Technical Report on the Mineral Resources and Mineral Reserves at Meadowbank Gold Mine, Nunavut, Canada as at December 31, 2011 NTS 56E/4 and 66H/1, UTM (Zone 14): 638,000 metres East, 7,214,000 metres North PREPARED FOR Agnico-Eagle Mines Limited 145 King Street East, Suite 400 Toronto, Ontario, Canada M5C 2Y7 Telephone: / 416.947.1212 Facsimile: / 416.367.4681 BY Marc Ruel, P.Geo. Alex Proulx, ing. Pathies Nawej Muteb, ing. Larry Connell, P.Eng. February 15, 2012 Date and Signature Page The data on which the contained Mineral Reserve and Mineral Resource estimate for the Meadowbank mine is based were current as of the Effective Date, February 15, 2012. The undersigned are all qualified persons and were responsible for preparing or supervising the preparation of parts of this Technical Report, as described in Item 2. (Signed by) Marc Ruel Date: _March 23, 2012_ Marc Ruel, P.Geo. (Quebec #0365), (sealed) (Signed by) Alexandre Proulx Date: _ March 23, 2012 Alexandre Proulx, ing. (OIQ #117423), (sealed) (Signed by) Pathies Nawej Muteb Date: March 23, 2012_ Pathies Nawej Muteb, ing. (OIQ #144728), (sealed) (Signed by) Larry Connell Date: March 23, 2012_ Larry Connell, P.Eng. (British Columbia #23696, Ontario #9099508, NWT/NU #L1720), (sealed) Contents DATE AND SIGNATURE PAGE .............................................................................................. II ITEM 1. SUMMARY ............................................................................................................. 1 1.1 PROPERTY DESCRIPTION AND LOCATION ........................................................................... 1 1.2 GEOLOGICAL SETTING AND DEPOSIT TYPE ......................................................................... 1 1.3 EXPLORATION ................................................................................................................... 2 1.4 MINING OPERATIONS ......................................................................................................... 2 1.5 MINERAL PROCESSING AND METALLURGY ........................................................................ 3 1.6 MINERAL RESOURCE AND RESERVE ESTIMATES ................................................................. 3 1.7 CONCLUSIONS ................................................................................................................... 5 1.8 RECOMMENDATIONS ......................................................................................................... 6 ITEM 2. INTRODUCTION................................................................................................... 8 2.1 TERMS OF REFERENCE ....................................................................................................... 8 2.2 QUALIFIED PERSONS ......................................................................................................... 8 2.1 SOURCES OF INFORMATION ............................................................................................. 10 2.2 UNITS OF MEASURE AND ABBREVIATIONS ....................................................................... 10 ITEM 3. RELIANCE ON OTHER EXPERTS.................................................................. 12 ITEM 4. PROPERTY DESCRIPTION AND LOCATION ............................................. 13 4.1 LOCATION ....................................................................................................................... 13 4.2 AREA OF THE PROPERTY AND LAND TENURE STATUS ....................................................... 13 4.3 DETAILS OF THE VARIOUS PROPERTY HOLDINGS ............................................................. 17 4.4 ROYALTIES AND OTHER ENCUMBRANCES ........................................................................ 18 4.5 ENVIRONMENTAL LIABILITIES ......................................................................................... 18 4.6 REQUIRED PERMITS ......................................................................................................... 18 4.7 OTHER SIGNIFICANT FACTORS AND RISKS........................................................................ 20 ITEM 5. ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY ............................................................................................................ 21 5.1 TOPOGRAPHY, ELEVATION, FLORA AND FAUNA ............................................................... 21 5.1 PROXIMITY TO A POPULATION CENTRE ............................................................................ 21 5.2 ACCESS TO THE PROPERTY .............................................................................................. 21 5.3 CLIMATE AND LENGTH OF OPERATING SEASON ............................................................... 22 5.4 SURFACE RIGHTS FOR MINING OPERATIONS ..................................................................... 24 5.5 SOURCES OF WATER AND POWER ..................................................................................... 24 5.6 SURFACE WATER REGIME ................................................................................................ 24 5.7 SOURCE OF MINING PERSONNEL ...................................................................................... 25 5.8 INFRASTRUCTURE AREAS ................................................................................................ 26 ITEM 6. HISTORY .............................................................................................................. 28 6.1 PREVIOUS WORK AND PRIOR OWNERSHIP....................................................................... 28 6.2 2007-PRESENT – AGNICO-EAGLE OWNERSHIP ................................................................. 33 i Meadowbank Mine Technical Report, February 15, 2012 ITEM 7. GEOLOGICAL SETTING .................................................................................. 37 7.1 REGIONAL GEOLOGY ....................................................................................................... 37 7.2 LOCAL GEOLOGY ............................................................................................................. 39 7.3 STRATIGRAPHY ............................................................................................................... 40 7.4 STRUCTURAL GEOLOGY................................................................................................... 42 7.5 METAMORPHISM ............................................................................................................. 42 7.6 MINERALIZATION ............................................................................................................ 43 ITEM 8. DEPOSIT TYPE ................................................................................................... 45 8.1 PORTAGE AND GOOSE DEPOSITS ...................................................................................... 45 8.2 VAULT DEPOSIT ............................................................................................................... 46 ITEM 9. EXPLORATION ................................................................................................... 47 ITEM 10. DRILLING ............................................................................................................ 48 10.1 DIAMOND DRILLING ........................................................................................................ 49 10.2 SAMPLING METHOD AND APPROACH................................................................................ 50 10.3 DRILL SAMPLE SUMMARY AND INTERPRETATION OF RESULTS ......................................... 52 ITEM 11. SAMPLE PREPARATION, ANALYSES AND SECURITY ........................... 54 11.1 SAMPLE PREPARATION .................................................................................................... 54 11.2 LABORATORIES ............................................................................................................... 55 11.3 AGNICO-EAGLE QA/QC MEASURES ................................................................................ 57 ITEM 12. DATA VERIFICATION ...................................................................................... 61 12.1 PREVIOUS VERIFICATIONS ............................................................................................... 61 12.1 VERIFICATION OF ALL DATABASES FOR THIS REPORT ...................................................... 62 12.2 QA/QC MONITORING AND VERIFICATION ...................................................................... 64 ITEM 13. MINERAL PROCESSING AND METALLURGICAL TESTING ................ 65 13.1 MINERAL PROCESSING .................................................................................................... 65 ITEM 14. MINERAL RESOURCE ESTIMATES .............................................................. 66 14.1 PORTAGE RESOURCE ESTIMATE ....................................................................................... 67 14.2 GOOSE OPEN PIT RESOURCE ESTIMATE ............................................................................ 81 14.3 GOOSE UNDERGROUND RESOURCE ESTIMATE .................................................................. 91 14.4 VAULT RESOURCE ESTIMATE ........................................................................................... 99 14.5 MEADOWBANK GLOBAL RESOURCE ESTIMATION .......................................................... 109 ITEM 15. MINERAL RESERVE ESTIMATES ............................................................... 111 15.1