AGNICO EAGLE MINES LTD
20110512
6.30 MB
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<span id="a2203552zex-99_1.htm"></span><html lang="en-US"> <HEAD> </HEAD> <BODY BGCOLOR="#FFFFFF" LINK=BLUE VLINK=PURPLE> <BR> <FONT SIZE=3 ><A HREF="#11ZBF42502_2">QuickLinks</A></FONT> <font size=3> -- Click here to rapidly navigate through this document</font> <P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> <!-- COMMAND=ADD_BASECOLOR,"Black" --> <!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" --> <!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" --> <!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" --> <!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" --> <!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" --> <!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" --> </FONT></P> <!-- TOC_END --> <P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A NAME="be42501_exhibit_99.1"> </A> <A NAME="toc_be42501_1"> </A> <BR></FONT><FONT SIZE=2><B> Exhibit 99.1 <BR> </B></FONT></P> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> <IMG SRC="https://cdn.kscope.io/6f04ebf7e60f8236dcad5e861882a534-g950745.jpg" ALT="LOGO" WIDTH="238" HEIGHT="238"> </B></FONT></P> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="be42501_first_quarter_report_2011"> </A> <A NAME="toc_be42501_2"> </A> <BR></FONT><FONT SIZE=5><B>First Quarter Report 2011 <BR> </B></FONT></P> <HR NOSHADE> <P style='font-family:times;page-break-before:always'></p> <!-- ZEQ.=1,SEQ=1,EFW="2203552",CP="AGNICO-EAGLE MINES LIMITED",DN="2",CHK=552046,FOLIO='blank',FILE='DISK134:[11ZBF1.11ZBF42501]BE42501A.;9',USER='MVANGB',CD='12-MAY-2011;08:20' --> <!-- THIS IS THE END OF A COMPOSITION COMPONENT --> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="page_de42501_1_1"> </A> <!-- COMMAND=ADD_BASECOLOR,"Black" --> <!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" --> <!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" --> <!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" --> <!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" --> <!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" --> <!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" --> </FONT></P> <!-- TOC_END --> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="de42501_quarterly_management_s_discuss__qua08225"> </A> <A NAME="toc_de42501_1"> </A> <BR></FONT><FONT SIZE=2><B> QUARTERLY MANAGEMENT'S DISCUSSION AND ANALYSIS<BR> <BR> UNITED STATES GAAP<BR> <BR> (all figures are expressed in US dollars unless otherwise noted and<BR> all units of measurement expressed in metric unless otherwise noted) <BR> </B></FONT></P> <P style="font-family:times;"><FONT SIZE=2><B><I> Results of Operations </I></B></FONT></P> <P style="font-family:times;"><FONT SIZE=2> 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 $441 per ounce during the same period in the previous year. </FONT></P> <P style="font-family:times;"><FONT SIZE=2> The table below summarizes the key variances in net income for the first quarter of 2011 from the net income reported for the same period in 2010: </FONT></P> <DIV style="padding:0pt;position:relative;width:40%;margin-left:30%;"> <p style="font-family:times;"><font size=1></FONT><FONT SIZE=2> <!-- COMMAND=ADD_TABLEWIDTH,"100%" --> </FONT></P> <!-- User-specified TAGGED TABLE --> <DIV ALIGN="CENTER"><TABLE width="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD WIDTH="" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="39pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <!-- TABLE COLUMN WIDTHS END --></TR> <TR VALIGN="BOTTOM"> <TH NOWRAP ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:71pt;"><FONT SIZE=1><B>(millions of dollars) <!-- COMMAND=ADD_SCROPPEDRULE,71pt --> </B></FONT></DIV></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1> </FONT><BR></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM"> <TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Increase in gold revenue</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>159.1</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="BOTTOM"> <TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Increase in silver revenue</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21.7</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM"> <TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Decrease in zinc revenue</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(7.0</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="BOTTOM"> <TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Increase in copper & lead revenue</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.7</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM"> <TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Higher production costs due to stronger Canadian dollar net of weaker Euro</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(8.8</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="BOTTOM"> <TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Higher production costs (mainly due to additional mines)</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(71.6</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM"> <TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Increased depreciation & amortization (mainly due to additional mines)</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(31.4</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="BOTTOM"> <TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Higher non cash foreign currency translation loss</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(5.2</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM"> <TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Higher income and mining taxes</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(13.2</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="BOTTOM"> <TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Increased general & administration</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(6.7</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM"> <TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Increased interest expense</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(9.5</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="BOTTOM"> <TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Increased corporate costs and other</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(5.2</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM"> <TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Net variance</B></FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22.9</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> </TABLE></DIV> <!-- end of user-specified TAGGED TABLE --> </DIV> <P style="font-family:times;"><FONT SIZE=2> 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. </FONT></P> <P style="font-family:times;"><FONT SIZE=2> 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). </FONT></P> <P style="font-family:times;"><FONT SIZE=2> 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). </FONT></P> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>1</FONT></P> <HR NOSHADE> <P style='font-family:times;page-break-before:always'></p> <!-- ZEQ.=1,SEQ=2,EFW="2203552",CP="AGNICO-EAGLE MINES LIMITED",DN="2",CHK=864239,FOLIO='1',FILE='DISK134:[11ZBF1.11ZBF42501]DE42501A.;14',USER='MVANGB',CD='12-MAY-2011;08:20' --> <A NAME="page_de42501_1_2"> </A> <P style="font-family:times;"><FONT SIZE=2> 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. </FONT></P> <P style="font-family:times;"><FONT SIZE=2> 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. </FONT></P> <P style="font-family:times;"><FONT SIZE=2> 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. </FONT></P> <P style="font-family:times;"><FONT SIZE=2> 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: </FONT></P> <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;"> <p style="font-family:times;"><font size=1></FONT><FONT SIZE=2> <!-- COMMAND=ADD_TABLEWIDTH,"100%" --> </FONT></P> <!-- User-specified TAGGED TABLE --> <DIV ALIGN="CENTER"><TABLE width="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD WIDTH="" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="96pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="96pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <!-- TABLE COLUMN WIDTHS END --></TR> <TR VALIGN="BOTTOM"> <TH NOWRAP ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:150pt;"><FONT SIZE=1><B>(thousands of dollars, except where noted) <!-- COMMAND=ADD_SCROPPEDRULE,150pt --> </B></FONT></DIV></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Three months ended<BR> March 31, 2011 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Three months ended<BR> March 31, 2010 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>LaRonde</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>47,885</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>45,482</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Goldex</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>17,874</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>13,800</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Lapa</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>16,751</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>16,379</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Kittila</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>28,500</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>23,018</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pinos Altos</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>30,907</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>13,849</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Meadowbank</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>56,650</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,699</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total production costs per Consolidated Statements of Income</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>198,567</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>118,227</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> </TABLE></DIV> <!-- end of user-specified TAGGED TABLE --> </DIV> <P style="font-family:times;"><FONT SIZE=2><B> <U>LaRonde Mine</U> </B></FONT></P> <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;"> <p style="font-family:times;"><font size=1></FONT><FONT SIZE=2> <!-- COMMAND=ADD_TABLEWIDTH,"100%" --> </FONT></P> <!-- User-specified TAGGED TABLE --> <DIV ALIGN="CENTER"><TABLE width="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD WIDTH="10pt" style="font-family:times;"></TD> <TD WIDTH="" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="96pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="96pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <!-- TABLE COLUMN WIDTHS END --></TR> <TR VALIGN="BOTTOM"> <TH NOWRAP COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:150pt;"><FONT SIZE=1><B>(thousands of dollars, except where noted) <!-- COMMAND=ADD_SCROPPEDRULE,150pt --> </B></FONT></DIV></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Three months ended<BR> March 31, 2011 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Three months ended<BR> March 31, 2010 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Production costs per Consolidated Statements of Income</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>47,885</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>45,482</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjustments:</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Byproduct revenues</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(52,979</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(38,391</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Inventory and other adjustments<SUP>(i)</SUP></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,352</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>763</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-cash reclamation provision</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(700</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(335</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash operating costs</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(442</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7,519</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gold production (ounces)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>36,893</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>45,036</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total cash costs (per ounce)<SUP>(iii)</SUP></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(12</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>167</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> </TABLE></DIV> <!-- end of user-specified TAGGED TABLE --> </DIV> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P> <HR NOSHADE> <P style='font-family:times;page-break-before:always'></p> <!-- ZEQ.=2,SEQ=3,EFW="2203552",CP="AGNICO-EAGLE MINES LIMITED",DN="2",CHK=573500,FOLIO='2',FILE='DISK134:[11ZBF1.11ZBF42501]DE42501A.;14',USER='MVANGB',CD='12-MAY-2011;08:20' --> <A NAME="page_de42501_1_3"> </A> </DIV> <P style="font-family:times;"><FONT SIZE=2> <BR></FONT></P> <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;"> <p style="font-family:times;"><font size=1></FONT><FONT SIZE=2> <!-- COMMAND=ADD_TABLEWIDTH,"100%" --> </FONT></P> <!-- User-specified TAGGED TABLE --> <DIV ALIGN="CENTER"><TABLE width="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD WIDTH="10pt" style="font-family:times;"></TD> <TD WIDTH="" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="96pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="96pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <!-- TABLE COLUMN WIDTHS END --></TR> <TR VALIGN="BOTTOM"> <TH NOWRAP COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:150pt;"><FONT SIZE=1><B>(thousands of dollars, except where noted) <!-- COMMAND=ADD_SCROPPEDRULE,150pt --> </B></FONT></DIV></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Three months ended<BR> March 31, 2011 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Three months ended<BR> March 31, 2010 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Production costs per Consolidated Statements of Income</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>47,885</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>45,482</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjustments:</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Inventory and other adjustments<SUP>(iv)</SUP></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,517</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>763</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-cash reclamation provision</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(700</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(335</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Minesite operating costs (US$)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>51,702</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>45,910</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Minesite operating costs (C$)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>50,357</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>47,078</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tonnes of ore milled (000's tonnes)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>585</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>664</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Minesite costs per tonne (C$)<SUP>(v)</SUP></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>86</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>71</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> </TABLE></DIV> <!