudited)
March 31, 2015

5.     ACQUISITIONS (Continued)

    A fair value approach was applied by management in developing preliminary estimates of the fair value of identifiable assets and liabilities contributed to the newly formed Osisko joint operation. Preliminary estimates of fair value represent all information available as of the acquisition date.

    Certain previously reported Agnico Eagle consolidated balance sheet line items as at December 31, 2014 have been updated to reflect adjusted preliminary estimates of the fair value of identifiable assets acquired and liabilities assumed related to the June 16, 2014 joint acquisition of Osisko. As a result of new information obtained about the facts and circumstances that existed as of the Osisko acquisition date, the following adjustments have been recorded to both the preliminary purchase price allocation and the December 31, 2014 balance sheet as previously reported: the goodwill line item has increased by $18.7 million; the property, plant and mine development line item has decreased by $20.0 million, the accounts payable and accrued liabilities line item has increased by $3.7 million; and the deferred income and mining tax liabilities line item has decreased by $5.0 million. Estimates of the fair value of identifiable assets acquired and liabilities assumed related to the joint acquisition of Osisko remain preliminary and may be materially adjusted during the measurement period as new information about the facts and circumstances that existed as of the acquisition date is obtained.

    The following table sets out the allocation of Agnico Eagle's share of the purchase price to attributable assets acquired and liabilities assumed pursuant to the Arrangement, based on management's previously reported preliminary estimates of fair value and adjusted preliminary estimates of fair value:

    Fair value of assets acquired and liabilities assumed:

   
  Preliminary   Adjustments   Adjusted Preliminary  
 

Property, plant and mine development

  $ 1,452,148   $ (20,023 ) $ 1,432,125  
 

Goodwill(i)

    543,444     18,729     562,173  
 

Cash and cash equivalents

    59,219         59,219  
 

Restricted cash

    35,528         35,528  
 

Trade receivables(ii)

    9,653         9,653  
 

Inventories

    51,477         51,477  
 

Other current assets

    11,420         11,420  
 

Accounts payable and accrued liabilities

    (49,391 )   (3,726 )   (53,117 )
 

Reclamation provision

    (20,776 )       (20,776 )
 

Long-term debt

    (151,333 )       (151,333 )
 

Deferred income and mining tax liabilities

    (343,590 )   5,020     (338,570 )
                 
 

Net assets acquired

  $ 1,597,799   $   $ 1,597,799  
                 

    Notes:

    (i)
    Goodwill is currently allocated to the Canadian Malartic mine segment, however the allocation of goodwill has not yet been finalized.

    (ii)
    The fair value of trade receivables approximates the gross contractual amounts receivable.

    The joint acquisition of Osisko is a strategic fit with the Company's skill set and its other operating assets in the area. The Company believes that goodwill associated with the joint acquisition of Osisko arose principally because of the following factors: (1) the value implicit in the Company's ability to sustain and/or grow its business by increasing proven and probable mineral reserves and mineral resources through new discoveries; and (2) the requirement to record a deferred tax liability for the difference between the assigned values and the tax bases of assets acquired and liabilities assumed in a business combination at amounts that do not reflect fair value.

    The Company's indirect 50.0% interest in Canadian Malartic GP resulted in revenues from mining operations of $189.9 million and a net loss of $15.8 million between the June 16, 2014 completion of the Arrangement and December 31, 2014.

    Malartic CHL Property

    On March 19, 2015, Agnico Eagle, Yamana and Canadian Malartic GP completed the purchase of a 30.0% interest in the Malartic CHL property from Abitibi Royalties Inc. ("Abitibi") in exchange for 459,197 Agnico Eagle common shares, 3,549,695 Yamana common

35



AGNICO EAGLE MINES LIMITED
NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
(Unaudited)
March 31, 2015

5.     ACQUISITIONS (Continued)

    shares and 3.0% net smelter return royalties to Abitibi and Osisko Gold Royalties Ltd. on the Malartic CHL property. Total Agnico Eagle common share consideration issued was valued at $13.4 million. The Malartic CHL property is located adjacent to the Company's jointly owned Canadian Malartic mine and the remaining 70.0% interest in the Malartic CHL property was jointly acquired through the June 16, 2014 acquisition of Osisko. Concurrent with the transaction closing, each of Abitibi, Agnico Eagle, Yamana, Canadian Malartic GP and CMC released and discharged the others with respect to all proceedings previously commenced by Abitibi with respect to the Malartic CHL property.

6.     FAIR VALUE MEASUREMENT

    Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, described, as follows, based on the lowest-level input that is significant to the fair value measurement as a whole:

      Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

      Level 2 — Quoted prices in markets that are not active or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and

      Level 3 — Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

    The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs.

    For items that are recognized at fair value on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by reassessing their classification at the end of each reporting period.

    During the three months ended March 31, 2015, there were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into or out of Level 3 fair value measurements.

    The Company's financial assets and liabilities include cash and cash equivalents, short-term investments, restricted cash, trade receivables, available-for-sale securities, accounts payable and accrued liabilities, long-term debt (including convertible debentures issued by Osisko and now an obligation of Canadian Malartic GP) and derivative financial instruments.

    The fair values of cash and cash equivalents, short-term investments, restricted cash and accounts payable and accrued liabilities approximate their carrying values due to their short-term nature.

    Long-term debt (excluding convertible debentures issued by Osisko and now an obligation of Canadian Malartic GP) is recorded on the condensed interim consolidated balance sheets at amortized cost and the fair value is provided in note 11 to these condensed interim consolidated financial statements for disclosure purposes only.

