EX-99.1 2 a2203552zex-99_1.htm EXHIBIT 99.1
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Exhibit 99.1

First Quarter Report 2011

QUARTERLY MANAGEMENT'S DISCUSSION AND ANALYSIS

UNITED STATES GAAP

(all figures are expressed in US dollars unless otherwise noted and
all units of measurement expressed in metric unless otherwise noted)

Results of Operations

        Agnico-Eagle Mines Limited ("Agnico-Eagle" or the "Company") reported first quarter net income of $45.3 million, or $0.27 per share, compared to net income of $22.3 million, or $0.14 per share, in the first quarter of 2010. In the first quarter of 2011, the operating margin increased 79% to $213.5 million from $119.4 million in the first quarter of 2010 due to the increase in gold price and increased production by the Company's Meadowbank, Kittila and Pinos Altos Mines. Gold production in the first quarter of 2011 increased by 34% to 252,362 ounces from 188,232 ounces in the first quarter of 2010. Cash provided by operating activities was $171.0 million in the first quarter of 2011 compared to $74.5 million in the prior year's first quarter. The substantial increase in cash provided by operating activities resulted from higher gold production and higher prices for all metals, especially gold and silver prices. During the first quarter of 2011, cash costs amounted to $531 per ounce compared to $441 per ounce during the same period in the previous year.

        The table below summarizes the key variances in net income for the first quarter of 2011 from the net income reported for the same period in 2010:

(millions of dollars)
Increase in gold revenue		$	159.1
Increase in silver revenue			21.7
Decrease in zinc revenue			(7.0	)
Increase in copper & lead revenue			0.7
Higher production costs due to stronger Canadian dollar net of weaker Euro			(8.8	)
Higher production costs (mainly due to additional mines)			(71.6	)
Increased depreciation & amortization (mainly due to additional mines)			(31.4	)
Higher non cash foreign currency translation loss			(5.2	)
Higher income and mining taxes			(13.2	)
Increased general & administration			(6.7	)
Increased interest expense			(9.5	)
Increased corporate costs and other			(5.2	)
Net variance		$	22.9

        On March 1, 2011, the Creston Mascota deposit at Pinos Altos achieved commercial production. As a result, commencing on March 1, 2011, all costs incurred at the Creston Mascota deposit are recognized on the income statement versus being capitalized prior to commercial production. During the first quarter, the Creston Mascota deposit achieved an operating profit (before depreciation of $0.4 million) of $4.2 million.

        In the first quarter of 2011, revenues from mining operations increased to $412.1 million from $237.6 million in the first quarter of 2010. This was mainly due to higher gold and silver prices and the increase in gold production by the Kittila, Pinos Altos and Meadowbank Mines. These three mines produced an incremental 76,120 ounces during the first quarter of 2011 when compared to the first quarter of 2010 (excluding 4,561 ounces produced in March 2011 from the Creston Mascota deposit).

        In the first quarter of 2011, total cash costs per ounce increased to $531 per ounce of gold produced from $441 per ounce in the first quarter of 2010. This increase in total cash costs is mainly attributable to the unfavourable cash costs at the Meadowbank Mine as it continues to ramp-up to achieve steady state production (currently estimated to be in the latter half of 2011 following the commissioning and installation of a new crusher).

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        During the first quarter of 2011, production costs increased to $198.6 million from $118.2 million in the first quarter of 2010 mainly due to a full quarter of production at the Meadowbank Mine, increased production at the Kittila and Pinos Altos Mine and a stronger Canadian dollar. Also during the first quarter of 2011, depreciation and amortization expense increased to $61.9 million from $30.5 million due to the increased tonnes of ore processed at the Company's newer mines.

        During the first quarter, interest expense increased to $14.0 million from $4.5 million during the first quarter of 2010 due to the expensing of interest in 2011 versus the capitalization of interest to the Meadowbank construction project in 2010. Also during the first quarter of 2011, there was a non-cash foreign currency translation loss of $14.1 million due to the strengthening of the Canadian dollar against the US dollar. During the first quarter, income and mining taxes increased to $32.1 million from $18.9 million in the first quarter of 2010 due to the significant increase in taxable income. Finally in the first quarter, general and administrative expense increased by $6.7 million mainly due to increased stock option expense and the Meadowbank Mine kitchen fire insurance loss.

        During March of 2011, the kitchen facilities to support the employee camp at the Meadowbank Mine sustained extensive damage as a result of a fire. The fire was contained to the kitchen and there were no injuries sustained. Although processing and mining operations continue, the Company is assessing the potential impact on short-term production of any temporary reduction in personnel.

        The following tables provide a reconciliation of the total cash costs per ounce of gold produced and mine site costs per tonne to the interim consolidated financial statements for the LaRonde, Goldex, Lapa, Kittila, Pinos Altos and Meadowbank mines:

(thousands of dollars, except where noted)		Three months ended March 31, 2011			Three months ended March 31, 2010
LaRonde		$	47,885		$	45,482
Goldex			17,874			13,800
Lapa			16,751			16,379
Kittila			28,500			23,018
Pinos Altos			30,907			13,849
Meadowbank			56,650			5,699
Total production costs per Consolidated Statements of Income		$	198,567		$	118,227

LaRonde Mine

(thousands of dollars, except where noted)			Three months ended March 31, 2011			Three months ended March 31, 2010
Production costs per Consolidated Statements of Income			$	47,885		$	45,482
Adjustments:
	Byproduct revenues			(52,979	)		(38,391	)
	Inventory and other adjustments(i)			5,352			763
	Non-cash reclamation provision			(700	)		(335	)
Cash operating costs				(442	)	$	7,519
Gold production (ounces)				36,893			45,036
Total cash costs (per ounce)(iii)				(12	)	$	167

2

(thousands of dollars, except where noted)			Three months ended March 31, 2011			Three months ended March 31, 2010
Production costs per Consolidated Statements of Income			$	47,885		$	45,482
Adjustments:
	Inventory and other adjustments(iv)			4,517			763
	Non-cash reclamation provision			(700	)		(335	)
Minesite operating costs (US$)				51,702		$	45,910
Minesite operating costs (C$)				50,357		$	47,078
Tonnes of ore milled (000's tonnes)				585			664
Minesite costs per tonne (C$)(v)			$	86		$	71