-- end of user-specified TAGGED TABLE --> </DIV> <P style="font-family:times;"><FONT SIZE=2><B> <U>Goldex Mine</U> </B></FONT></P> <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;"> <p style="font-family:times;"><font size=1></FONT><FONT SIZE=2> <!-- COMMAND=ADD_TABLEWIDTH,"100%" --> </FONT></P> <!-- User-specified TAGGED TABLE --> <DIV ALIGN="CENTER"><TABLE width="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD WIDTH="10pt" style="font-family:times;"></TD> <TD WIDTH="" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="96pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="96pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <!-- TABLE COLUMN WIDTHS END --></TR> <TR VALIGN="BOTTOM"> <TH NOWRAP COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:150pt;"><FONT SIZE=1><B>(thousands of dollars, except where noted) <!-- COMMAND=ADD_SCROPPEDRULE,150pt --> </B></FONT></DIV></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Three months ended<BR> March 31, 2011 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Three months ended<BR> March 31, 2010 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Production costs per Consolidated Statements of Income</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>17,874</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>13,800</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjustments:</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Byproduct revenues</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>87</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Inventory and other adjustments<SUP>(i)</SUP></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(1,309</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,102</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-cash reclamation provision</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(55</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(54</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash operating costs</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>16,597</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>15,848</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gold production (ounces)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>38,500</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>42,269</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total cash costs (per ounce)<SUP>(ii)</SUP></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>431</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>375</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> </TABLE></DIV> <!-- end of user-specified TAGGED TABLE --> </DIV> <P style="font-family:times;"><FONT SIZE=2> <BR></FONT></P> <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;"> <p style="font-family:times;"><font size=1></FONT><FONT SIZE=2> <!-- COMMAND=ADD_TABLEWIDTH,"100%" --> </FONT></P> <!-- User-specified TAGGED TABLE --> <DIV ALIGN="CENTER"><TABLE width="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD WIDTH="10pt" style="font-family:times;"></TD> <TD WIDTH="" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="96pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="96pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <!-- TABLE COLUMN WIDTHS END --></TR> <TR VALIGN="BOTTOM"> <TH NOWRAP COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:150pt;"><FONT SIZE=1><B>(thousands of dollars, except where noted) <!-- COMMAND=ADD_SCROPPEDRULE,150pt --> </B></FONT></DIV></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Three months ended<BR> March 31, 2011 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Three months ended<BR> March 31, 2010 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Production costs per Consolidated Statements of Income</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>17,874</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>13,800</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjustments:</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Inventory and other adjustments<SUP>(iv)</SUP></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(1,161</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,102</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-cash reclamation provision</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(55</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(54</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Minesite operating costs (US$)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>16,658</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>15,848</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Minesite operating costs (C$)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>16,327</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>16,313</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tonnes of ore milled (000's tonnes)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>715</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>667</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Minesite costs per tonne (C$)<SUP>(v)</SUP></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>23</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>24</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> </TABLE></DIV> <!-- end of user-specified TAGGED TABLE --> </DIV> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3</FONT></P> <HR NOSHADE> <P style='font-family:times;page-break-before:always'></p> <!-- ZEQ.=3,SEQ=4,EFW="2203552",CP="AGNICO-EAGLE MINES LIMITED",DN="2",CHK=500744,FOLIO='3',FILE='DISK134:[11ZBF1.11ZBF42501]DE42501A.;14',USER='MVANGB',CD='12-MAY-2011;08:20' --> <A NAME="page_de42501_1_4"> </A> </DIV> <P style="font-family:times;"><FONT SIZE=2><B> <U>Lapa Mine</U> </B></FONT></P> <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;"> <p style="font-family:times;"><font size=1></FONT><FONT SIZE=2> <!-- COMMAND=ADD_TABLEWIDTH,"100%" --> </FONT></P> <!-- User-specified TAGGED TABLE --> <DIV ALIGN="CENTER"><TABLE width="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD WIDTH="10pt" style="font-family:times;"></TD> <TD WIDTH="" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="96pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="96pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <!-- TABLE COLUMN WIDTHS END --></TR> <TR VALIGN="BOTTOM"> <TH NOWRAP COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:150pt;"><FONT SIZE=1><B>(thousands of dollars, except where noted) <!-- COMMAND=ADD_SCROPPEDRULE,150pt --> </B></FONT></DIV></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Three months ended<BR> March 31, 2011 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Three months ended<BR> March 31, 2010 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Production costs per Consolidated Statements of Income</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>16,751</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>16,379</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjustments:</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Byproduct revenues</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>66</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Inventory and other adjustments<SUP>(i)</SUP></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>158</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(926</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-cash reclamation provision</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(15</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(14</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash operating costs</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>16,960</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>15,439</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gold production (ounces)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>26,914</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>31,553</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total cash costs (per ounce)<SUP>(iii)</SUP></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>630</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>489</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> </TABLE></DIV> <!-- end of user-specified TAGGED TABLE --> </DIV> <P style="font-family:times;"><FONT SIZE=2> <BR></FONT></P> <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;"> <p style="font-family:times;"><font size=1></FONT><FONT SIZE=2> <!-- COMMAND=ADD_TABLEWIDTH,"100%" --> </FONT></P> <!-- User-specified TAGGED TABLE --> <DIV ALIGN="CENTER"><TABLE width="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD WIDTH="10pt" style="font-family:times;"></TD> <TD WIDTH="" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="96pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="96pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <!-- TABLE COLUMN WIDTHS END --></TR> <TR VALIGN="BOTTOM"> <TH NOWRAP COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:150pt;"><FONT SIZE=1><B>(thousands of dollars, except where noted) <!-- COMMAND=ADD_SCROPPEDRULE,150pt --> </B></FONT></DIV></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Three months ended<BR> March 31, 2011 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Three months ended<BR> March 31, 2010 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Production costs per Consolidated Statements of Income</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>16,751</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>16,379</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjustments:</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Inventory and other adjustments<SUP>(iv)</SUP></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>306</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(926</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-cash reclamation provision</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(15</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(14</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Minesite operating costs (US$)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>17,042</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>15,439</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Minesite operating costs (C$)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>16,640</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>15,832</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tonnes of ore milled (000's tonnes)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>142</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>129</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Minesite costs per tonne (C$)<SUP>(v)</SUP></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>117</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>123</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> </TABLE></DIV> <!-- end of user-specified TAGGED TABLE --> </DIV> <P style="font-family:times;"><FONT SIZE=2><B> <U>Kittila Mine</U> </B></FONT></P> <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;"> <p style="font-family:times;"><font size=1></FONT><FONT SIZE=2> <!-- COMMAND=ADD_TABLEWIDTH,"100%" --> </FONT></P> <!-- User-specified TAGGED TABLE --> <DIV ALIGN="CENTER"><TABLE width="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD WIDTH="10pt" style="font-family:times;"></TD> <TD WIDTH="" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="96pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="96pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <!-- TABLE COLUMN WIDTHS END --></TR> <TR VALIGN="BOTTOM"> <TH NOWRAP COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:150pt;"><FONT SIZE=1><B>(thousands of dollars, except where noted) <!-- COMMAND=ADD_SCROPPEDRULE,150pt --> </B></FONT></DIV></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Three months ended<BR> March 31, 2011 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Three months ended<BR> March 31, 2010 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Production costs per Consolidated Statements of Income</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>28,500</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>23,018</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjustments:</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Byproduct revenues</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>77</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(25</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Inventory and other adjustments<SUP>(i)</SUP></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(843</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(4,849</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-cash reclamation provision</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(50</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(99</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash operating costs</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>27,684</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>18,045</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gold production (ounces)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>40,317</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>24,547</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total cash costs (per ounce)<SUP>(iii)</SUP></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>687</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>735</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> </TABLE></DIV> <!-- end of user-specified TAGGED TABLE --> </DIV> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4</FONT></P> <HR NOSHADE> <P style='font-family:times;page-break-before:always'></p> <!-- ZEQ.=4,SEQ=5,EFW="2203552",CP="AGNICO-EAGLE MINES LIMITED",DN="2",CHK=204353,FOLIO='4',FILE='DISK134:[11ZBF1.11ZBF42501]DE42501A.;14',USER='MVANGB',CD='12-MAY-2011;08:20' --> <A NAME="page_de42501_1_5"> </A> </DIV> <P style="font-family:times;"><FONT SIZE=2> <BR></FONT></P> <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;"> <p style="font-family:times;"><font size=1></FONT><FONT SIZE=2> <!-- COMMAND=ADD_TABLEWIDTH,"100%" --> </FONT></P> <!-- User-specified TAGGED TABLE --> <DIV ALIGN="CENTER"><TABLE width="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD WIDTH="10pt" style="font-family:times;"></TD> <TD WIDTH="" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="96pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="96pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <!-- TABLE COLUMN WIDTHS END --></TR> <TR VALIGN="BOTTOM"> <TH NOWRAP COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:150pt;"><FONT SIZE=1><B>(thousands of dollars, except where noted) <!