    The following table sets out the Company's financial assets and liabilities measured at fair value on a recurring basis as at March 31, 2015 using the fair value hierarchy:

   
  Level 1   Level 2   Level 3   Total  
 

Financial assets:

                         
 

Trade receivables

  $   $ 61,200   $   $ 61,200  
 

Available-for-sale securities

    42,117     4,771         46,888  
 

Fair value of derivative financial instruments

        335         335  
                     
 

Total financial assets

  $ 42,177   $ 66,306   $   $ 108,423  
                     
 

Financial liabilities:

                         
 

Convertible debentures

  $   $   $ 36,368   $ 36,368  
 

Fair value of derivative financial instruments

        21,858         21,858  
                     
 

Total financial liabilities

  $   $ 21,858   $ 36,368   $ 58,226  
                     

36



AGNICO EAGLE MINES LIMITED
NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
(Unaudited)
March 31, 2015

6.     FAIR VALUE MEASUREMENT (Continued)

    The following table sets out the Company's financial assets and liabilities measured at fair value on a recurring basis as at December 31, 2014 using the fair value hierarchy:

   
  Level 1   Level 2   Level 3   Total  
 

Financial assets:

                         
 

Trade receivables

  $   $ 59,716   $   $ 59,716  
 

Available-for-sale securities

    51,653     4,815         56,468  
 

Fair value of derivative financial instruments

        4,877         4,877  
                     
 

Total financial assets

  $ 51,653   $ 69,408   $   $ 121,061  
                     
 

Financial liabilities:

                         
 

Convertible debentures

  $   $   $ 34,678   $ 34,678  
 

Fair value of derivative financial instruments

        8,249         8,249  
                     
 

Total financial liabilities

  $   $ 8,249   $ 34,678   $ 42,927  
                     

    Valuation Techniques

    Trade Receivables

    Trade receivables from provisional invoices for concentrate sales are valued using quoted forward rates derived from observable market data based on the month of expected settlement (classified within Level 2 of the fair value hierarchy).

    Available-for-sale Securities

    Available-for-sale securities representing shares of publicly traded entities are recorded at fair value using quoted market prices (classified within Level 1 of the fair value hierarchy). Available-for-sale securities representing shares of non-publicly traded entities are recorded at fair value using external broker-dealer quotations (classified within Level 2 of the fair value hierarchy).

    Derivative Financial Instruments

    Derivative financial instruments classified within Level 2 of the fair value hierarchy are recorded at fair value using external broker-dealer quotations or option pricing models that utilize a variety of inputs that are a combination of quoted prices and market-corroborated inputs. Derivative financial instruments are classified as at fair value through the consolidated statements of income.

    Convertible Debentures

    Convertible debentures issued by Osisko and now an obligation of Canadian Malartic GP are reported at fair value and classified within Level 3 of the fair value hierarchy and constitute contracts which may result in the payment of cash and issuance of publicly-traded shares. Fair value was calculated with consideration given to the influence of a variety of inputs including quoted market prices and interest rates. Convertible debentures are included in the current portion of long-term debt line item in the condensed interim consolidated balance sheets.

37



AGNICO EAGLE MINES LIMITED
NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
(Unaudited)
March 31, 2015

7.     INVENTORIES

   
  As at
March 31,
2015
  As at
December 31,
2014
 
 

Ore in stockpiles and on leach pads

  $ 57,482   $ 51,970  
 

Concentrates and dore bars

    127,235     111,912  
 

Supplies

    257,561     282,778  
             
 

Total current inventories

  $ 442,278   $ 446,660  
             
 

Non-current ore in stockpiles and on leach pads(i)

    27,515     25,125  
             
 

Total inventories

  $ 469,793   $ 471,785  
             

    Note:

    (i)
    Ore that the Company does not expect to process within 12 months is classified as long-term and is recorded in the other assets line item in the condensed interim consolidated balance sheets.

8.     AVAILABLE-FOR-SALE SECURITIES

   
  As at
March 31,
2015
  As at
December 31,
2014
 
 

Cost

  $ 62,947   $ 74,928  
 

Accumulated impairment losses

    (18,312 )   (30,090 )
 

Unrealized gains in accumulated other comprehensive income

    2,883     11,815  
 

Unrealized losses in accumulated other comprehensive income

    (630 )   (185 )
             
 

Total estimated fair value of available-for-sale securities

  $ 46,888   $ 56,468  
             

    During the three months ended March 31, 2015, the Company received proceeds of $31.0 million (three months ended March 31, 2014 — $0.6 million) and recognized a gain before income taxes of $21.0 million (three months ended March 31, 2014 — $0.3 million) on the sale of certain available-for-sale securities.

    During the three months ended March 31, 2015, the Company recorded an impairment loss of $0.7 million (three months ended March 31, 2014 — nil) on certain available-for-sale securities that were determined to have an impairment that was significant or prolonged.

38



AGNICO EAGLE MINES LIMITED
NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
(Unaudited)
March 31, 2015

9.     PROPERTY, PLANT AND MINE DEVELOPMENT

   
  Mining
Properties
  Plant and
Equipment
  Mine
Development
Costs
  Construction
in Progress
  Total  
 

As at January 1, 2014

  $ 820,253   $ 1,683,902   $ 832,997   $ 357,309   $ 3,694,461  
 

Additions

    94,081     203,605     163,912     43,780     505,378  
 

Capitalized borrowing costs

        1,056         650     1,706  
 

Disposals

    (2,526 )   (6,142 )           (8,668 )
 

Acquisitions

    884,380     664,991             1,549,371  
 

Amortization

    (79,363 )   (290,530 )   (90,882 )       (460,775 )
 

Transfers between categories(i)

    1,534     305,512     (175,889 )   (131,157 )    
                         
 

As at December 31, 2014

    1,718,359     2,562,394     730,138     270,582     5,281,473  
 

Additions

    23,987     35,057     43,660     8,281     110,985  
 

Capitalized borrowing costs

                88     88  
 

Disposals

        (717 )           (717 )
 

Amortization

    (22,988 )   (98,776 )   (22,552 )       (144,316 )
                         
 

As at March 31, 2015

  $ 1,719,358   $ 2,497,958   $ 751,246   $ 278,951   $ 5,247,513  
                         
 

As at January 1, 2014:

                               
 