Goldex Mine

(thousands of dollars, except where noted)			Three months ended March 31, 2011			Three months ended March 31, 2010
Production costs per Consolidated Statements of Income			$	17,874		$	13,800
Adjustments:
	Byproduct revenues			87
	Inventory and other adjustments(i)			(1,309	)		2,102
	Non-cash reclamation provision			(55	)		(54	)
Cash operating costs			$	16,597		$	15,848
Gold production (ounces)				38,500			42,269
Total cash costs (per ounce)(ii)			$	431		$	375

(thousands of dollars, except where noted)			Three months ended March 31, 2011			Three months ended March 31, 2010
Production costs per Consolidated Statements of Income			$	17,874		$	13,800
Adjustments:
	Inventory and other adjustments(iv)			(1,161	)		2,102
	Non-cash reclamation provision			(55	)		(54	)
Minesite operating costs (US$)			$	16,658		$	15,848
Minesite operating costs (C$)			$	16,327		$	16,313
Tonnes of ore milled (000's tonnes)				715			667
Minesite costs per tonne (C$)(v)			$	23		$	24

3

Lapa Mine

(thousands of dollars, except where noted)			Three months ended March 31, 2011			Three months ended March 31, 2010
Production costs per Consolidated Statements of Income			$	16,751		$	16,379
Adjustments:
	Byproduct revenues			66
	Inventory and other adjustments(i)			158			(926	)
	Non-cash reclamation provision			(15	)		(14	)
Cash operating costs			$	16,960		$	15,439
Gold production (ounces)				26,914			31,553
Total cash costs (per ounce)(iii)			$	630		$	489

(thousands of dollars, except where noted)			Three months ended March 31, 2011			Three months ended March 31, 2010
Production costs per Consolidated Statements of Income			$	16,751		$	16,379
Adjustments:
	Inventory and other adjustments(iv)			306			(926	)
	Non-cash reclamation provision			(15	)		(14	)
Minesite operating costs (US$)				17,042		$	15,439
Minesite operating costs (C$)			$	16,640		$	15,832
Tonnes of ore milled (000's tonnes)				142			129
Minesite costs per tonne (C$)(v)			$	117		$	123

Kittila Mine

(thousands of dollars, except where noted)			Three months ended March 31, 2011			Three months ended March 31, 2010
Production costs per Consolidated Statements of Income			$	28,500		$	23,018
Adjustments:
	Byproduct revenues			77			(25	)
	Inventory and other adjustments(i)			(843	)		(4,849	)
	Non-cash reclamation provision			(50	)		(99	)
Cash operating costs			$	27,684		$	18,045
Gold production (ounces)				40,317			24,547
Total cash costs (per ounce)(iii)			$	687		$	735

4

(thousands of dollars, except where noted)			Three months ended March 31, 2011			Three months ended March 31, 2010
Production costs per Consolidated Statements of Income			$	28,500		$	23,018
Adjustments:
	Inventory and other adjustments(iv)			(843	)		(4,849	)
	Non-cash reclamation provision			(50	)		(99	)
Minesite operating costs (US$)			$	27,607		$	18,070
Minesite operating costs (EUR)			€	19,710		€	13,915
Tonnes of ore milled (000's tonnes)				262			218
Minesite costs per tonne (EUR)(v)			€	75		€	64

Pinos Altos Mine (includes Creston Mascota)

(thousands of dollars, except where noted)			Three months ended March 31, 2011			Three months ended March 31, 2010
Production costs per Consolidated Statements of Income			$	30,907		$	13,849
Adjustments:
	Byproduct revenues			(15,003	)		(3,687	)
	Inventory and other adjustments(i)			5,697			1,493
	Non-cash reclamation provision			(282	)		(214	)
	Stripping(ii)			(6,325	)		(810	)
Cash operating costs			$	14,994		$	10,631
Gold production (ounces)				48,001			26,228
Total cash costs (per ounce)(iii)			$	312		$	405

(thousands of dollars, except where noted)			Three months ended March 31, 2011			Three months ended March 31, 2010
Production costs per Consolidated Statements of Income			$	30,907		$	13,849
Adjustments:
	Inventory and other adjustments(iv)			5,064			1,493
	Non-cash reclamation provision			(282	)		(214	)
	Stripping(ii)			(6,325	)		(810	)
Minesite operating costs (US$)			$	29,364		$	14,318
Tonnes of ore processed (000's tonnes)				1,033			450
Minesite costs per tonne (US$)(v)			$	28		$	32

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Meadowbank Mine

(thousands of dollars, except where noted)			Three months ended March 31, 2011			Three months ended March 31, 2010
Production costs per Consolidated Statements of Income			$	56,650		$	5,699
Adjustments:
	Byproduct revenues			(449	)		(26	)
	Inventory and other adjustments(i)			2,426			9,161
	Non-cash reclamation provision			(412	)		(127	)
Cash operating costs			$	58,215		$	14,707
Gold production (ounces)				61,737			17,515
Total cash costs (per ounce)(iii)			$	943		$	840

(thousands of dollars, except where noted)			Three months ended March 31, 2011			Three months ended March 31, 2010
Production costs per Consolidated Statements of Income			$	56,650		$	5,699
Adjustments:
	Inventory and other adjustments(iv)			2,772			9,161
	Non-cash reclamation provision			(412	)		(127	)
Minesite operating costs (US$)			$	59,010		$	14,733
Minesite operating costs (C$)			$	58,242		$	15,117
Tonnes of ore milled (000's tonnes)				629			163
Minesite costs per tonne (C$)(v)			$	93		$	93

Notes:

(i)

Under the Company's revenue recognition policy, revenue is recognized on concentrates when legal title passes. Since total cash costs per ounce are calculated on a production basis, this inventory adjustment reflects the sales margin on the portion of concentrate production for which revenue has not been recognized in the period.

