Second Quarter Report 2019 (Prepared in accordance with International Financial Reporting Standards)
For the Three and Six Months Ended June 30, 2019

Business Overview Agnico Eagle is a senior Canadian gold mining company that 
has produced precious metals since its formation in 1972. The Company’s mines 
are located in Canada, Mexico and Finland, with exploration and development 
activities in Canada, Europe, Latin America and 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. 
Agnico Eagle’s operating mines and development projects are located in what the 
Company believes to be politically stable countries that are 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 June 
30, 2019 of $8,090.7 million increased by $237.8 million compared with total 
assets of $7,852.8 million as at December 31, 2018. Cash and cash equivalents 
decreased by $183.1 million to $118.7 million between December 31, 2018 and 
June 30, 2019 primarily due to $434.3 million in capital expenditures, $49.2 
million in dividends paid and $24.1 million for the repurchase of common shares 
for stockbased compensation plans during the first six months of 2019, 
partially offset by cash provided by operating activities of $275.0 million and 
proceeds on stock option exercises of $73.8 million. Other current assets 
increased from $165.8 million at December 31, 2018 to $241.7 million at June 
30, 2019 primarily due to an increase in prepaid fuel expenses. Property, plant 
and mine development increased from $6,234.3 million at December 31, 2018 to 
$6,507.7 million at June 30, 2019 primarily due to additions capitalized to 
property, plant and mine development of $544.1 million, partially offset by 
amortization expense of $252.4 million during the first six months of 2019. 
Total liabilities increased to $3,445.0 million at June 30, 2019 from $3,302.8 
million at December 31, 2018 primarily due to the capitalization of the 
Company’s lease obligations in accordance with the adoption of IFRS 16 —Leases 
(‘‘IFRS 16’’) on January 1, 2019. A $31.0 million increase in accounts payable 
and accrued liabilities between December 31, 2018 and June 30, 2019 was 
primarily due to expenditures in preparation for the summer barge shipping 
season in Nunavut. Agnico Eagle’s reclamation provision increased by $39.9 
million between December 31, 2018 and June 30, 2019 primarily due to the 
re-measurement of the Company’s reclamation provisions by applying updated 
expected cash flows and assumptions at June 30, 2019. Agnico Eagle’s net income 
taxes payable position of $0.9 million at December 31, 2018 was reduced during 
the first six months of 2019 by payments to tax authorities in excess of the 
year to date current tax provision, resulting in a net income taxes recoverable 
position of $17.4 million at June 30, 2019.

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 consolidated financial statements.

Results of Operations Agnico Eagle reported net income of $27.8 million, or 
$0.12 per share, in the second quarter of 2019, compared with net income of 
$5.0 million, or $0.02 per share, in the second quarter of 2018. Agnico Eagle 
reported an adjusted net income of $22.7 million, or $0.10 per share, in the 
second quarter of 2019 compared with adjusted net income of $2.6 million, or 
$0.01 per share, in the second quarter of 2018. For a reconciliation of 
adjusted net income to net income as presented in the condensed interim 
consolidated statements of income in accordance with IFRS, see Non-GAAP 
Financial Performance Measures in this MD&A. In the second quarter of 2019, the 
operating margin (revenues from mining operations less production costs) 
decreased to $247.1 million compared with $252.6 million in the second quarter 
of 2018, primarily due to a 6.8% decrease in the sales volume of commercial 
gold ounces which excludes 25,645 pre-commercial gold ounces from the Meliadine 
mine, a 22.3% decrease in the sales volume of copper tonnes and a decrease in 
the realized prices of silver, zinc and copper between periods. Partially 
offsetting the overall decrease in the operating margin was a 67.8% increase in 
the sales volume of zinc tonnes. Gold production increased to 412,315 ounces 
during the second quarter of 2019, compared with 404,961 ounces in the second 
quarter of 2018, primarily due to 61,112 ounces produced at the Meliadine mine 
which achieved commercial production during the second quarter of 2019. 
Partially offsetting the overall increase in gold production between the second 
quarter of 2019 and the second quarter of 2018 was an expected decrease in gold 
production at the Meadowbank mine resulting from a 19.4% decrease in ore tonnes 
processed as the mine transitions to the Amaruq satellite deposit in the second 
half of 2019 and an expected decrease in gold production at the Kittila mine 
due to a 62.3% decrease in tonnes processed as a result of the planned 58-day 
mill shutdown for autoclave relining. Cash provided by operating activities 
amounted to $126.3 million in the second quarter of 2019, compared with $120.1 
million in the second quarter of 2018. Total weighted average cash costs per 
ounce of gold produced amounted to $652 on a by-product basis and $736 on a 
co-product basis in the second quarter of 2019 compared with $656 on a 
by-product basis and $736 on a co-product basis in the second quarter of 2018. 
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 (without deducting by-product metal revenues) to 
production costs as presented in the condensed interim consolidated statements 
of income in accordance with IFRS, see Non-GAAP Financial

Performance Measures in this MD&A. Agnico Eagle reported net income of $64.8 
million or $0.28 per share, in the six months ended June 30, 2019, compared 
with net income of $49.9 million, or $0.21 per share, in the six months ended 
June 30, 2018.