-- COMMAND=ADD_SCROPPEDRULE,150pt --> </B></FONT></DIV></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Three months ended<BR> March 31, 2011 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Three months ended<BR> March 31, 2010 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Production costs per Consolidated Statements of Income</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>28,500</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>23,018</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjustments:</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Inventory and other adjustments<SUP>(iv)</SUP></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(843</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(4,849</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-cash reclamation provision</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(50</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(99</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Minesite operating costs (US$)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>27,607</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>18,070</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Minesite operating costs (EUR)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>€</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>19,710</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>€</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>13,915</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tonnes of ore milled (000's tonnes)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>262</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>218</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Minesite costs per tonne (EUR)<SUP>(v)</SUP></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>€</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>75</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>€</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>64</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> </TABLE></DIV> <!-- end of user-specified TAGGED TABLE --> </DIV> <P style="font-family:times;"><FONT SIZE=2><B> <U>Pinos Altos Mine (includes Creston Mascota)</U> </B></FONT></P> <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;"> <p style="font-family:times;"><font size=1></FONT><FONT SIZE=2> <!-- COMMAND=ADD_TABLEWIDTH,"100%" --> </FONT></P> <!-- User-specified TAGGED TABLE --> <DIV ALIGN="CENTER"><TABLE width="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD WIDTH="10pt" style="font-family:times;"></TD> <TD WIDTH="" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="96pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="96pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <!-- TABLE COLUMN WIDTHS END --></TR> <TR VALIGN="BOTTOM"> <TH NOWRAP COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:150pt;"><FONT SIZE=1><B>(thousands of dollars, except where noted) <!-- COMMAND=ADD_SCROPPEDRULE,150pt --> </B></FONT></DIV></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Three months ended<BR> March 31, 2011 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Three months ended<BR> March 31, 2010 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Production costs per Consolidated Statements of Income</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>30,907</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>13,849</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjustments:</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Byproduct revenues</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(15,003</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(3,687</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Inventory and other adjustments<SUP>(i)</SUP></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,697</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,493</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-cash reclamation provision</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(282</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(214</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stripping<SUP>(ii)</SUP></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(6,325</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(810</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash operating costs</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>14,994</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10,631</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gold production (ounces)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>48,001</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>26,228</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total cash costs (per ounce)<SUP>(iii)</SUP></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>312</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>405</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> </TABLE></DIV> <!-- end of user-specified TAGGED TABLE --> </DIV> <P style="font-family:times;"><FONT SIZE=2> <BR></FONT></P> <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;"> <p style="font-family:times;"><font size=1></FONT><FONT SIZE=2> <!-- COMMAND=ADD_TABLEWIDTH,"100%" --> </FONT></P> <!-- User-specified TAGGED TABLE --> <DIV ALIGN="CENTER"><TABLE width="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD WIDTH="10pt" style="font-family:times;"></TD> <TD WIDTH="" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="96pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="96pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <!-- TABLE COLUMN WIDTHS END --></TR> <TR VALIGN="BOTTOM"> <TH NOWRAP COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:150pt;"><FONT SIZE=1><B>(thousands of dollars, except where noted) <!-- COMMAND=ADD_SCROPPEDRULE,150pt --> </B></FONT></DIV></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Three months ended<BR> March 31, 2011 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Three months ended<BR> March 31, 2010 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Production costs per Consolidated Statements of Income</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>30,907</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>13,849</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjustments:</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Inventory and other adjustments<SUP>(iv)</SUP></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,064</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,493</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-cash reclamation provision</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(282</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(214</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stripping<SUP>(ii)</SUP></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(6,325</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(810</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Minesite operating costs (US$)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>29,364</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>14,318</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tonnes of ore processed (000's tonnes)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,033</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>450</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Minesite costs per tonne (US$)<SUP>(v)</SUP></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>28</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>32</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> </TABLE></DIV> <!-- end of user-specified TAGGED TABLE --> </DIV> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>5</FONT></P> <HR NOSHADE> <P style='font-family:times;page-break-before:always'></p> <!-- ZEQ.=5,SEQ=6,EFW="2203552",CP="AGNICO-EAGLE MINES LIMITED",DN="2",CHK=835988,FOLIO='5',FILE='DISK134:[11ZBF1.11ZBF42501]DE42501A.;14',USER='MVANGB',CD='12-MAY-2011;08:20' --> <A NAME="page_de42501_1_6"> </A> </DIV> <P style="font-family:times;"><FONT SIZE=2><B> <U>Meadowbank Mine</U> </B></FONT></P> <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;"> <p style="font-family:times;"><font size=1></FONT><FONT SIZE=2> <!-- COMMAND=ADD_TABLEWIDTH,"100%" --> </FONT></P> <!-- User-specified TAGGED TABLE --> <DIV ALIGN="CENTER"><TABLE width="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD WIDTH="10pt" style="font-family:times;"></TD> <TD WIDTH="" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="96pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="96pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <!-- TABLE COLUMN WIDTHS END --></TR> <TR VALIGN="BOTTOM"> <TH NOWRAP COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:150pt;"><FONT SIZE=1><B>(thousands of dollars, except where noted) <!-- COMMAND=ADD_SCROPPEDRULE,150pt --> </B></FONT></DIV></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Three months ended<BR> March 31, 2011 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Three months ended<BR> March 31, 2010 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Production costs per Consolidated Statements of Income</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>56,650</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,699</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjustments:</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Byproduct revenues</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(449</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(26</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Inventory and other adjustments<SUP>(i)</SUP></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,426</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9,161</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-cash reclamation provision</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(412</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(127</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash operating costs</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>58,215</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>14,707</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gold production (ounces)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>61,737</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>17,515</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total cash costs (per ounce)<SUP>(iii)</SUP></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>943</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>840</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> </TABLE></DIV> <!-- end of user-specified TAGGED TABLE --> </DIV> <P style="font-family:times;"><FONT SIZE=2> <BR></FONT></P> <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;"> <p style="font-family:times;"><font size=1></FONT><FONT SIZE=2> <!-- COMMAND=ADD_TABLEWIDTH,"100%" --> </FONT></P> <!-- User-specified TAGGED TABLE --> <DIV ALIGN="CENTER"><TABLE width="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD WIDTH="10pt" style="font-family:times;"></TD> <TD WIDTH="" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="96pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="96pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <!-- TABLE COLUMN WIDTHS END --></TR> <TR VALIGN="BOTTOM"> <TH NOWRAP COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:150pt;"><FONT SIZE=1><B>(thousands of dollars, except where noted) <!-- COMMAND=ADD_SCROPPEDRULE,150pt --> </B></FONT></DIV></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Three months ended<BR> March 31, 2011 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Three months ended<BR> March 31, 2010 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Production costs per Consolidated Statements of Income</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>56,650</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,699</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjustments:</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Inventory and other adjustments<SUP>(iv)</SUP></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,772</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9,161</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-cash reclamation provision</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(412</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(127</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Minesite operating costs (US$)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>59,010</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>14,733</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Minesite operating costs (C$)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>58,242</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>15,117</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tonnes of ore milled (000's tonnes)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>629</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>163</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Minesite costs per tonne (C$)<SUP>(v)</SUP></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>93</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>93</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> </TABLE></DIV> <!-- end of user-specified TAGGED TABLE --> </DIV> <!-- COMMAND=ADD_LINERULETXT,NOSHADE COLOR="#000000" SIZE="1.0PT" WIDTH="12%" ALIGN="LEFT" --> <HR NOSHADE COLOR="#000000" SIZE="1.0PT" WIDTH="12%" ALIGN="LEFT" > <P style="font-family:times;"><FONT SIZE=1>Notes: </FONT></P> <DL compact> <DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>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. <BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>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. <BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>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. <BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(iv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>This inventory adjustment reflects production costs associated with unsold concentrates. <BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(v)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>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 </FONT></DD></DL> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>6</FONT></P> <HR NOSHADE> <P style='font-family:times;page-break-before:always'></p> <!-- ZEQ.=6,SEQ=7,EFW="2203552",CP="AGNICO-EAGLE MINES LIMITED",DN="2",CHK=1029477,FOLIO='6',FILE='DISK134:[11ZBF1.11ZBF42501]DE42501A.;14',USER='MVANGB',CD='12-MAY-2011;08:20' --> <A NAME="page_de42501_1_7"> </A> <UL> <P style="font-family:times;"><FONT SIZE=1>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. </FONT></P> </UL> <P style="font-family:times;"><FONT SIZE=2><B><I> Liquidity and Capital Resources </I></B></FONT></P> <P style="font-family:times;"><FONT SIZE=2> 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. </FONT></P> <P style="font-family:times;"><FONT SIZE=2> 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. </FONT></P> <P style="font-family:times;"><FONT SIZE=2> 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. </FONT></P> <P style="font-family:times;"><FONT SIZE=2> 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. </FONT></P> <P style="font-family:times;"><FONT SIZE=2> 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. </FONT></P> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>7</FONT></P> <HR NOSHADE> <P style='font-family:times;page-break-before:always'></p> <!-- ZEQ.=7,SEQ=8,EFW="2203552",CP="AGNICO-EAGLE MINES LIMITED",DN="2",CHK=1003558,FOLIO='7',FILE='DISK134:[11ZBF1.11ZBF42501]DE42501A.;14',USER='MVANGB',CD='12-MAY-2011;08:20' --> <!-- THIS IS THE END OF A COMPOSITION COMPONENT --> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="page_fc42501_1_8"> </A> <!-- COMMAND=ADD_BASECOLOR,"Black" --> <!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" --> <!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" --> <!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" --> <!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" --> <!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" --> <!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" --> </FONT></P> <!-- TOC_END --> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="fc42501_agnico-eagle_mines_limited_sum__agn05653"> </A> <A NAME="toc_fc42501_1"> </A></FONT> <FONT SIZE=2><B><BR> AGNICO-EAGLE MINES LIMITED <BR> <BR> SUMMARY OF OPERATIONS KEY PERFORMACE INDICATORS <BR> <BR> (thousands of United States dollars, except where noted, US GAAP basis) <BR> </B></FONT></P> <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;"> <p style="font-family:times;"><font size=1></FONT><FONT SIZE=1> <!