(ii)

The Company has decided to report total cash costs per ounce using the more common industry practice of deferring certain stripping costs that can be attributed to future production. The methodology is in line with the Gold Institute Production Cost Standard. The purpose of adjusting for these stripping costs is to enhance the comparability of cash costs to the majority of the Company's peers within the mining industry. The previous period's cash costs have been adjusted for comparability purposes.

(iii)

Total cash costs per ounce is not a recognized measure under US GAAP and this data may not be comparable to data presented by other gold producers. The Company believes that this generally accepted industry measure is a realistic indication of operating performance and is useful in allowing year over year comparisons. This measure is calculated by adjusting Production Costs as shown in the Consolidated Statements of Income and Comprehensive Income for net byproduct metals revenues, stripping costs, royalties, inventory adjustments and asset retirement provisions. This measure is intended to provide investors with information about the cash generating capabilities of the Company's mining operations. Management uses this measure to monitor the performance of the Company's mining operations. Since market prices for gold are quoted on a per ounce basis, using this per ounce measure allows management to assess a mine's cash generating capabilities at various gold prices. Management is aware that this per ounce measure of performance can be impacted by fluctuations in byproduct metal prices and exchange rates. Management compensates for the limitation inherent with this measure by using it in conjunction with the minesite costs per tonne measure (discussed below) as well as other data prepared in accordance with US GAAP. Management also performs sensitivity analyses in order to quantify the effects of fluctuating metal prices and exchange rates.

(iv)

This inventory adjustment reflects production costs associated with unsold concentrates.

(v)

Minesite costs per tonne is not a recognized measure under US GAAP 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 Consolidated Statements of Income and Comprehensive Income for inventory and hedging adjustments, stripping costs and asset retirement provisions and then dividing by tonnes processed through the mill. Since total cash costs per ounce data can be affected by fluctuations in byproduct metal prices and exchange rates, management believes minesite costs per tonne provides additional information regarding the performance of mining operations and allows management to monitor operating costs on a more consistent basis as the per tonne measure eliminates the cost variability associated with varying production levels. Management also uses this measure to determine the economic viability of mining

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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 is impacted by fluctuations in production levels and thus uses this evaluation tool in conjunction with production costs prepared in accordance with US GAAP. This measure supplements production cost information prepared in accordance with US GAAP and allows investors to distinguish between changes in production costs resulting from changes in production versus changes in operating performance.

Liquidity and Capital Resources

        At March 31, 2011, Agnico-Eagle's cash, cash equivalents, short-term investments and restricted cash totalled $114.8 million, while working capital was $395.2 million. At December 31, 2010, the Company had $104.6 million in cash, cash equivalents, short-term investments and restricted cash and $370.9 million in working capital. The Company's policy is to invest excess cash in highly liquid investments of the highest credit quality to eliminate any risks associated with these investments. Such investments with remaining maturities at time of purchase greater than three months are classified as short-term investments and decisions regarding the length of maturities are based on cash flow requirements, rates of returns and various other factors.

        Cash provided by operating activities was $171.0 million in the first quarter of 2011 compared to cash provided by operating activities of $74.5 million in the first quarter of 2010. In the first quarter of 2011, revenues from mining operations increased to $412.1 million from $237.6 million in the first quarter of 2010. This was mainly due to the increase in gold production by the Kittila, Pinos Altos and Meadowbank Mines and the higher realized sales prices for all metals, especially gold and silver.

        For the three months ended March 31, 2011, capital expenditures were $96.8 million compared to $112.6 million in the three months ended March 31, 2010. The significant capital expenditures during the first quarter of 2011 pertained to sustaining capital for the Company's six operating mines, construction of the dyke and crusher at the Meadowbank Mine, construction of the LaRonde depth extension and construction at the Creston Mascota Project.

        During the second quarter of 2010, the Company closed a private placement of notes consisting of $600 million of guaranteed senior unsecured notes due in 2017, 2020 and 2022 with a weighted average maturity of 9.84 years and weighted average yield of 6.59%. The net proceeds from the sale of the notes have been used to reduce amounts outstanding under the Company's credit lines during the quarter. Also during the second quarter, the Company increased and extended its credit facility to $1.2 billion. The current facility has lower standby-fees and draw spreads and matures in June 2014. At March 31, 2011, the remaining outstanding balance owing on the bank facility was nil.

        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 the gold mining business, have been affected by weak economic conditions and volatile financial markets. Positive signs for the global economy include a relative easing of credit risk spreads, a reduction in financial systemic risk, lower levels of volatility in many markets and an improvement in investor confidence. However, economic data continues to show mixed signals for the likelihood of sustained near-term economic recovery, and the costs of funding for many businesses, especially for financial institutions with which we do business, remain high compared to historical levels. A prolonged global recession and continuation of volatility in world markets could have a significant impact on our business. In particular, the global credit/liquidity crisis could continue to affect the cost and availability of financing and our overall liquidity. The volatility in gold, silver, zinc and copper prices affects the amount of our revenues, and our earnings and cash flow. Volatile energy prices, commodity and consumables prices and currency exchange rates impact our production costs. The volatility of global stock markets impacts the valuation of our equity investments. The recent economic turmoil in Europe will compound the global volatility issues.

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AGNICO-EAGLE MINES LIMITED

SUMMARY OF OPERATIONS KEY PERFORMACE INDICATORS

(thousands of United States dollars, except where noted, US GAAP basis)

