Technical Report on the December 31, 2009, Mineral Resource and Mineral Reserve Estimate and the Suuri Extension Project, Kittila Mine, Finland Latitude: 67.9683º North; Longitude: 24.4110º East 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 Daniel Doucet, Ing. Dominique Girard, Ing. Louise Grondin, P.Eng., Ing. Pierre Matte, Ing. March 4, 2010 Table of Contents ITEM 3. SUMMARY........................................................................................................................... 7 3.1 GEOLOGY AND MINERALIZATION ................................................................................................ 7 3.2 RECENT EXPLORATION ................................................................................................................ 7 3.3 MINERAL RESOURCE AND RESERVE ESTIMATION ........................................................................ 8 3.4 EXPLORATION PLANS................................................................................................................... 9 3.5 SUURI EXTENSION PROJECT ....................................................................................................... 10 3.5.1 Mining and Milling............................................................................................................... 10 3.5.2 Project Economics................................................................................................................ 10 3.6 CONCLUSIONS AND RECOMMENDATIONS................................................................................... 11 ITEM 4. INTRODUCTION .............................................................................................................. 12 4.1 QUALIFIED PERSONS .................................................................................................................. 12 4.2 SITE VISIT .................................................................................................................................. 13 4.3 BASIS OF THE TECHNICAL REPORT............................................................................................. 14 4.4 TERMS OF REFERENCE ............................................................................................................... 15 ITEM 5. RELIANCE ON OTHER EXPERTS ............................................................................... 16 ITEM 6. PROPERTY DESCRIPTION AND LOCATION ........................................................... 16 6.1 UNDERLYING AGREEMENTS....................................................................................................... 19 6.2 ENVIRONMENTAL CONSIDERATIONS.......................................................................................... 20 6.3 PERMITS REQUIRED FOR EXPLORATION WORK.......................................................................... 20 6.4 OTHER PERMITS ......................................................................................................................... 20 ITEM 7. ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY ..................................................................................................................................... 21 ITEM 8. HISTORY............................................................................................................................ 22 8.1 PREVIOUS RESERVE/RESOURCE ESTIMATIONS........................................................................... 25 8.1.1 Riddarhyttan, July 2005........................................................................................................ 25 8.1.2 Agnico-Eagle, February 2006 .............................................................................................. 26 8.1.3 Agnico-Eagle, June 2006...................................................................................................... 27 8.1.4 Agnico-Eagle, February 2007 .............................................................................................. 28 8.1.5 Agnico-Eagle, February 2008 .............................................................................................. 28 8.1.6 Agnico-Eagle, February 2009 .............................................................................................. 29 ITEM 9. GEOLOGICAL SETTING................................................................................................ 30 9.1 REGIONAL GEOLOGY ................................................................................................................. 30 9.2 PROPERTY GEOLOGY ................................................................................................................. 32 ITEM 10. DEPOSIT TYPE................................................................................................................. 34 ITEM 11. MINERALIZATION.......................................................................................................... 35 11.1 KETOLA ZONE............................................................................................................................ 44 11.2 ETELA ZONE .............................................................................................................................. 45 11.3 SUURI ZONE (WESTERN, CENTRAL AND EASTERN SUBZONES) .................................................. 46 11.4 SUURI/ROURA EXTENSION ZONE ............................................................................................... 48 11.5 ROURA-C (CENTRAL ROURAVAARA) ZONE ............................................................................... 50 11.6 ROURA-N (NORTHERN ROURAVAARA) ZONE ............................................................................ 51 11.7 RIMPI-S (RIMMINVUOMA SOUTH) ZONE .................................................................................... 52 11.8 RIMPI- N (RIMMINVUOMA NORTH) ZONE .................................................................................. 53 ITEM 12. EXPLORATION ................................................................................................................ 54 Kittila Mine Technical Report, March 4, 2010 2 12.1 GTK........................................................................................................................................... 54 12.2 RIDDARHYTTAN ......................................................................................................................... 55 12.3 AGNICO-EAGLE FINLAND .......................................................................................................... 56 ITEM 13. DRILLING.......................................................................................................................... 59 13.1 GEOLOGICAL SURVEY OF FINLAND (“GTK”)............................................................................. 60 13.2 RIDDARHYTTAN ......................................................................................................................... 61 13.3 AGNICO-EAGLE DRILLING ......................................................................................................... 62 ITEM 14. SAMPLING METHOD AND APPROACH .................................................................... 64 ITEM 15. SAMPLE PREPARATION, ANALYSES AND SECURITY ......................................... 66 15.1 SAMPLE PREPARATION............................................................................................................... 66 15.1.1 GTK / Labtium Oy............................................................................................................ 67 15.1.2 ALS Minerals ................................................................................................................... 67 15.1.3 Quality of Sample Preparation ........................................................................................ 68 15.2 ASSAYING .................................................................................................................................. 68 15.3 SPECIFIC GRAVITY ..................................................................................................................... 69 ITEM 16. DATA VERIFICATION.................................................................................................... 70 16.1 VERIFICATIONS BY RIDDARHYTTAN .......................................................................................... 70 16.2 VERIFICATIONS BY AGNICO-EAGLE AND SRK........................................................................... 72 16.3 CURRENT VERIFICATIONS BY AGNICO-EAGLE ........................................................................... 79 ITEM 17. ADJACENT PROPERTIES .............................................................................................. 81 ITEM 18. MINERAL PROCESSING AND METALLURGICAL TESTING............................... 81 18.1 GRINDING .................................................................................................................................. 81 18.2 CARBON PRE-FLOTATION .......................................................................................................... 81 18.3 SULPHIDE FLOTATION................................................................................................................ 82 18.4 PRESSURE OXIDATION ............................................................................................................... 82 18.5 CIL RECOVERY .........................................................................................................................