Agnico Eagle reported adjusted net income of $54.6 million, or $0.23 per share, 
in the first six months of 2019 compared with adjusted net income of $36.9 
million, or $0.16 per share, in the first six months of 2018. For a 
reconciliation of adjusted net income to net income as presented in the 
condensed interim consolidated statements of income in accordance with IFRS, 
see Non-GAAP Financial Performance Measures in this MD&A. In the first six 
months of 2019, the operating margin (revenues from mining operations less 
production costs) decreased to $502.4 million, compared with $535.7 million in 
the first six months of 2018, primarily due to a 5.6% decrease in the sales 
volume of commercial gold ounces which excludes 28,855 pre-commercial gold 
ounces from the Meliadine mine, a 32.9% decrease in the sales volume of copper 
tonnes and a decrease in the realized prices of silver, zinc and copper between 
periods. Partially offsetting the overall decrease in the operating margin was 
a 19.5% increase in the sales volume of zinc tonnes. Gold production increased 
to 810,532 ounces in the first six months of 2019, compared with 794,239 ounces 
in the first six months of 2018, primarily due to 78,694 ounces produced at the 
Meliadine mine which achieved commercial production during the second quarter 
of 2019. Partially offsetting the overall increase in gold production between 
the first six months of 2019 and the first six months of 2018 was an expected 
decrease in the gold production at the Meadowbank mine resulting from a 21.9% 
decrease in ore tonnes processed as the mine transitions to the Amaruq 
satellite deposit in the second half of 2019 and an expected decrease in the 
gold production at the Kittila mine due to a 30.9% decrease in tonnes processed 
as a result of the planned 58-day mill shutdown for autoclave relining. Cash 
provided by operating activities amounted to $275.0 million in the first six 
months of 2019, compared with $327.8 million in the first six months of 2018. 
Total weighted average cash costs per ounce of gold produced amounted to $638 
on a by-product basis and $720 on a co-product basis in the first six months of 
2019, compared with $652 on a by-product basis and $735 on a co-product basis 
in the first six months of 2018. 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 (without deducting 
by-product metal revenues) to production costs as presented in the condensed 
interim consolidated statements of income in accordance with IFRS, see Non-GAAP 
Financial

Three Months Ended June 30, 2019 vs. Three Months Ended June 30, 2018 Revenues 
from mining operations decreased to $526.6 million in the second quarter of 
2019, compared with $556.3 million in the second quarter of 2018, primarily due 
to a 6.8% decrease in the sales volume of commercial gold ounces which excludes 
25,645 pre-commercial gold ounces from the Meliadine mine, a 22.3% decrease in 
the sales volume of copper tonnes and a decrease in the realized prices of 
silver, zinc and copper between periods. Partially offsetting the overall 
decrease in the revenues was a 67.8% increase in the sales volume of zinc 
tonnes.

Production costs were $279.5 million in the second quarter of 2019, a 8.0% 
decrease compared with $303.7 million in the second quarter of 2018, primarily 
due to a decrease in the open pit mining costs at the Meadowbank mine as the 
mine transitions to the Amaruq satellite deposit in the second half of 2019, 
decreased operating costs at the Kittila mine due to the planned 58-day mill 
shutdown for autoclave relining and the weakening of the Canadian dollar and 
the Euro relative to the US dollar between periods. Weighted average total cash 
costs per ounce of gold produced decreased to $652 on a by-product basis in the 
second quarter of 2019, compared with $656 on a by-product basis in the second 
quarter of 2018, primarily due to decreased open pit mining costs at the 
Meadowbank mine as the mine transitions to the Amaruq satellite deposit in the 
second half of 2019, decreased operating costs at the Kittila mine due to the 
planned 58-day mill shutdown for autoclave relining and the weakening of the 
Canadian dollar and the Euro relative to the US dollar between periods. 
Weighted average total cash costs per ounce of gold produced on a co-product 
basis remained unchanged at $736 between the second quarter of 2019 and the 
second quarter of 2018. 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 (without deducting by-product metal 
revenues) to production costs as presented in the condensed interim 
consolidated statements of income in accordance with IFRS, see Non-GAAP 
Financial Performance Measures in this MD&A.

Exploration and corporate development expenses decreased to $27.4 million in 
the second quarter of 2019, compared with $38.9 million in the second quarter 
of 2018, primarily due to a decrease in exploration drilling at the Amaruq 
satellite project and the El Barqueno property, partially offset by an increase 
in exploration drilling at the Kirkland Lake properties. Amortization of 
property, plant and mine development decreased by $14.3 million to $124.2 
million between the second quarter of 2018 and the second quarter of 2019, 
primarily due to lower throughput at the Kittila mine from the planned 58-day 
mill shutdown for autoclave relining and lower tonnes processed at the Pinos 
Altos mine due to the transition to a predominantly underground mining 
operation.

General and administrative expense decreased to $29.1 million during the second 
quarter of 2019, compared with $30.6 million during the second quarter of 2018, 
primarily due to decreased compensation and benefits expenses between periods. 
Other income decreased to $5.0 million during the second quarter of 2019, 
compared with $29.5 million during the second quarter of 2018, primarily due to 
a gain from the sale of certain non-core properties in the second quarter of 
2018.

During the second quarter of 2019, there was a non-cash foreign currency 
translation loss of $4.1 million attributable to a strengthening of the 
Canadian dollar, Euro and Mexican peso relative to the US dollar at June 30, 
2019, compared to March 31, 2019 on the Company’s net monetary liabilities 
denominated in foreign currencies. A non-cash foreign currency translation loss 
of $3.9 million was recorded during the comparative second quarter of 2018.