			Three months ended March 31,
			2011 Actual			2010 Actual
Income Contribution Analysis
LaRonde Mine			$	48,983		$	45,387
Goldex Mine				40,333			26,423
Lapa Mine				19,178			21,273
Kittila Mine				27,831			11,470
Pinos Altos Mine				47,259			12,631
Meadowbank Mine				29,917			2,171
Operating margin				213,501			119,355
Amortization				61,929			30,503
Corporate expenses and other				74,210			47,578
Income before tax				77,362			41,274
Tax provision				32,098			18,942
Net income for the period			$	45,264		$	22,332
Net income per share — basic			$	0.27		$	0.14
Net income per share — diluted			$	0.26		$	0.14
Cash flows
Operating cash flow			$	171,043		$	74,491
Investing cash flow			$	(89,956	)	$	(119,329	)
Financing cash flow			$	(68,842	)	$	(1,646	)
Realized prices per sales volume (US$)
Gold (per ounce)			$	1,400		$	1,111
Silver (per ounce)			$	36.10		$	17.87
Zinc (per tonne)			$	2,509		$	2,235
Copper (per tonne)			$	10,027		$	7,288
Payable production (Note 1)
Gold (ounces)
	LaRonde Mine			36,893			45,036
	Goldex Mine			38,500			42,269
	Kittila Mine			40,317			24,547
	Lapa Mine			26,914			31,553
	Pinos Altos Mine			48,001			26,228
	Meadowbank Mine			61,737			18,599
				252,362			188,232
Silver (ounces in thousands)
	LaRonde Mine			680			875
	Pinos Altos Mine			406			222
	Meadowbank			13			2
				1,099			1,099
Zinc (LaRonde Mine) (tonnes)				11,941			14,224
Copper (LaRonde Mine) (tonnes)				817			1,052

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AGNICO-EAGLE MINES LIMITED

SUMMARY OF OPERATIONS KEY PERFORMACE INDICATORS (Continued)

(thousands of United States dollars, except where noted, US GAAP basis)

			Three months ended March 31,
			2011 Actual			2010 Actual
Payable metal sold
Gold (ounces)
	LaRonde Mine		$	37,459		$	45,240
	Goldex Mine			41,895			37,863
	Kittila Mine			40,698			30,674
	Lapa Mine			25,776			34,193
	Pinos Altos Mine			45,484			20,965
	Meadowbank Mine			61,928			7,103
				253,240			176,038
Silver (ounces in thousands)
	LaRonde Mine			679			775
	Pinos Altos Mine			409			221
	Meadowbank Mine			21			—
				1,109			996
Zinc (LaRonde Mine) (tonnes)				8,302			14,529
Copper (LaRonde Mine) (tonnes)				820			1,047
Total cash costs per ounce of gold produced (Note 2)
LaRonde Mine			$	(12	)	$	167
Goldex Mine				431			375
Kittila Mine				687			735
Lapa Mine				630			489
Pinos Altos Mine				312			436
Meadowbank Mine				943			840
Weighted average			$	531		$	441

Notes:

(1)

Payable mineral production means 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 inventory at the end of the period.

(2)

Total cash costs per ounce is a non-US GAAP measure of performance that the Company uses to monitor the performance of its operations. See "Results of Operations — Production Costs".

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AGNICO-EAGLE MINES LIMITED

SUMMARIZED QUARTERLY DATA

(thousands of United States dollars, except where noted)

		June 30, 2009			September 30, 2009			December 31, 2009			March 31, 2010			June 30, 2010			September 30, 2010			December 31, 2010			March 31, 2011
Consolidated Financial Data
Income and cash flows
Revenues from mining operations		$	133,084		$	149,250		$	225,597		$	237,583		$	347,456		$	398,478		$	439,004		$	412,068
Production costs			61,013			88,652			106,935			118,227			166,573			196,674			195,998			198,567
Gross profit (exclusive of amortization shown below)		$	72,071		$	60,598		$	118,662		$	119,356		$	180,883		$	201,804		$	243,006		$	213,501
Amortization			15,470			23,200			21,661			30,503			44,003			48,145			69,835			61,929
Gross profit		$	56,601		$	37,398		$	97,001		$	88,853		$	136,880		$	153,659		$	173,171		$	151,572
Net income (loss) for the period		$	1,227		$	(16,966	)	$	47,936		$	22,332		$	100,360		$	121,461		$	87,963		$	45,264
Net income (loss) per share (basic)		$	0.01		$	(0.11	)	$	0.31		$	0.14		$	0.64		$	0.73		$	0.54		$	0.27
Net income (loss) per share (diluted)		$	0.01		$	(0.11	)	$	0.30		$	0.14		$	0.63		$	0.71		$	0.52		$	0.26
Cash provided by (used in) operating activities		$	26,369		$	(13,787	)	$	53,701		$	74,491		$	161,574		$	156,829		$	90,576		$	171,043
Cash used in investing activities		$	(155,730	)	$	(136,756	)	$	(139,703	)	$	(119,329	)	$	(116,826	)	$	(163,798	)	$	(123,353	)	$	(89,957	)
Cash provided (used in) by financing activities		$	88,247		$	217,590		$	37,534		$	(1,646	)	$	(10,422	)	$	531		$	(10,408	)	$	(68,842	)
Weighted average number of common shares outstanding (basic — in thousands)			155,805			156,164			156,570			156,692			156,899			167,461			168,299			168,853

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AGNICO-EAGLE MINES LIMITED

CONSOLIDATED BALANCE SHEETS

(thousands of United States dollars, US GAAP basis)
(Unaudited)

				As at March 31, 2011			As at December 31, 2010
ASSETS
Current
	Cash and cash equivalents			$	108,433		$	95,560
	Short-term investments				4,374			6,575
	Restricted cash				2,018			2,510
	Trade receivables				71,566			112,949
	Inventories:
		Ore stockpiles			63,297			67,764
		Concentrates and dore			60,193			50,332
		Supplies			160,107			149,647
	Available-for-sale securities (note 7)				101,985			99,109
	Other current assets				92,572			89,776
	Fair value of derivative financial instruments (note 9)				2,036			—
Total current assets					666,581			674,222
Other assets					58,396			61,502
Future income and mining tax assets					2,615			—
Goodwill					200,064			200,064
Property, plant and mine development					4,595,545			4,564,563
				$	5,523,201		$	5,500,351
LIABILITIES AND SHAREHOLDERS' EQUITY
Current
	Accounts payable and accrued liabilities				157,504			160,375
	Dividends payable				81,002			108,009
	Interest payable				20,513			9,743
	Income taxes payable				1,393			14,450
	Capital leases				11,000			10,592
	Fair value of derivative financial instruments (note 9)				—			142
Total current liabilities					271,412			303,311
Long-term debt (note 8)					600,000			650,000
Reclamation provision and other liabilities					151,303			145,536
Future income and mining tax liabilities					759,023			736,054
SHAREHOLDERS' EQUITY
Common shares (note 5)					3,090,202			3,078,217
Stock options (note 6)					95,115			78,554
Warrants					24,858			24,858
Contributed surplus					15,166			15,166
Retained earnings					485,529			440,265
Accumulated other comprehensive income					30,593			28,390
Total shareholders' equity					3,741,463			3,665,450
				$	5,523,201		$	5,500,351