-- COMMAND=ADD_TABLEWIDTH,"100%" --> </FONT></P> <!-- User-specified TAGGED TABLE --> <DIV ALIGN="CENTER"><TABLE width="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD WIDTH="8pt" style="font-family:times;"></TD> <TD WIDTH="" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="42pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="46pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <!-- TABLE COLUMN WIDTHS END --></TR> <TR VALIGN="BOTTOM"> <TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1> </FONT><BR></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Three months ended<BR> March 31, </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> </TR> <TR VALIGN="BOTTOM"> <TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1> </FONT><BR></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2011<BR> Actual </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2010<BR> Actual </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Income Contribution Analysis</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>LaRonde Mine</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>48,983</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>45,387</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Goldex Mine</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>40,333</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>26,423</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Lapa Mine</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>19,178</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>21,273</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Kittila Mine</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>27,831</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>11,470</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Pinos Altos Mine</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>47,259</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>12,631</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Meadowbank Mine</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>29,917</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>2,171</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Operating margin</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>213,501</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>119,355</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Amortization</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>61,929</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>30,503</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Corporate expenses and other</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>74,210</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>47,578</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Income before tax</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>77,362</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>41,274</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Tax provision</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>32,098</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>18,942</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net income for the period</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>45,264</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>22,332</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net income per share — basic</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>0.27</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>0.14</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net income per share — diluted</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>0.26</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>0.14</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Cash flows</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Operating cash flow</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>171,043</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>74,491</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Investing cash flow</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>(89,956</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>)</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>(119,329</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>)</FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Financing cash flow</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>(68,842</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>)</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>(1,646</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>)</FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Realized prices per sales volume (US$)</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Gold (per ounce)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>1,400</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>1,111</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Silver (per ounce)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>36.10</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>17.87</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Zinc (per tonne)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>2,509</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>2,235</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Copper (per tonne)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>10,027</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>7,288</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Payable production (Note 1)</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Gold (ounces)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>LaRonde Mine</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>36,893</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>45,036</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Goldex Mine</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>38,500</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>42,269</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Kittila Mine</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>40,317</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>24,547</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Lapa Mine</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>26,914</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>31,553</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Pinos Altos Mine</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>48,001</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>26,228</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Meadowbank Mine</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>61,737</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>18,599</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>252,362</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>188,232</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Silver (ounces in thousands)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>LaRonde Mine</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>680</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>875</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Pinos Altos Mine</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>406</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>222</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Meadowbank</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>13</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>2</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>1,099</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>1,099</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Zinc (LaRonde Mine) (tonnes)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>11,941</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>14,224</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Copper (LaRonde Mine) (tonnes)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>817</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>1,052</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> </TABLE></DIV> <!-- end of user-specified TAGGED TABLE --> </DIV> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>8</FONT></P> <HR NOSHADE> <P style='font-family:times;page-break-before:always'></p> <!-- ZEQ.=1,SEQ=9,EFW="2203552",CP="AGNICO-EAGLE MINES LIMITED",DN="2",CHK=685465,FOLIO='8',FILE='DISK134:[11ZBF1.11ZBF42501]FC42501A.;15',USER='MVANGB',CD='12-MAY-2011;08:20' --> <A NAME="page_fc42501_1_9"> </A> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR> AGNICO-EAGLE MINES LIMITED </B></FONT></P> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> SUMMARY OF OPERATIONS KEY PERFORMACE INDICATORS (Continued) </B></FONT></P> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (thousands of United States dollars, except where noted, US GAAP basis) </B></FONT></P> <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;"> <p style="font-family:times;"><font size=1></FONT><FONT SIZE=1> <!-- COMMAND=ADD_TABLEWIDTH,"100%" --> </FONT></P> <!-- User-specified TAGGED TABLE --> <DIV ALIGN="CENTER"><TABLE width="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD WIDTH="8pt" style="font-family:times;"></TD> <TD WIDTH="" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="42pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="46pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <!-- TABLE COLUMN WIDTHS END --></TR> <TR VALIGN="BOTTOM"> <TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1> </FONT><BR></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Three months ended<BR> March 31, </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> </TR> <TR VALIGN="BOTTOM"> <TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1> </FONT><BR></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2011<BR> Actual </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2010<BR> Actual </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Payable metal sold</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Gold (ounces)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>LaRonde Mine</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>37,459</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>45,240</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Goldex Mine</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>41,895</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>37,863</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Kittila Mine</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>40,698</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>30,674</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Lapa Mine</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>25,776</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>34,193</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Pinos Altos Mine</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>45,484</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>20,965</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Meadowbank Mine</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>61,928</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>7,103</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>253,240</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>176,038</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Silver (ounces in thousands)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>LaRonde Mine</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>679</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>775</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Pinos Altos Mine</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>409</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>221</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Meadowbank Mine</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>21</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>—</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>1,109</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>996</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Zinc (LaRonde Mine) (tonnes)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>8,302</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>14,529</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Copper (LaRonde Mine) (tonnes)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>820</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>1,047</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Total cash costs per ounce of gold produced (Note 2)</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>LaRonde Mine</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>(12</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>)</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>167</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Goldex Mine</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>431</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>375</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Kittila Mine</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>687</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>735</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Lapa Mine</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>630</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>489</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Pinos Altos Mine</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>312</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>436</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Meadowbank Mine</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>943</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>840</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Weighted average</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>531</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>441</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> </TABLE></DIV> <!-- end of user-specified TAGGED TABLE --> </DIV> <!-- COMMAND=ADD_LINERULETXT,NOSHADE COLOR="#000000" SIZE="1.0PT" WIDTH="12%" ALIGN="LEFT" --> <HR NOSHADE COLOR="#000000" SIZE="1.0PT" WIDTH="12%" ALIGN="LEFT" > <P style="font-family:times;"><FONT SIZE=1>Notes: </FONT></P> <DL compact> <DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=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. <BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>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". </FONT></DD></DL> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>9</FONT></P> <HR NOSHADE> <P style='font-family:times;page-break-before:always'></p> <!-- ZEQ.=2,SEQ=10,EFW="2203552",CP="AGNICO-EAGLE MINES LIMITED",DN="2",CHK=20909,FOLIO='9',FILE='DISK134:[11ZBF1.11ZBF42501]FC42501A.;15',USER='MVANGB',CD='12-MAY-2011;08:20' --> <A NAME="page_fc42501_1_10"> </A> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><A NAME="fc42501_agnico-eagle_mines_limited_sum__agn04225"> </A> <A NAME="toc_fc42501_2"> </A></FONT> <FONT SIZE=2><B><BR> AGNICO-EAGLE MINES LIMITED <BR> <BR> SUMMARIZED QUARTERLY DATA <BR> <BR> (thousands of United States dollars, except where noted) <BR> </B></FONT></P> <DIV style="padding:0pt;position:relative;width:54%;margin-left:10%;"> <p style="font-family:times;"><font size=1></FONT><FONT SIZE=1> <!-- COMMAND=ADD_TABLEWIDTH,"150%" --> </FONT></P> <!