Cost

  $ 2,178,697   $ 3,138,194   $ 1,187,449   $ 357,309   $ 6,861,649  
 

Accumulated amortization and net impairments

    (1,358,444 )   (1,454,292 )   (354,452 )       (3,167,188 )
                         
 

Net carrying amount — January 1, 2014

  $ 820,253   $ 1,683,902   $ 832,997   $ 357,309   $ 3,694,461  
                         
 

As at December 31, 2014:

                               
 

Cost

  $ 3,156,166   $ 4,334,707   $ 1,175,472   $ 270,582   $ 8,936,927  
 

Accumulated amortization and net impairments

    (1,437,807 )   (1,772,313 )   (445,334 )       (3,655,454 )
                         
 

Net carrying amount — December 31, 2014

  $ 1,718,359   $ 2,562,394   $ 730,138   $ 270,582   $ 5,281,473  
                         
 

As at March 31, 2015:

                               
 

Cost

  $ 3,180,153   $ 4,348,375   $ 1,182,551   $ 278,951   $ 8,990,030  
 

Accumulated amortization and net impairments

    (1,460,795 )   (1,850,417 )   (431,305 )       (3,742,517 )
                         
 

Net carrying amount — March 31, 2015

  $ 1,719,358   $ 2,497,958   $ 751,246   $ 278,951   $ 5,247,513  
                         

    Note:

    (i)
    Upon achieving commercial production at the La India mine in February 2014, related costs accumulated in construction in progress were reclassified.

39



AGNICO EAGLE MINES LIMITED
NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
(Unaudited)
March 31, 2015

10.   RECLAMATION PROVISION

    Agnico Eagle's reclamation provision includes both asset retirement obligations and environmental remediation liabilities. Reclamation provision estimates are based on current legislation, third party estimates, management's estimates and feasibility study calculations.

    The following table reconciles the beginning and ending carrying amounts of the Company's asset retirement obligations.

   
  Three Months Ended
March 31, 2015
  Year Ended
December 31, 2014
 
 

Asset retirement obligations — long-term, beginning of period

  $ 242,615   $ 171,472  
 

Asset retirement obligations — current, beginning of period

    2,863     1,029  
 

Current period additions and changes in estimate, net

    21,814     69,420  
 

Current period attributable additions upon joint acquisition of Osisko

        20,776  
 

Current period accretion

    1,157     5,173  
 

Liabilities settled

    (332 )   (1,714 )
 

Foreign exchange revaluation

    (20,542 )   (20,678 )
 

Reclassification from long-term to current, end of period

    (3,271 )   (2,863 )
             
 

Asset retirement obligations — long-term, end of period

  $ 244,304   $ 242,615  
             

    The following table reconciles the beginning and ending carrying amounts of the Company's environmental remediation liability.

   
  Three Months Ended
March 31, 2015
  Year Ended
December 31, 2014
 
 

Environmental remediation liability — long-term, beginning of period

  $ 7,302   $ 12,537  
 

Environmental remediation liability — current, beginning of period

    3,906     2,423  
 

Current period additions and changes in estimate, net

        563  
 

Liabilities settled

    (90 )   (3,202 )
 

Foreign exchange revaluation

    (965 )   (1,113 )
 

Reclassification from long-term to current, end of period

    (3,723 )   (3,906 )
             
 

Environmental remediation liability — long-term, end of period

  $ 6,430   $ 7,302  
             

11.   LONG-TERM DEBT

   
  As at
March 31,
2015
  As at
December 31,
2014
 
 

Credit Facility(i)

  $ 392,891   $ 492,470  
 

2012 Notes(i)

    198,592     198,549  
 

2010 Notes(i)

    597,117     596,966  
 

Attributable convertible debentures(ii)

    36,269     34,679  
 

Other attributable debt instruments

    47,307     51,979  
             
 

Total debt

    1,272,176     1,374,643  
             
 

Less: current portion

    52,038     52,182  
             
 

Total long-term debt

  $ 1,220,138   $ 1,322,461  
             

    Notes:

    (i)
    Inclusive of deferred financing costs.

    (ii)
    Attributable convertible debentures have a contractual maturity in 2017 but are included in the current portion of long-term debt on the condensed interim consolidated balance sheets.

40



AGNICO EAGLE MINES LIMITED
NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
(Unaudited)
March 31, 2015

11.   LONG-TERM DEBT (Continued)

    The fair value of long-term debt (excluding convertible debentures issued by Osisko that are now an obligation of Canadian Malartic GP) is determined by applying a discount rate, reflecting the credit spread based on the Company's credit rating, to future related cash flows. As at March 31, 2015, the Company's long-term debt had a fair value of $1,408.2 million (December 31, 2014 — $1,498.4 million).

    Credit Facility

    On June 22, 2010, the Company amended and restated one of its two unsecured revolving bank credit facilities (the "Credit Facility") and terminated its other unsecured revolving bank credit facility, increasing the amount available from an aggregate $900.0 million to $1,200.0 million.

    On July 20, 2012, the Company further amended the Credit Facility, extending the maturity date from June 22, 2016 to June 22, 2017 and amending pricing terms.

    On September 5, 2014, the Company further amended the Credit Facility, extending the maturity date from June 22, 2017 to June 22, 2019 and amending pricing terms.

    At March 31, 2015, the Credit Facility was drawn down by $400.0 million (December 31, 2014 — $500.0 million). Amounts drawn down, together with outstanding letters of credit under the Credit Facility, resulted in Credit Facility availability of $799.0 million at March 31, 2015.

    2012 Notes

    On July 24, 2012, the Company closed a $200.0 million private placement of guaranteed senior unsecured notes (the "2012 Notes") which, on issuance, had a weighted average maturity of 11.0 years and weighted average yield of 4.95%.

    The following table sets out details of the individual series of the 2012 Notes:

   
  Principal   Interest Rate   Maturity Date  
 

Series A

  $ 100,000     4.87%     7/23/2022  
 

Series B

    100,000     5.02%     7/23/2024  
                     
 

Total

  $ 200,000              
                     

    2010 Notes

    On April 7, 2010, the Company closed a $600.0 million private placement of guaranteed senior unsecured notes (the "2010 Notes") which, on issuance, had a weighted average maturity of 9.84 years and weighted average yield of 6.59%.