See accompanying notes

11

AGNICO-EAGLE MINES LIMITED

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(thousands of United States dollars except share and per share amounts, US GAAP basis)
(Unaudited)

			Three months ended March 31,
			2011			2010
REVENUES
Revenues from mining operations			$	412,068		$	237,583
COSTS, EXPENSES AND OTHER INCOME
Production				198,567			118,227
Exploration and corporate development				16,978			7,504
Amortization of plant and mine development				61,929			30,503
General and administrative (note 12)				35,152			28,430
Provincial capital tax				—			(587	)
Interest				14,008			4,504
Loss (gain) on derivative financial instruments (note 9)				(1,351	)		549
Interest and sundry income				(248	)		(1,376	)
Gain on sale of available-for-sale securities (note 7)				(4,394	)		(346	)
Foreign currency translation loss				14,065			8,901
Income before income, mining and federal capital taxes				77,362			41,274
Income and mining tax expense				32,098			18,942
Net income for the period			$	45,264		$	22,332
Net income per share — basic			$	0.27		$	0.14
Net income per share — diluted			$	0.26		$	0.14
Weighted average number of common shares outstanding (in thousands)
	Basic (note 5)			168,853			156,692
	Diluted (note 5)			172,863			159,093
Comprehensive income:
Net income for the period			$	45,264		$	22,332
Other comprehensive income:
	Unrealized gain on available-for-sale securities			7,067			9,628
	Adjustments for realized gain on available-for-sale securities due to dispositions during the period			(4,394	)		(346	)
	Amortization of unrecognized gain on pension liability			110			(47	)
	Tax effect of other comprehensive income (loss) items			(580	)		12
Other comprehensive income for the period				2,203			9,247
Comprehensive income for the period			$	47,467		$	31,579

See accompanying notes

12

AGNICO-EAGLE MINES LIMITED

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

(thousands of United States dollars, US GAAP basis)
(Unaudited)

		Three months ended March 31,
		2011			2010
Retained earnings
Balance, beginning of period		$	440,265		$	216,158
Net income for the period			45,264			22,332
Balance, end of period		$	485,529		$	238,490
Accumulated other comprehensive income
Balance, beginning of period		$	28,390		$	51,049
Other comprehensive income for the period			2,203			9,247
Balance, end of period		$	30,593		$	60,296

See accompanying notes

13

AGNICO-EAGLE MINES LIMITED

CONSOLIDATED STATEMENTS OF CASH FLOWS

(thousands of United States dollars, US GAAP basis)
(Unaudited)

			Three months ended March 31,
			2011			2010
Operating activities
Net income for the period			$	45,264		$	22,332
Add (deduct) items not affecting cash:
	Amortization of plant and mine development			61,929			30,503
	Future income and mining taxes			8,879			13,095
	Gain on sale of available-for-sale securities and derivative financial instruments			(6,428	)		(459	)
	Stock-based compensation			17,303			15,168
	Foreign currency translation loss			14,065			8,901
	Other			5,935			2,991
Changes in non-cash working capital balances
	Trade receivables			41,383			20,390
	Income taxes payable			(13,057	)		3,924
	Other taxes recoverable			11,821			(1,196	)
	Inventories			(16,595	)		(25,542	)
	Other current assets			(7,355	)		(2,686	)
	Interest payable			10,770			(339	)
	Accounts payable and accrued liabilities			(2,871	)		(12,591	)
Cash provided by operating activities				171,043			74,491
Investing activities
Additions to property, plant and mine development				(96,849	)		(112,563	)
Increase in short-term investments				2,201			8
Net proceeds on sale of available-for-sale securities and other				8,764			465
Purchases of available-for-sale securities				(4,565	)		(6,107	)
Decrease (increase) in restricted cash				492			(1,132	)
Cash used in investing activities				(89,957	)		(119,329	)
Financing activities
Dividends paid				(25,820	)		(26,830	)
Repayment of capital lease obligations				(3,053	)		(1,539	)
Proceeds from long-term debt				—			100,000
Repayment of long-term debt				(50,000	)		(80,000	)
Sale-leaseback financing				—			3,005
Proceeds from common shares issued				10,031			3,718
Cash used in financing activities				(68,842	)		(1,646	)
Effect of exchange rate changes on cash and cash equivalents				629			(181	)
Net increase (decrease) in cash and cash equivalents during the period				12,873			(46,665	)
Cash and cash equivalents, beginning of period				95,560			160,280
Cash and cash equivalents, end of period			$	108,433		$	113,615
Other operating cash flow information:
Interest paid during the period			$	3,229		$	8,722
Income, mining and capital taxes paid during the period			$	35,219		$	1,497

See accompanying notes

14

AGNICO-EAGLE MINES LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(thousands of United States dollars except share and per share amounts, unless otherwise indicated)
(Unaudited)
March 31, 2011

1.     BASIS OF PRESENTATION

The accompanying unaudited interim consolidated financial statements of Agnico-Eagle Mines Limited ("Agnico-Eagle" or the "Company") have been prepared in accordance with United States generally accepted accounting principles ("GAAP") in US dollars. They do not include all of the disclosures required by GAAP for annual financial statements. Accordingly, these unaudited interim consolidated financial statements should be read in conjunction with the fiscal 2010 annual consolidated financial statements, including the accounting policies and notes thereto, included in the Annual Report and Annual Information Form/Form 20-F for the year ended December 31, 2010. In the opinion of management, the unaudited interim consolidated financial statements reflect all adjustments, which consist only of normal and recurring adjustments necessary to present fairly the financial position as at March 31, 2011 and the results of operations and cash flows for the three months ended March 31, 2011 and 2010.

Operating results for the three months ended March 31, 2011 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2011.