-- User-specified TAGGED TABLE --> <DIV ALIGN="CENTER"><TABLE width="150%" BORDER=0 CELLSPACING=0 CELLPADDING=0> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD WIDTH="" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="46pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="59pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="56pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="46pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="46pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="59pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="56pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="44pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <!-- TABLE COLUMN WIDTHS END --></TR> <TR VALIGN="BOTTOM"> <TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1> </FONT><BR></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>June 30,<BR> 2009 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>September 30,<BR> 2009 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December 31,<BR> 2009 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>March 31,<BR> 2010 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>June 30,<BR> 2010 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>September 30,<BR> 2010 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December 31,<BR> 2010 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>March 31,<BR> 2011 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM"> <TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Consolidated Financial Data</B></FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="BOTTOM"> <TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B><I>Income and cash flows</I></B></FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM"> <TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Revenues from mining operations</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>133,084</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>149,250</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>225,597</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>237,583</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>347,456</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>398,478</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>439,004</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>412,068</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="BOTTOM"> <TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Production costs</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>61,013</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>88,652</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>106,935</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>118,227</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>166,573</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>196,674</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>195,998</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>198,567</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM"> <TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Gross profit (exclusive of amortization shown below)</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>72,071</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>60,598</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>118,662</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>119,356</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>180,883</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>201,804</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>243,006</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>213,501</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="BOTTOM"> <TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Amortization</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>15,470</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>23,200</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>21,661</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>30,503</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>44,003</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>48,145</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>69,835</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>61,929</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM"> <TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Gross profit</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>56,601</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>37,398</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>97,001</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>88,853</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>136,880</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>153,659</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>173,171</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>151,572</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="BOTTOM"> <TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net income (loss) for the period</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,227</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(16,966</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>47,936</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>22,332</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>100,360</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>121,461</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>87,963</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>45,264</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM"> <TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net income (loss) per share (basic)</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.01</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(0.11</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.31</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.14</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.64</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.73</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.54</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.27</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="BOTTOM"> <TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net income (loss) per share (diluted)</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.01</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(0.11</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.30</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.14</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.63</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.71</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.52</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.26</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM"> <TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Cash provided by (used in) operating activities</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>26,369</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(13,787</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>53,701</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>74,491</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>161,574</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>156,829</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>90,576</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>171,043</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="BOTTOM"> <TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Cash used in investing activities</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(155,730</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(136,756</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(139,703</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(119,329</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(116,826</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(163,798</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(123,353</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(89,957</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM"> <TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Cash provided (used in) by financing activities</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>88,247</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>217,590</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>37,534</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,646</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(10,422</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>531</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(10,408</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(68,842</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="BOTTOM"> <TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Weighted average number of common shares outstanding (basic — in thousands)</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>155,805</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>156,164</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>156,570</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>156,692</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>156,899</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>167,461</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>168,299</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>168,853</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> </TABLE></DIV> <!-- end of user-specified TAGGED TABLE --> </DIV> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>10</FONT></P> <HR NOSHADE> <P style='font-family:times;page-break-before:always'></p> <!-- ZEQ.=3,SEQ=11,EFW="2203552",CP="AGNICO-EAGLE MINES LIMITED",DN="2",CHK=976894,FOLIO='10',FILE='DISK134:[11ZBF1.11ZBF42501]FC42501B.;10',USER='MVANGB',CD='12-MAY-2011;08:20' --> <!-- THIS IS THE END OF A COMPOSITION COMPONENT --> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="page_fe42501_1_11"> </A> <!-- COMMAND=ADD_BASECOLOR,"Black" --> <!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" --> <!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" --> <!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" --> <!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" --> <!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" --> <!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" --> </FONT></P> <!-- TOC_END --> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="fe42501_agnico-eagle_mines_limited_con__agn04359"> </A> <A NAME="toc_fe42501_1"> </A></FONT> <FONT SIZE=2><B><BR> AGNICO-EAGLE MINES LIMITED <BR> <BR> CONSOLIDATED BALANCE SHEETS <BR> <BR> (thousands of United States dollars, US GAAP basis)<BR> (Unaudited) <BR> </B></FONT></P> <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;"> <p style="font-family:times;"><font size=1></FONT><FONT SIZE=2> <!-- COMMAND=ADD_TABLEWIDTH,"100%" --> </FONT></P> <!-- User-specified TAGGED TABLE --> <DIV ALIGN="CENTER"><TABLE width="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD WIDTH="10pt" style="font-family:times;"></TD> <TD WIDTH="10pt" style="font-family:times;"></TD> <TD WIDTH="" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="61pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="64pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <!-- TABLE COLUMN WIDTHS END --></TR> <TR VALIGN="BOTTOM"> <TH COLSPAN=3 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2> </FONT><BR></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>As at<BR> March 31,<BR> 2011 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>As at<BR> December 31,<BR> 2010 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=2> </FONT></TH> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>ASSETS</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Current</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash and cash equivalents</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>108,433</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> $</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>95,560</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Short-term investments</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 4,374</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 6,575</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Restricted cash</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 2,018</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 2,510</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Trade receivables</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 71,566</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 112,949</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Inventories:</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Ore stockpiles</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 63,297</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 67,764</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Concentrates and dore</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 60,193</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 50,332</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Supplies</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 160,107</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 149,647</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Available-for-sale securities (note 7)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 101,985</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 99,109</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other current assets</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 92,572</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 89,776</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fair value of derivative financial instruments (note 9)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 2,036</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> —</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total current assets</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 666,581</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 674,222</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other assets</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 58,396</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 61,502</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Future income and mining tax assets</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 2,615</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> —</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Goodwill</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 200,064</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 200,064</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Property, plant and mine development</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 4,595,545</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 4,564,563</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>5,523,201</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> $</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,500,351</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>LIABILITIES AND SHAREHOLDERS' EQUITY</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Current</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accounts payable and accrued liabilities</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 157,504</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 160,375</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Dividends payable</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 81,002</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 108,009</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest payable</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 20,513</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 