    The following table sets out details of the individual series of the 2010 Notes:

   
  Principal   Interest Rate   Maturity Date  
 

Series A

  $ 115,000     6.13%     4/7/2017  
 

Series B

    360,000     6.67%     4/7/2020  
 

Series C

    125,000     6.77%     4/7/2022  
                     
 

Total

  $ 600,000              
                     

    Acquisition of Osisko

    In connection with its joint acquisition of Osisko on June 16, 2014, Canadian Malartic GP was assigned and assumed certain outstanding debt obligations of Osisko relating to the Canadian Malartic mine. Agnico Eagle's indirect attributable share of such debt instruments is as follows:

    A secured loan facility in the principal amount of C$75.0 million ($69.1 million) with scheduled C$20.0 million repayments on June 30, 2015, June 30, 2016 and June 30, 2017 and a 6.875% per annum interest rate. A scheduled repayment of C$15.0 million

41



AGNICO EAGLE MINES LIMITED
NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
(Unaudited)
March 31, 2015

11.   LONG-TERM DEBT (Continued)

    ($14.1 million) was made subsequent to the June 16, 2014 acquisition date, resulting in attributable outstanding principal of $47.3 million as at March 31, 2015 (December 31, 2014 — $51.7 million). On September 29, 2014, Canadian Malartic GP amended the acquired secured loan facility (the "CMGP Loan") with no change to maturity or pricing terms.

    Senior unsecured convertible debentures with principal outstanding of C$37.5 million ($34.6 million), a November 2017 maturity date and a 6.875% interest rate. As at the June 16, 2014 acquisition date, the convertible debentures had an attributable fair value of $44.9 million. As at March 31, 2015, the convertible debentures had principal outstanding of $29.6 million (December 31, 2014 — $32.3 million) and an attributable fair value of $36.4 million (December 31, 2014 — $34.7 million). A $4.4 million mark-to-market loss was recorded in the other expenses (income) line item of the condensed interim consolidated statements of income related to the convertible debentures during the three months ended March 31, 2015.

    A loan with principal outstanding of C$2.1 million ($2.0 million) with monthly repayments scheduled through the first quarter of 2015 and a 0.0% interest rate. As at March 31, 2015, the Company's attributable loan principal outstanding amounted to nil (December 31, 2014 — $0.3 million).

    Covenants

    Payment and performance of Agnico Eagle's obligations under the Credit Facility, 2012 Notes and 2010 Notes is guaranteed by each of its significant subsidiaries and certain of its other subsidiaries (the "Guarantors").

    The Credit Facility contains covenants that limit, among other things, the ability of the Company to incur additional indebtedness, make distributions in certain circumstances and sell material assets.

    The 2012 Notes and 2010 Notes contain covenants that restrict, among other things, the ability of the Company to amalgamate or otherwise transfer its assets, sell material assets, carry on a business other than one related to mining and the ability of the Guarantors to incur indebtedness.

    The Credit Facility, 2012 Notes and 2010 Notes also require the Company to maintain a total net debt to EBITDA ratio below a specified maximum value.

    The CMGP Loan requires Canadian Malartic GP to maintain a minimum EBITDA to interest expense ratio and a maximum debt to EBITDA ratio.

    The Company was in compliance with all covenants contained in the Credit Facility, 2012 Notes and 2010 Notes as at March 31, 2015. Canadian Malartic GP was in compliance with all CMGP Loan covenants as at March 31, 2015.

    Interest on Long-term Debt

    Total long-term debt interest costs incurred during the three months ended March 31, 2015 were $14.5 million (three months ended March 31, 2014 — $13.2 million).

    Total borrowing costs capitalized to property, plant and mine development during the three months ended March 31, 2015 were $0.1 million (three months ended March 31, 2014 — $0.2 million) at a capitalization rate of 1.07% (three months ended March 31, 2014 — 1.28%).

    During the three months ended March 31, 2015, cash interest paid on the Credit Facility was $2.4 million (three months ended March 31, 2014 — $1.1 million), cash standby fees paid on the Credit Facility were $0.9 million (three months ended March 31, 2014 — $1.4 million) and cash interest paid on the 2010 Notes and 2012 Notes was $4.9 million (three months ended March 31, 2014 — $4.9 million).

12.   EQUITY

    Common Shares

    The Company's authorized share capital includes an unlimited number of common shares with no par value. As at March 31, 2015, Agnico Eagle's issued common shares totaled 216,200,703 (December 31, 2014 — 215,192,887), less 1,258,885 common shares held in a trust or by a depositary to satisfy obligations in connection with the senior unsecured convertible debentures previously issued by Osisko that are now the obligation of Canadian Malartic GP (December 31, 2014 — 956,653 common shares held in a trust or by a depositary).

42



AGNICO EAGLE MINES LIMITED
NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
(Unaudited)
March 31, 2015

12.   EQUITY (Continued)

    As at March 31, 2015, 381,831 common shares were held in a trust in connection with the Company's restricted share unit ("RSU") plan (December 31, 2014 — 84,973 common shares held in a trust).

    In the first quarter of 2015, a Long Term Incentive Plan ("LTIP") was implemented for certain employees of the the jointly owned Canadian Malartic GP and Canadian Malartic Corporation comprised of 50.0% deferred cash, 25.0% Agnico Eagle common shares and 25.0% Yamana common shares and vesting over a period ranging between 18 and 36 months. As at March 31, 2015, 5,374 Agnico Eagle common shares were held in a trust in connection with the LTIP.

    The trusts have been evaluated under IFRS 10 — Consolidated Financial Statements and are consolidated in the accounts of the Company, with shares held in trusts offset against the Company's issued shares in its condensed interim consolidated financial statements. The common shares purchased and held in trusts are excluded from the basic net income per share calculations until they have vested. All of the non-vested common shares held in trusts are included in the diluted net income per share calculations, unless the impact is anti-dilutive.