2.     USE OF ESTIMATES

The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the interim consolidated financial statements and accompanying notes. Management believes that the estimates used in the preparation of the interim consolidated financial statements are reasonable and prudent; however, actual results could differ from these estimates.

3.     ACCOUNTING POLICIES

These interim consolidated financial statements follow the same accounting policies and methods of their application as the December 31, 2010 audited annual consolidated financial statements except for the changes discussed below.

Recently Adopted Accounting Pronouncement

Fair Value Accounting

In January 2010, the FASB guidance for fair value measurements and disclosures was updated to require additional disclosures. The updated guidance was effective for the Company's fiscal year beginning January 1, 2010, with the exception of the level 3 disaggregation which was effective for the Company's fiscal year beginning January 1, 2011. Adoption of this updated guidance had no impact on the Company's consolidated financial position, results of operation or cash flows. See Note 4 for details regarding the Company's assets and liabilities measured at fair value.

Business Combinations

In December 2010, the Accounting Standards Codification ("ASC") guidance for business combinations was updated to clarify existing guidance which requires a public entity to disclose pro forma revenue and earnings of the combined entity as though the business combination(s) that occurred during the current year had occurred as of the beginning of the comparable prior annual period only. The update also expands the supplemental pro forma disclosures required to include a description of the nature and amount of material, nonrecurring pro forma adjustments directly attributable to the business combination included in the reported pro forma revenue and earnings. Adoption this updated guidance, effective for the Company's fiscal year beginning January 1, 2011, had no impact on the Company's consolidated financial position, results of operations and cash flows.

Revenue Recognition — Multiple-Deliverable Revenue Arrangements

In October 2009, the FASB issued an amendment to its guidance on multiple-deliverable revenue arrangements which is effective for fiscal years beginning on or after June 15, 2010. This updated guidance addresses accounting and reporting for arrangements under which the vendor will perform multiple revenue-generating activities, including how to separate deliverables and measure and allocate the arrangement consideration. This amendment also significantly expands the disclosure requirements related to a vendor's multiple-deliverable revenue arrangement. Based on the Company's assessment, these changes do not have an impact on our current accounting for revenue or required disclosures.

15

AGNICO-EAGLE MINES LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(thousands of United States dollars except share and per share amounts, unless otherwise indicated)
(Unaudited)
March 31, 2011

4.     FAIR VALUE MEASUREMENT

Accounting Standards Codification ("ASC") 820 — Fair Value Measurement and Disclosure defines fair value, establishes a framework for measuring fair value under GAAP, and requires expanded disclosures about fair value measurements. The three levels of the fair value hierarchy under the Fair Value Measurements and Disclosure Topic of the FASB Accounting Standards Codification are:

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;

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).

Fair value is the value at which a financial instrument could be closed out or sold in a transaction with a willing and knowledgeable counterparty over a period of time consistent with the Company's investment strategy. Fair value is based on quoted market prices, where available. If market quotes are not available, fair value is based on internally developed models that use market-based or independent information as inputs. These models could produce a fair value that may not be reflective of future fair value.

The following table sets forth the Company's financial assets and liabilities measured at fair value within the fair value hierarchy.

			Total			Level 1			Level 2			Level 3
	Financial assets:
	Cash equivalents and short-term investments(1)			5,633			—			5,633			—
	Available-for-sale securities(2)(3)			101,985			93,849			8,136			—
	Trade receivables(4)			71,566			—			71,566			—
	Derivative assets(3)			2,036			—			2,036			—
				181,220			93,849			87,371			—
	Financial liabilities:
	Derivative liabilities(3)			—			—			—			—

(1)

Fair value approximates the carrying amounts due to the short-term nature.



(2)

Recorded at fair value using quoted market prices.



(3)

Recorded at fair value based on broker-dealer quotations.



(4)

Trade receivables from provisional invoices for concentrate sales are included within Level 2 as they are valued using quoted forward rates derived from observable market data based on the month of expected settlement.

Both the Company's cash equivalents and short-term investments are classified within Level 2 of the fair value hierarchy because they are valued using interest rates observable at commonly quoted intervals. Cash equivalents are market securities with remaining maturities of three months or less at the date of purchase. The short-term investments are market securities with remaining maturities of over three months at the date of purchase.

The Company's available-for-sale equity securities are recorded at fair value using quoted market prices or broker-dealer quotations. The Company's available-for-sale equity securities that are valued using quoted market prices in active markets are classified as Level 1 of the fair value hierarchy. The Company's available-for-sale securities classified as Level 2 of the fair value hierarchy consist of equity warrants, which are recorded at fair value based broker-dealer quotations.

In the event that a decline in the fair value of an investment occurs and the decline in value is considered to be other-than-temporary, an impairment charge is recorded in the interim consolidated statements of income and a new cost basis for the investment is established. The Company assesses whether a decline in value is considered to be other-than-temporary by considering available evidence, including changes in general market conditions, specific industry and individual company data, the length of time and the extent to which the fair value has been less than cost, the financial condition and the near-term prospects of the individual investment.

16

AGNICO-EAGLE MINES LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(thousands of United States dollars except share and per share amounts, unless otherwise indicated)
(Unaudited)
March 31, 2011

4.     FAIR VALUE MEASUREMENT (Continued)

New evidence could become available in future periods which would affect this assessment and thus could result in material impairment charges with respect to those investments for which the cost basis exceeds its fair value.

5.     SHAREHOLDERS' EQUITY

For the three months ended March 31, 2011 and 2010, the Company's warrants were dilutive and were included in the calculation of diluted net income per share.

The following table presents the maximum number of common shares that would be outstanding if all instruments outstanding at March 31, 2011 were exercised:

	Common shares outstanding at March 31, 2011			169,017,306
	Employees' stock options			9,081,520
	Warrants			8,600,000
				186,698,826

During the three months ended March 31, 2011, 2,574,785 (2010 — 2,755,080) options were granted with an exercise price of C$76.56 (2010 — C$56.95), 164,219 (2010 — 59,325) employee stock options were exercised for cash of $6.9 million (2010 — $1.3 million), and 91,750 (2010 — 10,550) options were forfeited with a weighted average exercise price of C$66.87 (2010 — C$49.88).