9,743</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income taxes payable</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 1,393</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 14,450</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Capital leases</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 11,000</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 10,592</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fair value of derivative financial instruments (note 9)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> —</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 142</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total current liabilities</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 271,412</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 303,311</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Long-term debt (note 8)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 600,000</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 650,000</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Reclamation provision and other liabilities</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 151,303</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 145,536</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Future income and mining tax liabilities</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 759,023</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 736,054</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>SHAREHOLDERS' EQUITY</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Common shares (note 5)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 3,090,202</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 3,078,217</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stock options (note 6)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 95,115</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 78,554</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Warrants</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 24,858</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 24,858</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Contributed surplus</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 15,166</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 15,166</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Retained earnings</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 485,529</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 440,265</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accumulated other comprehensive income</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 30,593</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 28,390</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total shareholders' equity</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 3,741,463</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 3,665,450</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>5,523,201</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> $</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,500,351</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> </TABLE></DIV> <!-- end of user-specified TAGGED TABLE --> </DIV> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>See accompanying notes</I></FONT></P> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>11</FONT></P> <HR NOSHADE> <P style='font-family:times;page-break-before:always'></p> <!-- ZEQ.=1,SEQ=12,EFW="2203552",CP="AGNICO-EAGLE MINES LIMITED",DN="2",CHK=826069,FOLIO='11',FILE='DISK134:[11ZBF1.11ZBF42501]FE42501A.;15',USER='MVANGB',CD='12-MAY-2011;08:20' --> <A NAME="page_fe42501_1_12"> </A> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="fe42501_agnico-eagle_mines_limited_con__agn07063"> </A> <A NAME="toc_fe42501_2"> </A></FONT> <FONT SIZE=2><B><BR> AGNICO-EAGLE MINES LIMITED <BR> <BR> CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME <BR> <BR> (thousands of United States dollars except share and per share amounts, US GAAP basis)<BR> (Unaudited) <BR> </B></FONT></P> <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;"> <p style="font-family:times;"><font size=1></FONT><FONT SIZE=2> <!-- COMMAND=ADD_TABLEWIDTH,"100%" --> </FONT></P> <!-- User-specified TAGGED TABLE --> <DIV ALIGN="CENTER"><TABLE width="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD WIDTH="10pt" style="font-family:times;"></TD> <TD WIDTH="" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="51pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="51pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <!-- TABLE COLUMN WIDTHS END --></TR> <TR VALIGN="BOTTOM"> <TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2> </FONT><BR></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Three months ended<BR> March 31, </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=2> </FONT></TH> </TR> <TR VALIGN="BOTTOM"> <TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2> </FONT><BR></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2011 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2010 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=2> </FONT></TH> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM"> <TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>REVENUES</B></FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="BOTTOM"> <TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Revenues from mining operations</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>412,068</B></FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>237,583</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM"> <TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>COSTS, EXPENSES AND OTHER INCOME</B></FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="BOTTOM"> <TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Production</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 198,567</B></FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 118,227</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM"> <TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Exploration and corporate development</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 16,978</B></FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 7,504</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="BOTTOM"> <TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Amortization of plant and mine development</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 61,929</B></FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 30,503</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM"> <TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>General and administrative (note 12)</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 35,152</B></FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 28,430</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="BOTTOM"> <TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Provincial capital tax</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> —</B></FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (587</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM"> <TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 14,008</B></FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 4,504</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="BOTTOM"> <TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss (gain) on derivative financial instruments (note 9)</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (1,351</B></FONT></TD> <TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 549</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM"> <TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest and sundry income</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (248</B></FONT></TD> <TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (1,376</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="BOTTOM"> <TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gain on sale of available-for-sale securities (note 7)</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (4,394</B></FONT></TD> <TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (346</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM"> <TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Foreign currency translation loss</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 14,065</B></FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 8,901</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="BOTTOM"> <TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income before income, mining and federal capital taxes</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 77,362</B></FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 41,274</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM"> <TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income and mining tax expense</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 32,098</B></FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 18,942</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="BOTTOM"> <TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income for the period</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>45,264</B></FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22,332</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM"> <TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income per share — basic</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>0.27</B></FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.14</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="BOTTOM"> <TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income per share — diluted</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>0.26</B></FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.14</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM"> <TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Weighted average number of common shares outstanding (in thousands)</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="BOTTOM"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Basic (note 5)</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 168,853</B></FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 156,692</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Diluted (note 5)</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 172,863</B></FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 159,093</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="BOTTOM"> <TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Comprehensive income:</B></FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM"> <TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Net income for the period</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>45,264</B></FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22,332</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="BOTTOM"> <TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Other comprehensive income:</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Unrealized gain on available-for-sale securities</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 7,067</B></FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 9,628</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="BOTTOM"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Adjustments for realized gain on available-for-sale securities due to dispositions during the period</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (4,394</B></FONT></TD> <TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (346</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Amortization of unrecognized gain on pension liability</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 110</B></FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (47</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="BOTTOM"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Tax effect of other comprehensive income (loss) items</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (580</B></FONT></TD> <TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 12</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM"> <TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Other comprehensive income for the period</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 2,203</B></FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 9,247</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="BOTTOM"> <TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Comprehensive income for the period</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>47,467</B></FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>31,579</FONT></TD> <TD style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> </TABLE></DIV> <!-- end of user-specified TAGGED TABLE --> </DIV> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>See accompanying notes</I></FONT></P> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>12</FONT></P> <HR NOSHADE> <P style='font-family:times;page-break-before:always'></p> <!-- ZEQ.=2,SEQ=13,EFW="2203552",CP="AGNICO-EAGLE MINES LIMITED",DN="2",CHK=285419,FOLIO='12',FILE='DISK134:[11ZBF1.11ZBF42501]FE42501B.;18',USER='MVANGB',CD='12-MAY-2011;08:20' --> <!-- THIS IS THE END OF A COMPOSITION COMPONENT --> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="page_fg42501_1_13"> </A> <!-- COMMAND=ADD_BASECOLOR,"Black" --> <!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" --> <!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" --> <!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" --> <!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" --> <!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" --> <!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" --> </FONT></P> <!-- TOC_END --> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="fg42501_agnico-eagle_mines_limited_con__agn05248"> </A> <A NAME="toc_fg42501_1"> </A></FONT> <FONT SIZE=2><B><BR> AGNICO-EAGLE MINES LIMITED <BR> <BR> CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY <BR> <BR> (thousands of United States dollars, US GAAP basis)<BR> (Unaudited) <BR> </B></FONT></P> <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;"> <p style="font-family:times;"><font size=1></FONT><FONT SIZE=2> <!-- COMMAND=ADD_TABLEWIDTH,"100%" --> </FONT></P> <!-- User-specified TAGGED TABLE --> <DIV ALIGN="CENTER"><TABLE width="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD WIDTH="" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="51pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="51pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <!-- TABLE COLUMN WIDTHS END --></TR> <TR VALIGN="BOTTOM"> <TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2> </FONT><BR></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Three months ended<BR> March 31, </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> </TR> <TR VALIGN="BOTTOM"> <TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1> </FONT><BR></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2011 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2010 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Retained earnings</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Balance, beginning of period</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>440,265</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>216,158</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income for the period</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 45,264</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>22,332</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Balance, end of period</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>485,529</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>238,490</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Accumulated other comprehensive income</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Balance, beginning of period</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>28,390</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>51,049</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other comprehensive income for the period</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 2,203</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9,247</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Balance, end of period</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>30,593</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>60,296</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> </TABLE></DIV> <!