In the second quarter of 2019, the Company recorded income and mining taxes 
expense of $15.0 million on income before income and mining taxes of $42.8 
million, resulting in an effective tax rate of 35.1%. In the second quarter of 
2018, the Company recorded income and mining taxes expense of $35.4 million on 
income before income and mining taxes of $40.4 million, resulting in an 
effective tax rate of 87.7%. The decrease in the effective tax rate between the 
second quarter of 2018 and the second quarter of 2019 is primarily due to a 
decrease in permanent differences and foreign exchange rate movements. 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 significantly in future periods. 
Six Months Ended June 30, 2019 vs. Six Months Ended June 30, 2018

Revenues from mining operations decreased to $1,058.8 million during the six 
months ended June 30, 2019, compared with $1,134.7 million during the six 
months ended June 30, 2018, primarily due to a 5.6% decrease in the sales 
volume of commercial gold ounces which excludes 28,855 pre-commercial gold 
ounces from the Meliadine mine, a 32.9% decrease in the sales volume of copper 
tonnes and a decrease in the realized prices of silver, zinc and copper between 
periods. Partially offsetting the overall decrease in the revenues was a 19.5% 
increase in the sales volume of zinc tonnes. Production costs were $556.4 
million during the six months ended June 30, 2019, a 7.1% decrease compared 
with $599.0 million in the six months ended June 30, 2018, primarily due to 
decreased open pit mining costs at the Meadowbank mine as the mine transitions 
to the Amaruq satellite deposit in the second half of 2019, decreased operating 
costs at the Kittila mine due to the planned 58-day mill shutdown for autoclave 
relining and the weakening of the Canadian dollar, the Mexican peso and the 
Euro relative to the US dollar between periods. Partially offsetting the total 
decrease in production costs for the first six months of 2019 was the 
contribution from the Meliadine mine which achieved commercial production 
during the second quarter of 2019.

Weighted average total cash costs per ounce of gold produced decreased to $638 
on a by-product basis and $720 on a co-product basis during the six months 
ended June 30, 2019, compared with $652 on a by-product basis and $735 on a 
co-product basis during the six months ended June 30, 2018, primarily due to 
decreased open pit mining costs at the Meadowbank mine as the mine transitions 
to the Amaruq satellite deposit in the second half of 2019, decreased operating 
costs at the Kittila mine due to the planned 58-day mill shutdown for autoclave 
relining and the weakening of the Canadian dollar, the Mexican peso and the 
Euro relative to the US dollar between periods. 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 consolidated statements of income in accordance with IFRS, see Non-GAAP 
Financial Performance Measures in this MD&A.

Exploration and corporate development expenses were $52.8 million during the 
six months ended June 30, 2019, compared with $69.2 million during the six 
months ended June 30, 2018 due to a decrease in exploration drilling at the 
Amaruq satellite project and the El Barqueno property. Amortization of 
property, plant and mine development decreased by $20.4 million to $252.4 
million between the six months ended June 30, 2018 and the six months ended 
June 30, 2019 due to lower throughput at the Kittila mine from the planned 
58-day mill shutdown for autoclave relining, an increase in the proven and 
probable reserves at the LaRonde mine and lower tonnes processed and the timing 
of inventory sales at the

Pinos Altos mine. General and administrative expense decreased to $58.2 million 
during the six months ended June 30, 2019, compared with $64.1 million during 
the six months ended June 30, 2018, primarily due to decreased compensation and 
benefits expenses between periods. Other income decreased to $3.1 million 
during the six months ended June 30, 2019, compared with other income of $30.8 
million during the six months ended June 30, 2018, primarily due to a gain from 
the sale of certain non-core properties in the first half of 2018. During the 
six months ended June 30, 2019, there was a non-cash foreign currency 
translation loss of $6.3 million attributable to the strengthening of the 
Canadian dollar and Mexican peso versus the US dollar at June 30, 2019 relative 
to December 31, 2018 on the Company’s net monetary liabilities denominated in 
foreign currencies. A non-cash foreign currency translation loss of $0.4 
million was recorded during the first six months of 2018.

In the six months ended June 30, 2019, the Company recorded income and mining 
taxes expense of $30.5 million on income before income and mining taxes of 
$95.3 million, resulting in an effective tax rate of 32.0%. In the six months 
ended June 30, 2018, the Company recorded income and mining taxes expense of 
$59.9 million on income before income and mining taxes of $109.8 million, 
resulting in an effective tax rate of 54.5%. The decrease in the effective tax 
rate between the first six months of 2018 and the first six months of 2019 is 
due primarily to a decrease in permanent differences and foreign exchange rate 
movements.

LaRonde mine At the LaRonde mine, gold production decreased by 9.4% to 76,587 
ounces in the second quarter of 2019, compared with 84,526 ounces in the second 
quarter of 2018, primarily due to a decrease in the tonnes of ore being 
processed as a result of a 10-day underground mine shutdown concurrent with a 
9-day mill maintenance shutdown. Production costs at the LaRonde mine were 
$48.8 million in the second quarter of 2019, a decrease of 22.4% compared with 
production costs of $62.9 million in the second quarter of 2018, driven 
primarily by the timing of inventory sales. Gold production decreased by 11.6% 
to 154,020 ounces in the first six months of 2019 compared with 174,311 ounces 
in the first six months of 2018 at the LaRonde mine, primarily due to lower 
gold grade ore being processed from the mining sequence. Production costs at 
the LaRonde mine were $110.6 million in the first six months of 2019, a 
decrease of 13.5% compared with production costs of $127.8 million in the first 
six months of 2018, driven primarily by the timing of inventory sales.