    As part of the Company's joint acquisition of Osisko on June 16, 2014 (see note 5 to these condensed interim consolidated financial statements for details), 871,680 Agnico Eagle common shares are held by a depositary to satisfy obligations under the senior unsecured convertible debentures previously issued by Osisko (now an obligation of Canadian Malartic GP) if converted in the future. These Agnico Eagle common shares held by a depositary are not currently considered outstanding as they will not be voted and as accrued dividends may, at Agnico Eagle's discretion, revert back to the Company. These common shares are excluded from the calculation of basic net income per share and are included in the calculation of diluted net income per share, unless the impact is anti-dilutive.

    The following table sets out the maximum number of common shares that would be outstanding if all dilutive instruments outstanding at March 31, 2015 were exercised:

 

Common shares outstanding at March 31, 2015

    214,941,818  
 

Employee stock options (note 13(a))

    12,572,592  
 

Common shares held in trust in connection with the RSU plan (note 13(b)) and LTIP

    387,205  
 

Common shares held by a depositary relating to convertible debentures previously issued by Osisko (note 5)

    871,680  
         
 

Total

    228,773,295  
         

    Net Income Per Share

    The following table sets out the weighted average number of common shares used in the calculation of basic and diluted net income per share:

   
  Three Months
Ended March 31,
 
   
  2015   2014  
 

Net income for the period

  $ 28,743   $ 97,145  
             
 

Weighted average number of common shares outstanding — basic (in thousands)

    214,566     173,972  
 

Add: Dilutive impact of common shares related to the RSU plan and LTIP

    239     313  
 

Add: Dilutive impact of employee stock options

    887     182  
             
 

Weighted average number of common shares outstanding — diluted (in thousands)

    215,692     174,467  
             
 

Net income per share — basic

  $ 0.13   $ 0.56  
             
 

Net income per share — diluted

  $ 0.13   $ 0.56  
             

    Diluted net income per share has been calculated using the treasury stock method. In applying the treasury stock method, outstanding employee stock options with an exercise price greater than the average quoted market price of the common shares for the period outstanding are not included in the calculation of diluted net income per share as the impact would be anti-dilutive.

43



AGNICO EAGLE MINES LIMITED
NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
(Unaudited)
March 31, 2015

12.   EQUITY (Continued)

    The dilutive impact of convertible debentures previously issued by Osisko, including both their impact on diluted net income and the dilutive impact of related common shares held by a depositary in connection with any conversion thereof, has been excluded from the calculation of diluted net income per share for the three months ended March 31, 2015 as their impact would have been anti-dilutive.

    For the three months ended March 31, 2015, 4,893,755 (three months ended March 31, 2014 — 9,436,885) employee stock options were excluded from the calculation of diluted net income per share as their impact would have been anti-dilutive.

13.   STOCK-BASED COMPENSATION

    (a)
    Employee Stock Option Plan ("ESOP")

    The following table sets out activity with respect to Agnico Eagle's outstanding stock options:

   
  Three Months Ended
March 31, 2015
  Three Months Ended
March 31, 2014
 
   
  Number of
Stock
Options
  Weighted
Average
Exercise
Price
  Number of
Stock
Options
  Weighted
Average
Exercise
Price
 
 

Outstanding, beginning of period

    11,913,210   C$ 48.84     11,283,535   C$ 56.02  
 

Granted

    3,048,080     29.04     3,180,000     28.04  
 

Exercised

    (338,603 )   29.87     (78,475 )   28.03  
 

Forfeited

    (36,514 )   43.19     (146,500 )   50.80  
 

Expired

    (2,013,581 )   56.94     (1,702,650 )   62.77  
                     
 

Outstanding, end of period

    12,572,592   C$ 43.27     12,535,910   C$ 48.24  
                     
 

Options exercisable, end of period

    7,972,825   C$ 49.76     8,102,660   C$ 54.52  
                     

    The average share price of Agnico Eagle's common shares during the three months ended March 31, 2015 was C$38.20 (three months ended March 31, 2014 — C$34.58).

    Agnico Eagle estimated the fair value of stock options under the Black-Scholes option pricing model using the following weighted average assumptions:

   
  Three Months
Ended March 31,
 
   
  2015   2014  
 

Risk-free interest rate

    1.51%     1.52%  
 

Expected life of stock options (in years)

    2.7     2.6  
 

Expected volatility of Agnico Eagle's share price

    45.0%     42.5%  
 

Expected dividend yield

    1.70%     3.83%  

    The total compensation expense for the ESOP recorded in the general and administrative line item of the condensed interim consolidated statements of income and comprehensive income during the three months ended March 31, 2015 was $8.0 million (three months ended March 31, 2014 — $8.5 million). Of the total compensation cost for the ESOP, $0.2 million was capitalized as part of the property, plant and mine development line item of the condensed interim consolidated balance sheets for the three months ended March 31, 2015 (three months ended March 31, 2014 — $0.3 million).

    (b)
    Restricted Share Unit Plan

    In 2009, the Company implemented the RSU plan for certain employees. Effective January 1, 2012, the RSU plan was amended to include directors and senior executives of the Company.

44



AGNICO EAGLE MINES LIMITED
NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
(Unaudited)
March 31, 2015

13.   STOCK-BASED COMPENSATION (Continued)

    A deferred compensation balance is recorded for the total grant date value on the date of each RSU plan grant. The deferred compensation balance is recorded as a reduction of equity and is amortized as compensation expense over the applicable vesting period of 24 to 36 months.