The following table illustrates the changes in common shares for the three months ended March 31, 2011:

			Shares			Amount
	Common shares, beginning of period			168,720,355			3,078,217
	Shares issued under Employee Stock Option Plan			164,219			8,806
	Shares issued under Incentive Share Purchase Plan			71,141			4,734
	Shares issued under Dividend Reinvestment Plan			18,450			1,232
	Restricted Share unit plan			(38,349	)		(2,787	)
	Common shares, end of period			168,935,816			3,090,202

The following table provides the reconciliation for the weighted average number of common shares in the calculation of basic and diluted income per share:

					Three months ended March 31,
					2011			2010
	Net income					45,264		$	22,332
	Weighted average number of common shares outstanding — basic					168,853			156,692
		Add: Dilutive impact of employee stock options				1,155			907
			Dilutive impact of warrants			2,773			1,449
			Dilutive impact of treasury shares related to restricted share unit plan			82			45
	Weighted average number of common shares outstanding — diluted					172,863			159,093
	Net income per share — basic				$	0.27		$	0.14
	Net income per share — diluted				$	0.26		$	0.14

The calculation of diluted income per common share has been computed using the treasury stock method.

17

AGNICO-EAGLE MINES LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(thousands of United States dollars except share and per share amounts, unless otherwise indicated)
(Unaudited)
March 31, 2011

6.     STOCK-BASED COMPENSATION

The following summary sets out the activity with respect to the Company's outstanding stock options:

			Three months ended March 31, 2011
			# of Options			Weighted average exercise price
						(C$)
	Outstanding, beginning of period			6,762,704			56.94
	Granted			2,574,785			76.56
	Exercised			(164,219	)		41.47
	Forfeited			(91,750	)		66.87
	Outstanding, end of period			9,081,520			62.88
	Options exercisable at end of period			5,527,416			66.25

For the three months ended March 31, 2011 and 2010, the Company estimated the fair value of options under the Black-Scholes option pricing model using the following weighted average assumptions:

			2011			2010
	Risk-free interest rate			1.96%			1.86%
	Expected life of options (in years)			2.5			2.5
	Expected volatility of the Company's share price			34.6%			44.4%
	Expected dividend yield			0.88%			0.43%

7.     AVAILABLE-FOR-SALE SECURITIES

During the three months ended March 31, 2011, the Company received proceeds of $8.8 million (2010 — $0.5 million) from the sale of certain available-for-sale securities and recognized a gain before taxes of $4.4 million (2010 — $0.4 million).

The cost of an available-for-sale security was determined based on the average cost. Available-for-sale securities are carried at fair value and comprise the following:

			As at March 31, 2011			As at December 31, 2010
	Available-for-sale securities in an unrealized gain position
	Cost		$	51,153		$	50,958
	Unrealized gains in other comprehensive income			50,832			48,151
	Estimated fair value			101,985		$	99,109
	Available-for-sale securities in an unrealized loss position
	Cost			—			—
	Unrealized losses in other comprehensive income			—			—
	Estimated fair value			—			—
	Total estimated fair value of available-for-sale securities		$	101,985		$	99,109

8.     LONG-TERM DEBT

During the three months ended March 31, 2011, the Company repaid $50 million, net, on the credit facilities (2010 — ($20.0) million). At March 31, 2011, the credit facilities were drawn down by a total of $nil million (December 31, 2010 — $50 million).

18

AGNICO-EAGLE MINES LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(thousands of United States dollars except share and per share amounts, unless otherwise indicated)
(Unaudited)
March 31, 2011

8.     LONG-TERM DEBT (Continued)

Total long-term debt interest costs incurred during the three months ended March 31, 2011 was $10 million (2010 — $7.0 million). Total interest costs capitalized to property, plant and mine development for the three months ended March 31, 2011 was nil (2010 — $4.6 million). The outstanding long-term debt balance as at March 31, 2011 relates to the notes entered into in April 2010.

9.     FINANCIAL INSTRUMENTS

In the first quarter of 2011, to mitigate the risks associated with fluctuating zinc prices, the Company entered into a zero-cost collar to hedge the price on a portion of zinc associated with the LaRonde Mine's 2011 production. The purchase of zinc put options has been financed through selling zinc call options at a higher level such that the net premium payable to the counterparty by the Company is nil.

A total of 20,000 metric tonnes (2010 — 15,000 metric tonnes) of zinc call options were written at a strike price of $2,500 (2010 — $2,500) per metric tonne with 2,000 metric tonnes (2010 — 1,500 metric tonnes) expiring each month beginning February 28, 2011 (2010 — March 31, 2010). A total of 20,000 metric tonnes (2010 — 15,000 metric tonnes) of zinc put options were purchased at a strike price of $2,200 (2010 — $2,200) per metric tonne with 2,000 metric tonnes (2010 — 1,500 metric tonnes) expiring each month beginning February 28, 2011 (2010 — March 31, 2010). While setting a minimum price, the zero-cost collar strategy also limits participation to zinc prices above $2,500 (2010 — $2,500) per metric tonne. These contracts did not qualify for hedge accounting under ASC 815 — Derivatives and Hedging. Gains or losses, along with mark-to-market adjustments are recognized in the gain on derivative financial instruments component of the consolidated statements of income. The options that expired during the first quarter of 2011 and 2010 expired out of the money. As at March 31, 2011, the Company had an unrealized mark-to-market gain of $0.5 million (2010 — $0.5 million).

In March 2011, the Company entered into a foreign exchange forward contract at a rate of C$0.99 per US dollar. The risk hedged in 2011 was the variability in expected future cash flows arising from changes in foreign currency exchange. The hedged items represent a portion of the unhedged forecast Canadian dollar denominated cash outflows arising from Canadian dollar denominated expenditures in 2011. In 2011, the forward contract hedged $90 million of 2011 expenditures. $10 million will expire each month starting in April 2011 and will be completely expired by December 31, 2011. As of March 31, 2011 the Company recognized a mark-to-market gain $1.5 million in the "Loss (gain) on derivative financial instruments" line item of the Consolidated Statements of Income and Comprehensive Income. The cash flow hedging relationship did not meet the requirements to be perfectly effective and did not therefore, qualify for hedge accounting.