LaRonde Zone 5 mine At the LaRonde Zone 5 mine, gold production increased to 
16,170 ounces in the second quarter of 2019 from 4,601 ounces in the second 
quarter of 2018. Production costs at the LaRonde Zone 5 mine were $12.3 million 
in the second quarter of 2019 and $0.5 million in the second quarter of 2018. 
As the LaRonde Zone 5 mine achieved commercial production in June 2018, the 
second quarter of 2018 does not represent a comparable period. Gold production 
increased to 29,158 ounces in the first six months of 2019 from 4,601 ounces in 
the first six months of 2018 at the LaRonde Zone 5 mine. Production costs at 
the LaRonde Zone 5 mine were $17.9 million in the first six months of 2019 and 
$0.5 million in the first six months of 2018. As the LaRonde Zone 5 mine 
achieved commercial production in June 2018, the first six months of 2018 do 
not represent a comparable period.

Lapa mine Mining and processing operations at Lapa ended in December 2018. 
Closure activities for the underground infrastructure were completed in the 
first quarter of 2019. Surface work is currently ongoing by the site 
reclamation team.

Goldex mine At the Goldex mine, gold production increased by 12.6% to 34,325 
ounces in the second quarter of 2019, compared with 30,480 ounces in the second 
quarter of 2018, primarily due to an increase in ore tonnes being processed. 
Production costs at the Goldex mine were $20.3 million in the second quarter of 
2019, a decrease of 3.3% compared with production costs of $20.9 million in the 
second quarter of 2018, driven primarily by decreased re-handling costs, 
partially offset by slightly higher underground development costs. Gold 
production increased by 17.8% to 68,779 ounces in the first six months of 2019, 
compared with 58,404 ounces in the first six months of 2018 at the Goldex mine, 
primarily due to higher gold grade and an increase in the tonnes of ore being 
processed. Production costs at the Goldex mine were $39.3 million in the first 
six months of 2019 which were consistent with production costs of $39.5 million 
in the first six months of 2018.

Meadowbank mine At the Meadowbank mine, gold production decreased by 33.8% to 
39,457 ounces in the second quarter of 2019, compared with 59,627 ounces in the 
second quarter of 2018, primarily due to lower gold grade and a decrease in the 
tonnes of ore being processed as the mine transitions to the Amaruq satellite 
deposit in the second half of 2019. Production costs at the Meadowbank mine 
were $41.8 million in the second quarter of 2019, a decrease of 26.1% compared 
with production costs of $56.5 million in the second quarter of 2018, driven 
primarily by decreased open pit mining and maintenance costs. Gold production 
decreased by 31.5% to 82,959 ounces in the first six months of 2019, compared 
with 121,074 ounces in the first six months of 2018 at the Meadowbank mine, 
primarily due to lower gold grade and a decrease in the tonnes of ore being 
processed. Production costs at the Meadowbank mine were $83.7 million in the 
first six months of 2019, a decrease of 29.1% compared with production costs of 
$118.0 million in the first six months of 2018, driven primarily by decreased 
open pit mining and maintenance costs, partially offset by increased 
re-handling costs.

Meliadine mine In the second quarter of 2019, the Meliadine mine produced 
61,112 ounces of gold which included 29,699 ounces processed prior to the 
achievement of commercial production on May 14, 2019. Production costs incurred 
during the second quarter of 2019 were $27.9 million. In the first six months 
of 2019, the Meliadine mine produced 78,694 ounces of gold which included 
47,281 ounces processed prior to the achievement of commercial production. 
Production costs incurred during the first six months of 2019 were $27.9 
million.