    During the three months ended March 31, 2015, 382,358 (three months ended March 31, 2014 — 293,041) RSUs were granted with a grant date fair value of $10.6 million (three months ended March 31, 2014 — $8.4 million). In the first quarter of 2015, the Company funded the RSU plan by transferring $10.3 million (first quarter of 2014 — $7.5 million) to an employee benefit trust that then purchased common shares of the Company in the open market. The grant date fair value of the RSUs generally approximates the cost of purchasing the shares in the open market. Once vested, the common shares in the trust are distributed to settle the obligation along with a cash payment reflecting the accumulated amount that would have been paid as dividends had the common shares been outstanding.

    Compensation expense related to the RSU plan was $2.8 million for the three months ended March 31, 2015 (three months ended March 31, 2014 — $3.1 million). Compensation expense related to the RSU plan is included as part of the general and administrative line item of the condensed interim unaudited consolidated statements of income and comprehensive income.

14.   DERIVATIVE FINANCIAL INSTRUMENTS

    Currency Risk Management

    The Company utilizes foreign exchange economic hedges to reduce the variability in expected future cash flows arising from changes in foreign currency exchange rates. The Company is primarily exposed to currency fluctuations relative to the US dollar as a portion of the Company's operating costs and capital expenditures are denominated in foreign currencies; primarily the Canadian dollar, the Euro and the Mexican peso. These potential currency fluctuations increase the volatility of, and could have a significant impact on, the Company's production costs. The economic hedges relate to a portion of the foreign currency denominated cash outflows arising from foreign currency denominated expenditures. The Company does not apply hedge accounting to these arrangements.

    As at March 31, 2015, the Company had outstanding foreign exchange zero cost collars. The purchase of US dollar put options was financed through selling US dollar call options at a higher level such that the net premium payable to the different counterparties by the Company was nil. At March 31, 2015, the zero cost collars related to $288.0 million of 2015 expenditures and the Company recognized mark-to-market adjustments in the loss on derivative financial instruments line item of the condensed interim consolidated statements of income and comprehensive income. Mark-to-market gains (losses) related to foreign exchange derivative financial instruments are recorded at fair value based on broker-dealer quotations that utilize period end forward pricing of the applicable foreign currency to calculate fair value.

    The Company's other foreign currency derivative strategies in 2015 and 2014 consisted mainly of writing US dollar call options with short maturities to generate premiums that would, in essence, enhance the spot transaction rate received when exchanging US dollars for Canadian dollars. All of these derivative transactions expired prior to period end such that no derivatives were outstanding as at March 31, 2015 or December 31, 2014. The call option premiums were recognized in the loss (gain) on derivative financial instruments line item of the condensed interim consolidated statements of income and comprehensive income.

    Commodity Price Risk Management

    To mitigate the risks associated with fluctuating diesel fuel prices, the Company uses derivative financial instruments as economic hedges of the price risk on a portion of diesel fuel costs associated with the Meadowbank mine's diesel fuel exposure as it relates to operating costs. There were derivative financial instruments outstanding at March 31, 2015 relating to 14.0 million gallons of heating oil. The related mark-to-market adjustments prior to settlement were recognized in the loss (gain) on derivative financial instruments line item of the condensed interim consolidated statements of income and comprehensive income. The Company does not apply hedge accounting to these arrangements.

    Mark-to-market gains (losses) related to heating oil derivative financial instruments are based on broker-dealer quotations that utilize period end forward pricing to calculate fair value.

    As at March 31, 2015 and December 31, 2014, there were no metal derivative positions. The Company may from time to time utilize short-term financial instruments as part of its strategy to minimize risks and optimize returns on its by-product metal sales.

45



AGNICO EAGLE MINES LIMITED
NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
(Unaudited)
March 31, 2015

14.   DERIVATIVE FINANCIAL INSTRUMENTS (Continued)

    The following table sets out a summary of the amounts recognized in the loss (gain) on derivative financial instruments line item of the condensed interim consolidated statements of income and comprehensive income:

   
  Three Months
Ended March 31,
 
   
  2015   2014  
 

Premiums realized on written foreign exchange call options

  $ 665   $ 832  
 

Realized gain (loss) on warrants

    9,664     (185 )
 

Unrealized (loss) gain on warrants(i)

    (2,559 )   3,129  
 

Realized loss on currency and commodity derivatives

    (2,736 )    
 

Unrealized loss on currency and commodity derivatives(i)

    (13,610 )   (30 )
             
 

Total (loss) gain on derivative financial instruments

  $ (8,576 ) $ 3,746  
             

    Note:

    (i)
    Unrealized gains and losses on financial instruments that did not qualify for hedge accounting are recognized through the loss (gain) on derivative financial instruments line item of the condensed interim consolidated statements of income and comprehensive income and through the other line item of the condensed interim consolidated statements of cash flows.

15.   SEGMENTED INFORMATION

    Agnico Eagle operates in a single industry, namely exploration for and production of gold. The Company's primary operations are in Canada, Mexico and Finland. The Company identifies its reportable segments as those operations whose operating results are reviewed by the Chief Operating Decision Maker ("CODM"), the Chief Executive Officer for the purpose of allocating resources and assessing performance and that represent more than 10.0% of the combined revenue from mining operations, income or loss or total assets of all operating segments. Each of the Company's significant operating mines and projects are considered to be separate operating segments. Certain operating segments that do not meet the quantitative thresholds are still disclosed when the Company believes that the information is useful. The CODM also reviews segment income (defined as revenues from mining operations less production costs, exploration and corporate development expenses and impairment losses) on a mine-by-mine basis. The following are the Company's reportable segments organized according to their relationship with the Company's three business units and reflect how the Company manages its business and how it classifies its operations for planning and measuring performance:

  Northern Business:   LaRonde mine, Lapa mine, Goldex mine, Meadowbank mine, Canadian Malartic mine, Meliadine project and Kittila mine
  Southern Business:   Pinos Altos mine, Creston Mascota deposit at Pinos Altos and La India mine
  Exploration:   United States Exploration office, Europe Exploration office, Canada Exploration offices, Latin America Exploration office and Cayden acquisition assets

    Revenues from mining operations and production costs for the reportable segments are reported net of intercompany transactions.