There were no foreign exchange hedges during the first quarter of 2011 and 2010.

In addition, the Company recognized a loss of $2.1 million on intra-quarter silver financial instruments associated with timing of sales of silver products. There were no silver financial instruments during the first quarter of 2010.

10.   COMMITMENTS, CONTINGENCIES, AND GUARANTEES

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, 2011, the total amount of these guarantees was $115.8 million.

11.   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 Executive Officer and Chief Operating Officer, and that represent more than 10% of the combined revenue, profit or loss or total assets of all reported operating segments. The following are the reporting segments of the Company and reflect how the Company manages its business and how it classifies its operations for planning and measuring performance:

	Canada:		LaRonde Mine, Lapa Mine, Goldex Mine, Meadowbank Mine, and the Regional Office
	Europe:		Kittila Mine
	Latin America:		Pinos Altos Mine and the Creston Mascota deposit at Pinos Altos
	Exploration:		USA Exploration office, Europe Exploration office, Canada Exploration office, Meliadine Mine Project, and the Latin America Exploration office

19

AGNICO-EAGLE MINES LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(thousands of United States dollars except share and per share amounts, unless otherwise indicated)
(Unaudited)
March 31, 2011

11.   SEGMENTED INFORMATION (Continued)

The accounting policies of the reporting segments are the same as those described in the summary of significant accounting policies. There are no transactions between the reported segments affecting revenue. Production costs for the reported segments are net of intercompany transactions. The goodwill of $200.1 million on the Consolidated Balance Sheets relates to the Meliadine Mine Project that is a component of the Exploration segment.

Corporate Head Office assets are included in the Canada category and specific corporate income and expense items are noted separately below.

The Meadowbank Mine achieved commercial production March 1, 2010. The Creston Mascota deposit at Pinos Altos achieved commercial production March 1, 2011.

	Three Months Ended March 31, 2011		Revenues from Mining Operations			Production Costs			Amortization			Exploration & Corporate Development			Foreign Currency Translation Loss (Gain)			Segment Income (Loss)
	Canada		$	277,571		$	139,160		$	47,101		$	—		$	10,305		$	81,005
	Europe			56,331			28,500			7,268			—			3,863			16,700
	Latin America			78,166			30,907			7,560			—			(103	)		39,802
	Exploration			—			—			—			16,978			—			(16,978	)
			$	412,068		$	198,567		$	61,929		$	16,978		$	14,065		$	120,529
	Segment income																	$	120,529
	Corporate and Other
	Interest and sundry income																		248
	Gain on sale of available-for-sale securities																		4,394
	Gain on derivative financial instruments																		1,351
	General and administrative																		(35,152	)
	Interest expense																		(14,008	)
	Income before income, mining and federal capital taxes																		77,362

	Three Months Ended March 31, 2010		Revenues from Mining Operations			Production Costs			Amortization			Exploration & Corporate Development			Foreign Currency Translation Loss (Gain)			Segment Income (Loss)
	Canada		$	176,615		$	81,360		$	20,361		$	—		$	10,159		$	64,735
	Europe			34,488			23,018			7,114			—			(662	)		5,018
	Latin America			26,480			13,849			3,028			—			(596	)		10,199
	Exploration			—			—			—			7,504			—			(7,504	)
			$	237,583		$	118,227		$	30,503		$	7,504		$	8,901		$	72,448
	Segment income																	$	72,448
	Corporate and Other
	Interest and sundry income																		1,376
	General and administrative																		(28,430	)
	Gain on sale of available-for-sale securities																		346
	Loss on derivative financial instruments																		(549	)
	Provincial capital tax																		587
	Interest expense																		(4,504	)
	Income before income, mining and federal capital taxes																	$	41,274

20

AGNICO-EAGLE MINES LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(thousands of United States dollars except share and per share amounts, unless otherwise indicated)
(Unaudited)
March 31, 2011

11.   SEGMENTED INFORMATION (Continued)

			Total Assets as at
			March 31, 2011			December 31, 2010
	Canada		$	4,137,892		$	4,172,997
	Europe			702,200			679,258
	Mexico			654,319			619,263
	Exploration			28,790			28,833
			$	5,523,201		$	5,500,351

12.   GENERAL AND ADMINISTRATIVE

Due to a kitchen fire at the Meadowbank Mine in March 2011, the Company recognized a loss on disposal of the kitchen of $6.9 million, incurred related costs of $5.3 million during the quarter, and recognized an insurance receivable for $9.1 million. The difference of $3.1 million is recognized in the General and Administrative line item of the Consolidated Statements of Income during the first quarter of 2011. The Company's exposure to insurance losses related to this claim is limited to the $3.1 million exposure through its captive insurance company.

21

QuickLinks

Exhibit 99.1

First Quarter Report 2011
QUARTERLY MANAGEMENT'S DISCUSSION AND ANALYSIS UNITED STATES GAAP (all figures are expressed in US dollars unless otherwise noted and all units of measurement expressed in metric unless otherwise noted)
AGNICO-EAGLE MINES LIMITED SUMMARY OF OPERATIONS KEY PERFORMACE INDICATORS (thousands of United States dollars, except where noted, US GAAP basis)
AGNICO-EAGLE MINES LIMITED SUMMARIZED QUARTERLY DATA (thousands of United States dollars, except where noted)
AGNICO-EAGLE MINES LIMITED CONSOLIDATED BALANCE SHEETS (thousands of United States dollars, US GAAP basis) (Unaudited)
AGNICO-EAGLE MINES LIMITED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (thousands of United States dollars except share and per share amounts, US GAAP basis) (Unaudited)
AGNICO-EAGLE MINES LIMITED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (thousands of United States dollars, US GAAP basis) (Unaudited)
AGNICO-EAGLE MINES LIMITED CONSOLIDATED STATEMENTS OF CASH FLOWS (thousands of United States dollars, US GAAP basis) (Unaudited)
AGNICO-EAGLE MINES LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (thousands of United States dollars except share and per share amounts, unless otherwise indicated) (Unaudited) March 31, 2011