Canadian Malartic mine Agnico Eagle and Yamana Gold Inc. (‘‘Yamana’’) jointly 
acquired 100.0% of Osisko on June 16, 2014 by way of a statutory plan of 
arrangement (the ‘‘Osisko Arrangement’’). As a result of the Osisko 
Arrangement, Agnico Eagle and Yamana each indirectly own 50.0% of Canadian 
Malartic Corporation (‘‘CMC’’) and the Canadian Malartic General Partnership 
(‘‘the Partnership’’ or ‘‘Canadian Malartic GP’’ or ‘‘CMGP’’), which holds the 
Canadian Malartic mine in northwestern Quebec. At the Canadian Malartic mine, 
attributable gold production decreased by 8.2% to 84,311 ounces in the second 
quarter of 2019, compared with 91,863 ounces in the second quarter of 2018, 
primarily due to lower gold grade ore being processed. Attributable production 
costs at the Canadian Malartic mine were $51.1 million in the second quarter of 
2019, an increase of 1.2% compared with production costs of $50.6 million in 
the second quarter of 2018, driven primarily by increased contractor costs and 
decreased capitalized deferred stripping costs, partially offset by lower 
re-handling costs. Attributable gold production decreased by 4.2% to 167,981 
ounces in the first six months of 2019, compared with 175,266 ounces in the 
first six months of 2018, primarily due to lower gold grade ore being 
processed. Attributable production costs at the Canadian Malartic mine were 
$100.9 million in the first six months of 2019, an increase of 3.1% compared 
with production costs of $97.9 million in the first six months of 2018, driven 
primarily by increased contractor costs and decreased capitalized deferred 
stripping costs. On August 2, 2016, the Partnership, a general partnership 
jointly owned by the Company and Yamana, was served with a class action lawsuit 
filed in the Superior Court of Quebec with respect to allegations involving the 
Canadian Malartic mine. The complaint is in respect of ‘‘neighbourhood 
annoyances’’ arising from dust, noise, vibrations and blasts at the mine. The 
plaintiffs are seeking damages in an unspecified amount as well as punitive 
damages in the amount of C$20 million. The class action was certified in May 
2017. In November 2017, a declaratory judgment was issued allowing the 
Partnership to settle individually with class members for 2017 under its Good 
Neighbor Guide (the ‘‘Guide’’). In September 2018, the Superior Court 
introduced an annual revision of the ending date of the class action period and 
a mechanism for the partial exclusion of class members, allowing the residents 
to individually settle for a specific period (usually a calendar year) and to 
opt-out from the class action for such specific period. Both of these judgments 
were confirmed by the Court of Appeal and the class members will thus continue 
to have the option to benefit from the Guide. In January 2018, a judgment was 
rendered in favor of the Partnership, resulting in the removal from the class 
action of the pre-transaction period, spanning from August 2013 to June 16, 
2014, during which the Canadian Malartic mine was not operated by the 
Partnership. The plaintiff did not seek leave to appeal this decision and 
rather added new allegations in an attempt to recapture the pre-transaction 
period. On July 19, 2019, the Court refused to add back the pre-transaction 
period based on these new allegations. This decision is still subject to a 
potential appeal. The Company and the Partnership will take all necessary steps 
to defend themselves from this lawsuit. On August 15, 2016, the Partnership 
received notice of an application for injunction relating to the Canadian 
Malartic mine, which had been filed under the Environment Quality Act (Quebec). 
A hearing related to an interlocutory injunction was completed on March 17, 
2017 and a decision of the Superior Court of Quebec dismissed the injunction. 
An application for permanent injunction is currently pending. The Company and 
the Partnership have reviewed the injunction request, consider the request 
without merit and will take all reasonable steps to defend against this 
injunction. These measures include a motion for the dismissal of the 
application for injunction, which has been filed and will be heard at a date 
that has yet to be determined. While at this time the potential impact of the 
injunction cannot be definitively determined, the Company expects that if the 
injunction were to be granted, there would be a negative impact on the 
operations of the Canadian Malartic mine, which could include a reduction in 
production.

On June 1, 2017, the Partnership was served with an application for judicial 
review to obtain the annulment of a governmental decree. The Partnership is an 
impleaded party in the proceedings. The applicant seeks to obtain the annulment 
of a decree authorizing the expansion of the Canadian Malartic mine. The 
Company and the Partnership have reviewed the application for judicial review, 
consider the application without merit and will take all reasonable steps to 
defend against this application. Following a hearing on the merits in October 
2018, the Superior Court dismissed the judicial review on May 13, 2019 and an 
application for leave to appeal was filed by the Plaintiff on June 20, 2019. 
While the Company believes it is highly unlikely that the annulment will be 
granted at the appeal, the Company expects that if the annulment were to be 
granted, there would be a negative impact on the operations of the Canadian 
Malartic mine, which could include a reduction in anticipated future 
production.

Kittila mine At the Kittila mine, gold production decreased by 52.3% to 20,077 
ounces in the second quarter of 2019, compared with 42,049 ounces in the second 
quarter of 2018, primarily due to a decrease in the tonnes of ore being 
processed from the planned 58-day mill shutdown for autoclave relining, 
partially offset by higher gold grade ore being processed. Production costs at 
the Kittila mine were $21.0 million in the second quarter of 2019, a decrease 
of 45.7% compared with production costs of $38.8 million in the second quarter 
of 2018, driven primarily by the planned 58-day mill shutdown for autoclave 
relining and the weakening of the Euro relative to the US dollar.

Gold production decreased by 23.0% to 69,413 ounces in the first six months of 
2019, compared with 90,167 ounces in the first six months of 2018 at the 
Kittila mine, primarily due to a decrease in the tonnes of ore being processed 
as a result of the planned mill shutdown for autoclave relining in the second 
quarter of 2019. Production costs at the Kittila mine were $59.6 million in the 
first six months of 2019, a decrease of 26.8% compared with production costs of 
$81.5 million in the first six months of 2018, driven primarily by the planned 
58-day mill shutdown for autoclave relining and the weakening of the Euro 
relative to the US dollar, partially offset by increased underground 
development costs.

Pinos Altos mine At the Pinos Altos mine, gold production decreased by 4.4% to 
41,740 ounces in the second quarter of 2019, compared with 43,646 ounces in the 
second quarter of 2018, primarily due to a decrease in the tonnes of ore 
processed at the heap leach. Production costs at the Pinos Altos mine were 
$31.3 million in the second quarter of 2019, a decrease of 10.0% compared with 
production costs of $34.7 million in the second quarter of 2018, driven 
primarily by the timing of inventory sales, decreased re-handling costs and 
decreased open pit operating costs, partially offset by increased underground 
mining costs as the mine transitioned into a predominantly underground mining 
operation. Gold production decreased by 1.2% to 84,470 ounces in the first six 
months of 2019, compared with 85,482 ounces in the first six months of 2018 at 
the Pinos Altos mine, primarily due to a decrease in the tonnes of ore 
processed at the heap leach. Production costs at the Pinos Altos mine were 
$60.9 million in the first six months of 2019, a decrease of 12.3% compared 
with production costs of $69.4 million in the first six months of 2018, driven 
primarily by the timing of inventory sales and decreased open pit operating 
costs, partially offset by increased underground mining costs as the mine 
transitioned into a predominantly underground mining operation.