    Corporate and other assets and specific income and expense items are not allocated to reportable segments.

46



AGNICO EAGLE MINES LIMITED
NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
(Unaudited)
March 31, 2015

15.   SEGMENTED INFORMATION (Continued)

 
Three Months Ended March 31, 2015:
  Revenues from
Mining
Operations
  Production
Costs
  Exploration and
Corporate
Development
  Segment
Income
(Loss)
 
 

Northern Business:

                         
 

LaRonde mine

  $ 75,880   $ (45,865 ) $   $ 30,015  
 

Lapa mine

    28,672     (13,985 )       14,687  
 

Goldex mine

    34,119     (14,866 )       19,253  
 

Meadowbank mine

    103,673     (57,096 )       46,577  
 

Canadian Malartic mine (note 5)

    75,904     (41,186 )   (1,081 )   33,637  
 

Kittila mine

    59,414     (31,999 )       27,415  
                     
 

Total Northern Business

    377,662     (204,997 )   (1,081 )   171,584  
                     
 

Southern Business:

                         
 

Pinos Altos mine

    58,864     (24,212 )       34,652  
 

Creston Mascota deposit at Pinos Altos

    14,015     (5,606 )       8,409  
 

La India mine

    33,055     (12,465 )       20,590  
                     
 

Total Southern Business

    105,934     (42,283 )       63,651  
                     
 

Exploration

            (15,570 )   (15,570 )
                     
 

Segments totals

  $ 483,596   $ (247,280 ) $ (16,651 ) $ 219,665  
                     
 

Total segments income

  $ 219,665  
 

Corporate and other:

                         
 

Amortization of property, plant and mine development

    (135,897 )
 

General and administrative

    (25,221 )
 

Impairment loss on available-for-sale securities

    (685 )
 

Finance costs

    (19,712 )
 

Loss on derivative financial instruments

    (8,576 )
 

Gain on sale of available-for-sale securities

    21,049  
 

Environmental remediation

    (429 )
 

Foreign currency translation gain

    11,690  
 

Other expenses

    (5,171 )
                           
 

Income before income and mining taxes

  $ 56,713  
                           

47



AGNICO EAGLE MINES LIMITED
NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
(Unaudited)
March 31, 2015

15.   SEGMENTED INFORMATION (Continued)

 

 
Three Months Ended March 31, 2014:
  Revenues from
Mining
Operations
  Production
Costs
  Exploration and
Corporate
Development
  Segment
Income
(Loss)
 
 

Northern Business:

                         
 

LaRonde mine

  $ 92,704   $ (47,279 ) $   $ 45,425  
 

Lapa mine

    30,690     (15,350 )       15,340  
 

Goldex mine

    25,370     (15,845 )       9,525  
 

Meadowbank mine

    191,040     (67,079 )       123,961  
 

Kittila mine

    48,462     (29,459 )       19,003  
                     
 

Total Northern Business

    388,266     (175,012 )       213,254  
                     
 

Southern Business:

                         
 

Pinos Altos mine

    70,483     (31,419 )       39,064  
 

Creston Mascota deposit at Pinos Altos

    13,539     (5,825 )       7,714  
 

La India mine

    19,479     (5,810 )       13,669  
                     
 

Total Southern Business

    103,501     (43,054 )       60,447  
                     
 

Exploration

            (9,418 )   (9,418 )
                     
 

Segments totals

  $ 491,767   $ (218,066 ) $ (9,418 ) $ 264,283  
                     
 

Total segments income

  $ 264,283  
 

Corporate and other:

                         
 

Amortization of property, plant and mine development

    (83,481 )
 

General and administrative

    (26,270 )
 

Finance costs

    (17,138 )
 

Gain on derivative financial instruments

    3,746  
 

Gain on sale of available-for-sale securities

    273  
 

Environmental remediation

    (172 )
 

Foreign currency translation gain

    5,059  
 

Other income

    418  
                           
 

Income before income and mining taxes

  $ 146,718  
                           

48



AGNICO EAGLE MINES LIMITED
NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
(Unaudited)
March 31, 2015

15.   SEGMENTED INFORMATION (Continued)

 

   
  Total Assets as at  
   
  March 31,
2015
  December 31,
2014
 
 

Northern Business:

             
 

LaRonde mine

  $ 854,401   $ 856,489  
 

Lapa mine

    71,340     74,131  
 

Goldex mine

    205,393     205,101  
 

Meadowbank mine

    625,413     660,278  
 

Canadian Malartic mine (note 5)

    2,113,082     2,098,521  
 

Meliadine project

    495,451     487,901  
 

Kittila mine

    916,281     931,335  
             
 

Total Northern Business

    5,281,361     5,313,756  
             
 

Southern Business:

             
 

Pinos Altos mine

    588,282     573,786  
 

Creston Mascota deposit at Pinos Altos

    81,915     84,176  
 

La India mine

    542,704     543,297  
             
 

Total Southern Business

    1,212,901     1,201,259  
             
 

Exploration

    148,205     144,580  
             
 

Corporate and other

    124,658     179,649  
             
 

Total assets

  $ 6,767,125   $ 6,839,244  
             

    The following table sets out the changes in the carrying amount of goodwill by segment for the three months ended March 31, 2015:

   
  Meliadine
Project
  La India
Mine
  Canadian
Malartic Mine
  Total  
 

Cost:

                         
 

Balance at December 31, 2014 and March 31, 2015

  $ 200,064   $ 39,017   $ 562,173   $ 801,254  
                     
 

Accumulated impairment:

                         
 

Balance at December 31, 2014 and March 31, 2015

    (200,064 )           (200,064 )
                     
 

Carrying amount at December 31, 2014 and March 31, 2015

  $   $ 39,017   $ 562,173   $ 601,190  
                     

16.   COMMITMENTS AND CONTINGENCIES

    As part of its ongoing business and operations, the Company has been required to provide assurance in the form of letters of credit for environmental and site restoration costs, custom credits, government grants and other general corporate purposes. As at March 31, 2015, the total amount of these guarantees was $157.5 million.