Creston Mascota mine At the Creston Mascota mine, gold production increased by 
110.4% to 18,336 ounces in the second quarter of 2019, compared with 8,716 
ounces in the second quarter of 2018, primarily due to higher gold grade and an 
increase in the tonnes of ore being processed at the heap leach. In addition, 
certain tonnes of higher gold grade from the Bravo deposit were processed at 
the Pinos Altos mill to increase the recovery of gold ounces. Production costs 
at the Creston Mascota mine were $9.0 million in the second quarter of 2019, a 
decrease of 12.0% compared with production costs of $10.2 million in the second 
quarter of 2018, driven primarily by the timing of inventory, partially offset 
by increased open pit mining costs. Gold production increased by 53.9% to 
31,865 ounces in the first six months of 2019, compared with 20,704 ounces in 
the first six months of 2018 at the Creston Mascota mine, primarily due to 
higher gold grade being processed at the heap leach. In addition, certain 
tonnes of higher gold grade from the Bravo deposit were processed at the Pinos 
Altos mill to increase the recovery of gold ounces in the second quarter of 
2019. Production costs at the Creston Mascota mine were $18.8 million in the 
first six months of 2019, a decrease of 5.2% compared with production costs of 
$19.9 million in the first six months of 2018, driven primarily by the timing 
of inventory, partially offset by increased open pit mining costs.

La India mine At the La India mine, gold production decreased by 18.9% to 
20,200 ounces in the second quarter of 2019, compared with 24,920 ounces in the 
second quarter of 2018, primarily due to a decrease in the tonnes of ore being 
processed at the heap leach. Production costs at the La India mine were $16.1 
million in the second quarter of 2019, a decrease of 9.5% compared with 
production costs of $17.8 million in the second quarter of 2018, driven 
primarily by the timing of inventory. Gold production decreased by 10.0% to 
43,188 ounces in the first six months of 2019, compared with 47,975 ounces in 
the first six months of 2018, primarily due to a decrease in the tonnes of ore 
being processed at the heap leach. Production costs at the La India mine were 
$33.8 million in the first six months of 2019, an increase of 2.0% compared 
with production costs of $33.2 million in the first six months of 2018, driven 
primarily by the timing of inventory sales.

Liquidity and Capital Resources As at June 30, 2019, the Company’s cash and 
cash equivalents and short-term investments totaled $125.6 million compared 
with $307.9 million as at December 31, 2018. The Company’s policy is to invest 
excess cash in highly liquid investments of the highest credit quality to 
reduce risks associated with these investments. Such investments with remaining 
maturities of greater than three months and less than one year 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 $224.7 million as at June 30, 2019 compared with 
$711.0 million as at December 31, 2018 primarily due to decreased cash and cash 
equivalents as a result of capital spending at the Company’s Nunavut projects 
and the reclassification to current liabilities of the portion of the Company’s 
long-term debt due within one year.

Subject to various risks and uncertainties, the Company believes it will 
generate sufficient cash flow from operations and has adequate cash and debt 
facilities available to finance its current operations, contractual obligations 
and planned capital expenditure and exploration programs.

Operating Activities Cash provided by operating activities increased to $126.3 
million in the second quarter of 2019 compared with $120.1 million in the 
second quarter of 2018 primarily due to a higher realized gold price and more 
favourable working capital changes between periods. Cash provided by operating 
activities decreased to $275.0 million in the first six months of 2019 compared 
with $327.8 million in the first six months of 2018 primarily due to a 2.0% 
decrease in payable gold ounces sold, lower realized metal prices and less 
favourable working capital changes between periods.

Investing Activities Cash used in investing activities increased to $233.2 
million in the second quarter of 2019 compared with $201.4 million in the 
second quarter of 2018 primarily due to a $33.1 million decrease in proceeds 
from the sale of property, plant and mine development and a $16.3 million 
decrease in proceeds from the sale of equity securities, partially offset by a 
$19.3 million decrease in capital expenditures between periods. The decrease in 
capital expenditures between periods is mainly attributable to a decrease in 
construction expenditures related to the Meliadine mine which achieved 
commercial production in the current period. In the second quarter of 2019, the 
Company purchased $3.9 million in equity securities and other investments 
compared with $3.0 million in the second quarter of 2018. The Company’s equity 
securities and other investments consist primarily of investments in common 
shares and financial instruments of entities in the mining industry. Cash used 
in investing activities decreased to $460.8 million in the first six months of 
2019 compared with $556.1 million in the first six months of 2018 primarily due 
to an asset acquisition for $162.5 million in the prior period, partially 
offset by a $32.9 million decrease in proceeds from the sale of property, plant 
and mine development and a $15.4 million decrease in proceeds from the sale of 
equity securities between periods. In the first six months of 2019, the Company 
purchased $28.9 million in equity securities and other investments compared 
with $7.5 million in the first six months of 2018. In the first six months of 
2019, the Company received net proceeds of $0.9 million from the sale of equity 
securities compared with $16.3 million in the first six months of 2018.

Financing Activities Cash provided by financing activities decreased to $34.9 
million in the second quarter of 2019 compared with cash provided by financing 
activities of $340.5 million in the second quarter of 2018 primarily due to a 
$350.0 million decrease in notes issuances, partially offset by a $48.8 million 
increase in proceeds from stock option plan exercises between periods. Cash 
provided by financing activities decreased to $1.5 million in the first six 
months of 2019 compared with $306.2 million in the first six months of 2018 
primarily due to a $350.0 million decrease in notes issuances, partially offset 
by a $52.1 million increase in proceeds from stock option plan exercises 
between periods. The Company issued common shares for net proceeds of $62.1 
million in the second quarter of 2019 and $13.0 million in the second quarter 
of 2018 attributable to employee stock option plan exercises, issuances under 
the incentive share purchase plan and the dividend reinvestment plan. Net 
proceeds from the issuance of common shares amounted to $81.6 million in the 
first six months of 2019 and $28.6 million in the first six months of 2018 
attributable to employee stock option plan exercises, issuances under the 
incentive share purchase plan and the dividend reinvestment plan. On April 25, 
2019, Agnico Eagle declared a quarterly cash dividend of $0.125 per common 
share paid on June 14, 2019 to holders of record of the common shares of the 
Company on May 31, 2019. Agnico Eagle has declared a cash dividend every year 
since 1983. In the second quarter of 2019, the Company paid dividends of $23.8 
million, an increase of $4.4 million compared to $19.4 million paid in the 
second quarter of 2018. In the first six months of 2019, the Company paid 
dividends of $49.2 million, an increase of $7.2 million compared to $42.1 
million paid in the first six months of 2018. 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.

Repayments of lease obligations of $3.5 million in the second quarter of 2019 
increased compared to $0.8 million in the second quarter of 2018 due to the 
adoption of IFRS 16 on January 1, 2019. Repayments of lease obligations of $6.8 
million in the first six months of 2019 increased compared to $1.7 million in 
the first six months of 2018 due to the adoption of IFRS 16 on January 1, 2019. 
Prior to the adoption of IFRS 16, leases were classified as either finance or 
operating leases. Payments made under operating leases were recognized as an 
expense in the statement of income and through operating activities in the 
statement of cash flows. Upon adoption of IFRS 16, the Company applied a single 
recognition and measurement approach for all leases where it is the lessee, 
except for short-term leases and leases of low value assets. Leases are 
recognized on the balance sheet as a right-of-use asset and a corresponding 
liability. The principal amount of lease payments in each period are recorded 
in financing activities in the statement of cash flows. For more information 
please see Note 10 in the Company’s condensed interim consolidated financial 
statements. On December 14, 2018, the Company amended its $1.2 billion Credit 
Facility (the ‘‘Credit Facility’’) to extend the maturity date from June 22, 
2022 to June 22, 2023. Credit Facility availability is reduced by outstanding 
letters of credit. As at June 30, 2019, $1,200.0 million was available for 
future drawdown under the

Credit Facility. On June 29, 2016, the Company entered into a standby letter of 
credit facility with a financial institution providing for a C$100.0 million 
uncommitted letter of credit facility (the ‘‘Third LC Facility’’). Letters of 
credit issued under the Third LC Facility may be used to support the 
reclamation obligations or non-financial or performance obligations of the 
Company or its subsidiaries. The obligations of the Company under the Third LC 
Facility are guaranteed by certain of its subsidiaries. As at June 30, 2019, 
the aggregate undrawn face amount of letters of credit under the Third LC 
Facility amounted to $48.3 million. On September 23, 2015, the Company entered 
into a standby letter of credit facility with a financial institution providing 
for a C$150.0 million uncommitted letter of credit facility (as amended, the 
‘‘Second LC Facility’’). The Second LC Facility may be used by the Company to 
support the reclamation obligations of the Company, its subsidiaries or any 
entity in which the Company has a direct or indirect interest or the 
performance obligations (other than with respect to indebtedness for borrowed 
money) of the Company, its subsidiaries or any entity in which the Company has 
a direct or indirect interest that are not directly related to reclamation 
obligations. Payment and performance of the Company’s obligations under the 
Second LC Facility are supported by an account performance security guarantee 
issued by Export Development Canada in favour of the lender. As at June 30, 
2019, the aggregate undrawn face amount of letters of credit under the Second 
LC Facility amounted to $106.8 million. On July 31, 2015, the Company amended 
its credit agreement with another financial institution relating to its 
uncommitted letter of credit facility (as amended, the ‘‘First LC Facility’’). 
Effective September 27, 2016, the amount available under the First LC Facility 
was increased to C$350.0 million. The obligations of the Company under the 
First LC Facility are guaranteed by certain of its subsidiaries. The First LC 
Facility may be used to support the reclamation obligations or non-financial or 
performance obligations of the Company or its subsidiaries. As at June 30, 
2019, the aggregate undrawn face amount of letters of credit under the First LC 
Facility amount to $192.1 million. The Company was in compliance with all 
covenants contained in the Credit Facility, First LC Facility, Second LC 
Facility, Third LC Facility and the $1,735.0 million guaranteed senior 
unsecured notes as at June 30, 2019.