    As at March 31, 2015, the Company had $11.4 million of commitments related to the purchase of property, plant and mine development.

17.   SUBSEQUENT EVENTS

    Dividends Declared

    On April 30, 2015, Agnico Eagle announced that the Board approved the payment of a quarterly cash dividend of $0.08 per common share (a total value of approximately $17.2 million), paid on June 15, 2015 to holders of record of the common shares of the Company on June 1, 2015.

49



AGNICO EAGLE MINES LIMITED
NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
(Unaudited)
March 31, 2015

17.   SUBSEQUENT EVENTS (Continued)

    Acquisition of Soltoro Ltd.

    On April 10, 2015, Agnico Eagle entered into an agreement with Soltoro Ltd. ("Soltoro") pursuant to which Agnico Eagle will acquire 100.0% of Soltoro's issued and outstanding common shares, including shares issuable upon the exercise of outstanding options and warrants for total consideration of approximately C$31.6 million or approximately C$0.325 per Soltoro common share (based on Agnico Eagle's volume-weighted average price per share on the Toronto Stock Exchange for the five trading days ended April 9, 2015). Soltoro shareholders will be entitled to receive, in respect of each Soltoro common share held, 0.00793 of an Agnico Eagle common share, C$0.01 in cash and one common share valued at C$0.02 per share of a company to be newly formed and spun off to Soltoro's shareholders under the proposed arrangement ("SpinCo"). The transaction will proceed by plan of arrangement under the Canada Business Corporations Act.

    As a result of the transaction, Agnico Eagle will acquire the El Rayo, El Tecolote, La Tortuga, San Pedro and Quila exploration projects held by Soltoro in the state of Jalisco, Mexico. Soltoro will transfer to SpinCo the assets and related liabilities associated with the Gavilan, El Santuario and Chinipas exploration properties currently held by Soltoro that are located outside of the state of Jalisco, Mexico. SpinCo will initially be capitalized with approximately C$2.0 million in cash contributed by Agnico Eagle. The SpinCo shares to be received by Soltoro shareholders will not be listed on any stock exchange.

    The plan of arrangement is subject to the approval of Soltoro security holders by a two-thirds vote and by approval of a majority of the minority shareholders of Soltoro and approval by the court and stock exchanges. The transaction is expected to close in June 2015.

    Concurrently with the signing of the agreement, Agnico Eagle made a loan to Soltoro in the amount of C$925,000 for specified working capital purposes, evidenced by a promissory note executed by Soltoro and its Mexican operating subsidiary, jointly and severally as debtors, in favour of Agnico Eagle. The loan is repayable on April 10, 2016. Interest on the loan is payable at the rate of 7.850% per annum upon maturity, together with all principal and other amounts owing under the loan.

18.   ONGOING LITIGATION

    Securities Class Action Lawsuits

    On March 8, 2012 and April 10, 2012, a Notice of Action and Statement of Claim (collectively, the "Ontario Claim") were issued by William Leslie, AFA Livforsakringsaktiebolag and certain other entities against the Company and certain of its current and former officers, some of whom also are or were directors of the Company. On September 27, 2012, the plaintiffs issued a Fresh as Amended Statement of Claim. The Fresh as Amended Statement of Claim alleges that the Company's public disclosure concerning water flow issues at its Goldex mine was misleading. The Ontario Claim was issued by the plaintiffs on behalf of all persons and entities who acquired securities of the Company during the period March 26, 2010 to October 19, 2011, excluding persons resident or domiciled in the Province of Quebec at the time they purchased or acquired such securities. The plaintiffs seek, among other things, damages of C$250.0 million. On April 17, 2013 an Order was granted on consent certifying the action and granting leave for the claims under Section 138 of the Securities Act (Ontario) to proceed. The Company intends to vigorously defend the action on the merits. No amounts have been recorded for any potential liability arising from this matter.

    On March 28, 2012, the Company and certain of its current and former officers, some of whom also are or were directors of the Company, were named as respondents in a Motion for Leave to Institute a Class Action and for the Appointment of a Representative Plaintiff (the "Quebec Motion"). The action is on behalf of all persons and entities with fewer than 50 employees resident in Quebec who acquired securities of the Company between March 26, 2010 and October 19, 2011. The proposed class action is for damages of C$100.0 million arising as a result of allegedly misleading disclosure by the Company concerning its operations at the Goldex mine. On October 15, 2012, the plaintiffs served an amended Quebec Motion seeking leave to commence an action under the Securities Act (Quebec) in addition to seeking authorization to institute a class action. On October 1, 2013, the Quebec court certified the class action on terms identical to those set out in the consent Order granted in Ontario on April 17, 2013. No date has been set for the hearing to argue the class action on the merits. The Company intends to vigorously defend the action on the merits. No amounts have been recorded for any potential liability arising from this matter.

50


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First Quarter Report 2015
AGNICO EAGLE MINES LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS (Prepared in accordance with International Financial Reporting Standards) for the three months ended March 31, 2015
AGNICO EAGLE MINES LIMITED SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS (thousands of United States dollars, except where noted)
AGNICO EAGLE MINES LIMITED SUMMARIZED QUARTERLY DATA (thousands of United States dollars, except where noted)
AGNICO EAGLE MINES LIMITED CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS (thousands of United States dollars, except share amounts) (Unaudited)
AGNICO EAGLE MINES LIMITED CONDENSED INTERIM CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (thousands of United States dollars, except per share amounts) (Unaudited)
AGNICO EAGLE MINES LIMITED CONDENSED INTERIM CONSOLIDATED STATEMENTS OF EQUITY (thousands of United States dollars, except share and per share amounts) (Unaudited)
AGNICO EAGLE MINES LIMITED CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (thousands of United States dollars) (Unaudited)
AGNICO EAGLE MINES LIMITED NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (thousands of United States dollars, except share and per share amounts, unless otherwise indicated) (Unaudited) March 31, 2015
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