Risk Profile The Company is subject to significant risks, including but not 
limited to fluctuations in commodity prices, foreign exchange rates and other 
risks due to the inherent nature of the business of exploration, development 
and mining of properties with precious metals. Changes in economic conditions 
and volatile financial markets may have a significant impact on Agnico Eagle’s 
cost and availability of financing and 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. For a more comprehensive 
discussion of these inherent risks, see ‘‘Risk Factors’’ in our Form 
40-F/Annual Information Form for the year ended December 31, 2018 on file with 
the SEC and Canadian provincial securities regulatory authorities.

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 reported 
on both a by-product basis (deducting by-product metal revenues from production 
costs) and co-product basis (without deducting 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 revenues, 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 and other adjustments 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 other data prepared in accordance 
with IFRS. Management also performs sensitivity analysis in order to quantify 
the effects of fluctuating metal prices and exchange rates. 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 reported 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 a 
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 for 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 also uses minesite costs per tonne 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 production levels and compensates for this 
inherent limitation by using this measure in conjunction with production costs 
prepared in accordance with IFRS.

All-in Sustaining Costs per Ounce of Gold Produced The World Gold Council 
(‘‘WGC’’) is a non-regulatory market development organization for the gold 
industry. Although the WGC is not a mining industry regulatory organization, it 
has worked closely with its member companies to develop relevant non-GAAP 
measures. The Company follows the guidance on all-in sustaining costs released 
by the WGC in November 2018. Adoption of the all-in sustaining cost metric is 
voluntary and 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 
reported by other gold producers. The Company believes that this measure 
provides helpful 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. All-in sustaining costs 
per ounce of gold produced is reported on both a by-product basis (deducting 
by-product metal revenues from production costs) and co-product basis (without 
deducting 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), non-cash reclamation provision expense and 
sustaining leases 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.

ONGOING LITIGATION On August 2, 2016, the Partnership, a general partnership 
jointly owned by the Company and Yamana, was served with a class action lawsuit 
filed in the Superior Court of Quebec with respect to allegations involving the 
Canadian Malartic mine. The complaint is in respect of ‘‘neighbourhood 
annoyances’’ arising from dust, noise, vibrations and blasts at the mine. The 
plaintiffs are seeking damages in an unspecified amount as well as punitive 
damages in the amount of C$20 million. The class action was certified in May 
2017. In November 2017, a declaratory judgment was issued allowing the 
Partnership to settle individually with class members for 2017 under its Good 
Neighbor Guide (the ‘‘Guide’’). In September 2018, the Superior Court 
introduced an annual revision of the ending date of the class action period and 
a mechanism for the partial exclusion of class members, allowing the residents 
to individually settle for a specific period (usually a calendar year) and to 
opt-out from the class action for such specific period. Both of these judgments 
were confirmed by the Court of Appeal and the class members will thus continue 
to have the option to benefit from the Guide. In January 2018, a judgment was 
rendered in favor of the Partnership, resulting in the removal from the class 
action of the pre-transaction period, spanning from August 2013 to June 16, 
2014, during which the Canadian Malartic mine was not operated by the 
Partnership. The plaintiff did not seek leave to appeal this decision and 
rather added new allegations in an attempt to recapture the pre-transaction 
period. On July 19, 2019, the Court refused to add back the pre-transaction 
period based on these new allegations. This decision is still subject to a 
potential appeal. The Company and the Partnership will take all necessary steps 
to defend themselves from this lawsuit. On August 15, 2016, the Partnership 
received notice of an application for injunction relating to the Canadian 
Malartic mine, which had been filed under the Environment Quality Act (Quebec). 
A hearing related to an interlocutory injunction was completed on March 17, 
2017 and a decision of the Superior Court of Quebec dismissed the injunction. 
An application for permanent injunction is currently pending. The Company and 
the Partnership have reviewed the injunction request, consider the request 
without merit and will take all reasonable steps to defend against this 
injunction. These measures include a motion for the dismissal of the 
application for injunction, which has been filed and will be heard at a date 
that has yet to be determined. While at this time the potential impact of the 
injunction cannot be definitively determined, the Company expects that if the 
injunction were to be granted, there would be a negative impact on the 
operations of the Canadian Malartic mine, which could include a reduction in 
production. On June 1, 2017, the Partnership was served with an application for 
judicial review to obtain the annulment of a governmental decree. The 
Partnership is an impleaded party in the proceedings. The applicant seeks to 
obtain the annulment of a decree authorizing the expansion of the Canadian 
Malartic mine. The Company and the Partnership have reviewed the application 
for judicial review, consider the application without merit and will take all 
reasonable steps to defend against this application. Following a hearing on the 
merits in October 2018, the Superior Court dismissed the judicial review on May 
13, 2019 and an application for leave to appeal was filed by the Plaintiff on 
June 20, 2019. While the Company believes it is highly unlikely that the 
annulment will be granted at the appeal, the Company expects that if the 
annulment were to be granted, there would be a negative impact on the 
operations of the Canadian Malartic mine, which could include a reduction in 
anticipated future production.

Dividends Declared On July 24, 2019, Agnico Eagle announced that the Board 
approved the payment of a quarterly cash dividend of $0.125 per common share (a 
total value of approximately $29.5 million), payable on September 16, 2019 to 
holders of record of the common shares of the Company on August 30, 2019.