-- end of user-specified TAGGED TABLE --> </DIV> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>See accompanying notes</I></FONT></P> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>13</FONT></P> <HR NOSHADE> <P style='font-family:times;page-break-before:always'></p> <!-- ZEQ.=1,SEQ=14,EFW="2203552",CP="AGNICO-EAGLE MINES LIMITED",DN="2",CHK=11544,FOLIO='13',FILE='DISK134:[11ZBF1.11ZBF42501]FG42501A.;7',USER='MVANGB',CD='12-MAY-2011;08:20' --> <A NAME="page_fg42501_1_14"> </A> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="fg42501_agnico-eagle_mines_limited_con__agn04816"> </A> <A NAME="toc_fg42501_2"> </A></FONT> <FONT SIZE=2><B><BR> AGNICO-EAGLE MINES LIMITED <BR> <BR> CONSOLIDATED STATEMENTS OF CASH FLOWS <BR> <BR> (thousands of United States dollars, US GAAP basis)<BR> (Unaudited) <BR> </B></FONT></P> <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;"> <p style="font-family:times;"><font size=1></FONT><FONT SIZE=2> <!-- COMMAND=ADD_TABLEWIDTH,"100%" --> </FONT></P> <!-- User-specified TAGGED TABLE --> <DIV ALIGN="CENTER"><TABLE width="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD WIDTH="10pt" style="font-family:times;"></TD> <TD WIDTH="" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="51pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="56pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <!-- TABLE COLUMN WIDTHS END --></TR> <TR VALIGN="BOTTOM"> <TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2> </FONT><BR></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Three months ended<BR> March 31, </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> </TR> <TR VALIGN="BOTTOM"> <TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1> </FONT><BR></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2011 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2010 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Operating activities</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income for the period</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>45,264</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>22,332</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Add (deduct) items not affecting cash:</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Amortization of plant and mine development</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 61,929</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>30,503</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Future income and mining taxes</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 8,879</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>13,095</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gain on sale of available-for-sale securities and derivative financial instruments</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> (6,428</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(459</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stock-based compensation</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 17,303</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>15,168</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Foreign currency translation loss</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 14,065</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8,901</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 5,935</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,991</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Changes in non-cash working capital balances</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Trade receivables</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 41,383</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>20,390</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income taxes payable</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> (13,057</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,924</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other taxes recoverable</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 11,821</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(1,196</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Inventories</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> (16,595</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(25,542</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other current assets</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> (7,355</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(2,686</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest payable</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 10,770</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(339</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accounts payable and accrued liabilities</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> (2,871</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(12,591</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash provided by operating activities</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 171,043</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>74,491</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Investing activities</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Additions to property, plant and mine development</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> (96,849</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(112,563</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Increase in short-term investments</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 2,201</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net proceeds on sale of available-for-sale securities and other</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 8,764</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>465</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Purchases of available-for-sale securities</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> (4,565</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(6,107</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Decrease (increase) in restricted cash</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 492</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(1,132</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash used in investing activities</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> (89,957</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(119,329</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Financing activities</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Dividends paid</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> (25,820</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(26,830</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Repayment of capital lease obligations</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> (3,053</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(1,539</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Proceeds from long-term debt</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> —</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>100,000</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Repayment of long-term debt</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> (50,000</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(80,000</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Sale-leaseback financing</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> —</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,005</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Proceeds from common shares issued</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 10,031</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,718</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash used in financing activities</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> (68,842</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(1,646</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Effect of exchange rate changes on cash and cash equivalents</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 629</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(181</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net increase (decrease) in cash and cash equivalents during the period</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 12,873</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(46,665</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash and cash equivalents, beginning of period</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 95,560</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>160,280</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash and cash equivalents, end of period</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>108,433</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>113,615</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Other operating cash flow information:</I></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest paid during the period</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>3,229</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8,722</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income, mining and capital taxes paid during the period</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>35,219</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,497</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> </TABLE></DIV> <!-- end of user-specified TAGGED TABLE --> </DIV> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>See accompanying notes</I></FONT></P> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>14</FONT></P> <HR NOSHADE> <P style='font-family:times;page-break-before:always'></p> <!-- ZEQ.=2,SEQ=15,EFW="2203552",CP="AGNICO-EAGLE MINES LIMITED",DN="2",CHK=696606,FOLIO='14',FILE='DISK134:[11ZBF1.11ZBF42501]FG42501B.;12',USER='MVANGB',CD='12-MAY-2011;08:20' --> <!-- THIS IS THE END OF A COMPOSITION COMPONENT --> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="page_fi42501_1_15"> </A> <!-- COMMAND=ADD_BASECOLOR,"Black" --> <!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" --> <!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" --> <!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" --> <!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" --> <!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" --> <!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" --> </FONT></P> <!-- TOC_END --> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="fi42501_agnico-eagle_mines_limited_not__agn07178"> </A> <A NAME="toc_fi42501_1"> </A></FONT> <FONT SIZE=2><B><BR> AGNICO-EAGLE MINES LIMITED <BR> <BR> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS <BR> <BR> (thousands of United States dollars except share and per share amounts, unless otherwise indicated)<BR> (Unaudited)<BR> March 31, 2011 <BR> </B></FONT></P> <P style="font-family:times;"><FONT SIZE=1><B> 1. BASIS OF PRESENTATION </B></FONT></P> <UL> <P style="font-family:times;"><FONT SIZE=1>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. </FONT></P> <P style="font-family:times;"><FONT SIZE=1>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. </FONT></P> </UL> <P style="font-family:times;"><FONT SIZE=1><B> 2. USE OF ESTIMATES </B></FONT></P> <UL> <P style="font-family:times;"><FONT SIZE=1>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. </FONT></P> </UL> <P style="font-family:times;"><FONT SIZE=1><B> 3. ACCOUNTING POLICIES </B></FONT></P> <UL> <P style="font-family:times;"><FONT SIZE=1>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. </FONT></P> <P style="font-family:times;"><FONT SIZE=1><B> <U>Recently Adopted Accounting Pronouncement</U> </B></FONT></P> <P style="font-family:times;"><FONT SIZE=1><I> Fair Value Accounting </I></FONT></P> <P style="font-family:times;"><FONT SIZE=1>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. </FONT></P> <P style="font-family:times;"><FONT SIZE=1><I> Business Combinations </I></FONT></P> <P style="font-family:times;"><FONT SIZE=1>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. </FONT></P> <P style="font-family:times;"><FONT SIZE=1><I> Revenue Recognition — Multiple-Deliverable Revenue Arrangements </I></FONT></P> <P style="font-family:times;"><FONT SIZE=1>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. </FONT></P> </UL> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>15</FONT></P> <HR NOSHADE> <P style='font-family:times;page-break-before:always'></p> <!-- ZEQ.=1,SEQ=16,EFW="2203552",CP="AGNICO-EAGLE MINES LIMITED",DN="2",CHK=165272,FOLIO='15',FILE='DISK134:[11ZBF1.11ZBF42501]FI42501A.;40',USER='MVANGB',CD='12-MAY-2011;08:20' --> <A NAME="page_fi42501_1_16"> </A> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR> AGNICO-EAGLE MINES LIMITED </B></FONT></P> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) </B></FONT></P> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (thousands of United States dollars except share and per share amounts, unless otherwise indicated)<BR> (Unaudited)<BR> March 31, 2011 </B></FONT></P> <P style="font-family:times;"><FONT SIZE=1><B> 4. FAIR VALUE MEASUREMENT </B></FONT></P> <UL> <P style="font-family:times;"><FONT SIZE=1>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: </FONT></P> <UL> <P style="font-family:times;"><FONT SIZE=1>Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; </FONT></P> <P style="font-family:times;"><FONT SIZE=1>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; </FONT></P> <P style="font-family:times;"><FONT SIZE=1>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). </FONT></P> </UL> <P style="font-family:times;"><FONT SIZE=1>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. </FONT></P> <P style="font-family:times;"><FONT SIZE=1>The following table sets forth the Company's financial assets and liabilities measured at fair value within the fair value hierarchy. </FONT></P> </UL> <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;"> <p style="font-family:times;"><font size=1></FONT><FONT SIZE=1> <!-- COMMAND=ADD_TABLEWIDTH,"100%" --> </FONT></P> <!-- User-specified TAGGED TABLE --> <DIV ALIGN="CENTER"><TABLE width="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD WIDTH="16pt" style="font-family:times;"></TD> <TD WIDTH="" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="37pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="36pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="36pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="36pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <!-- TABLE COLUMN WIDTHS END --></TR> <TR VALIGN="BOTTOM"> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1> </FONT><BR></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Level 1 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Level 2 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Level 3 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Financial assets:</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Cash equivalents and short-term investments<SUP>(1)</SUP></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>5,633</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>—</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>5,633</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>—</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Available-for-sale securities<SUP>(2)(3)</SUP></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>101,985</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>93,849</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>8,136</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>—</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Trade receivables<SUP>(4)</SUP></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>71,566</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>—</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>71,566</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>—</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Derivative assets<SUP>(3)</SUP></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>2,036</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>—</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>2,036</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>—</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>181,220</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>93,849</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>87,371</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>—</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Financial liabilities:</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Derivative liabilities<SUP>(3)</SUP></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>—</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>—</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>—</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>—</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> </TABLE></DIV> <!-- end of user-specified TAGGED TABLE --> <!-- COMMAND=ADD_LINERULETXT,NOSHADE COLOR="#000000" SIZE="1.0PT" WIDTH="12%" ALIGN="LEFT" --> <HR NOSHADE COLOR="#000000" SIZE="1.0PT" WIDTH="12%" ALIGN="LEFT" > <UL> <DL compact> <DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Fair value approximates the carrying amounts due to the short-term nature. <BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Recorded at fair value using quoted market prices. <BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Recorded at fair value based on broker-dealer quotations. <BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>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. </FONT></DD></DL> </UL> </DIV> <UL> <P style="font-family:times;"><FONT SIZE=1>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. </FONT></P> <P style="font-family:times;"><FONT SIZE=1>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. </FONT></P> <P style="font-family:times;"><FONT SIZE=1>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. </FONT></P> </UL> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>16</FONT></P> <HR NOSHADE> <P style='font-family:times;page-break-before:always'></p> <!-- ZEQ.=2,SEQ=17,EFW="2203552",CP="AGNICO-EAGLE MINES LIMITED",DN="2",CHK=348788,FOLIO='16',FILE='DISK134:[11ZBF1.11ZBF42501]FI42501A.;40',USER='MVANGB',CD='12-MAY-2011;08:20' --> <A NAME="page_fi42501_1_17"> </A> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR> AGNICO-EAGLE MINES LIMITED </B></FONT></P> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) </B></FONT></P> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (thousands of United States dollars except share and per share amounts, unless otherwise indicated)<BR> (Unaudited)<BR> March 31, 2011 </B></FONT></P> <P style="font-family:times;"><FONT SIZE=1><B> 4. FAIR VALUE MEASUREMENT (Continued) </B></FONT></P> <UL> <BR> <P style="font-family:times;"><FONT SIZE=1>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. </FONT></P> </UL> <P style="font-family:times;"><FONT SIZE=1><B> 5. SHAREHOLDERS' EQUITY </B></FONT></P> <UL> <P style="font-family:times;"><FONT SIZE=1>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. </FONT></P> <P style="font-family:times;"><FONT SIZE=1>The following table presents the maximum number of common shares that would be outstanding if all instruments outstanding at March 31, 2011 were exercised: </FONT></P> </UL> <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;"> <p style="font-family:times;"><font size=1></FONT><FONT SIZE=1> <!-- COMMAND=ADD_TABLEWIDTH,"100%" --> </FONT></P> <!-- User-specified TAGGED TABLE --> <DIV ALIGN="CENTER"><TABLE width="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD WIDTH="16pt" style="font-family:times;"></TD> <TD WIDTH="" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="55pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <!-- TABLE COLUMN WIDTHS END --></TR> <TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Common shares outstanding at March 31, 2011</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>169,017,306</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="BOTTOM"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Employees' stock options</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>9,081,520</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Warrants</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>8,600,000</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="BOTTOM"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>186,698,826</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> </TABLE></DIV> <!-- end of user-specified TAGGED TABLE --> </DIV> <UL> <P style="font-family:times;"><FONT SIZE=1>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). </FONT></P> <P style="font-family:times;"><FONT SIZE=1>The following table illustrates the changes in common shares for the three months ended March 31, 2011: </FONT></P> </UL> <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;"> <p style="font-family:times;"><font size=1></FONT><FONT SIZE=1> <!-- COMMAND=ADD_TABLEWIDTH,"100%" --> </FONT></P> <!-- User-specified TAGGED TABLE --> <DIV ALIGN="CENTER"><TABLE width="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD WIDTH="16pt" style="font-family:times;"></TD> <TD WIDTH="" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="55pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="45pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <!-- TABLE COLUMN WIDTHS END --></TR> <TR VALIGN="BOTTOM"> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1> </FONT><BR></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Shares </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Amount </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Common shares, beginning of period</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>168,720,355</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>3,078,217</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Shares issued under Employee Stock Option Plan</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>164,219</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>8,806</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Shares issued under Incentive Share Purchase Plan</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>71,141</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>4,734</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Shares issued under Dividend Reinvestment Plan</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>18,450</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>1,232</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Restricted Share unit plan</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>(38,349</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>(2,787</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>)</FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Common shares, end of period</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>168,935,816</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>3,090,202</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> </TABLE></DIV> <!-- end of user-specified TAGGED TABLE --> </DIV> <UL> <P style="font-family:times;"><FONT SIZE=1>The following table provides the reconciliation for the weighted average number of common shares in the calculation of basic and diluted income per share: </FONT></P> </UL> <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;"> <p style="font-family:times;"><font size=1></FONT><FONT SIZE=1> <!-- COMMAND=ADD_TABLEWIDTH,"100%" --> </FONT></P> <!-- User-specified TAGGED TABLE --> <DIV ALIGN="CENTER"><TABLE width="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD WIDTH="8pt" style="font-family:times;"></TD> <TD WIDTH="8pt" style="font-family:times;"></TD> <TD WIDTH="16pt" style="font-family:times;"></TD> <TD WIDTH="" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="42pt" style="font-family:times;"></TD> <TD WIDTH="21pt" style="font-family:times;"></TD> <TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="42pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <!-- TABLE COLUMN WIDTHS END --></TR> <TR VALIGN="BOTTOM"> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=3 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1> </FONT><BR></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Three months ended<BR> March 31, </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> </TR> <TR VALIGN="BOTTOM"> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=3 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1> </FONT><BR></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2011 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2010 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net income</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>45,264</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>22,332</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Weighted average number of common shares outstanding — basic</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>168,853</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>156,692</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Add: Dilutive impact of employee stock options</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>1,155</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>907</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Dilutive impact of warrants</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>2,773</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>1,449</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=0> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Dilutive impact of treasury shares related to restricted share unit plan</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>82</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>45</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD style="font-family:times;"> </TD> <TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Weighted average number of common shares outstanding — diluted</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>172,863</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>159,093</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD style="font-family:times;"> </TD> <TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net income per share — basic</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>0.27</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>0.14</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD style="font-family:times;"> </TD> <TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net income per share — diluted</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>0.26</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>0.14</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD style="font-family:times;"> </TD> <TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> </TABLE></DIV> <!-- end of user-specified TAGGED TABLE --> </DIV> <UL> <P style="font-family:times;"><FONT SIZE=1>The calculation of diluted income per common share has been computed using the treasury stock method. </FONT></P> </UL> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>17</FONT></P> <HR NOSHADE> <P style='font-family:times;page-break-before:always'></p> <!-- ZEQ.=3,SEQ=18,EFW="2203552",CP="AGNICO-EAGLE MINES LIMITED",DN="2",CHK=79963,FOLIO='17',FILE='DISK134:[11ZBF1.11ZBF42501]FI42501A.;40',USER='MVANGB',CD='12-MAY-2011;08:20' --> <A NAME="page_fi42501_1_18"> </A> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR> AGNICO-EAGLE MINES LIMITED </B></FONT></P> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) </B></FONT></P> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (thousands of United States dollars except share and per share amounts, unless otherwise indicated)<BR> (Unaudited)<BR> March 31, 2011 </B></FONT></P> <P style="font-family:times;"><FONT SIZE=1><B> 6. STOCK-BASED COMPENSATION </B></FONT></P> <UL> <P style="font-family:times;"><FONT SIZE=1>The following summary sets out the activity with respect to the Company's outstanding stock options: </FONT></P> </UL> <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;"> <p style="font-family:times;"><font size=1></FONT><FONT SIZE=1> <!-- COMMAND=ADD_TABLEWIDTH,"100%" --> </FONT></P> <!-- User-specified TAGGED TABLE --> <DIV ALIGN="CENTER"><TABLE width="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD WIDTH="16pt" style="font-family:times;"></TD> <TD WIDTH="" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="63pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="81pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <!-- TABLE COLUMN WIDTHS END --></TR> <TR VALIGN="BOTTOM"> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1> </FONT><BR></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Three months ended<BR> March 31, 2011 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> </TR> <TR VALIGN="BOTTOM"> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1> </FONT><BR></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B># of Options </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Weighted average<BR> exercise price </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> </TR> <TR VALIGN="BOTTOM"> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1> </FONT><BR></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1> </FONT><BR></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>(C$)</B></FONT><BR></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Outstanding, beginning of period</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>6,762,704</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>56.94</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Granted</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>2,574,785</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>76.56</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Exercised</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>(164,219</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>41.47</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Forfeited</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>(91,750</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>66.87</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Outstanding, end of period</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>9,081,520</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>62.88</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Options exercisable at end of period</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>5,527,416</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>66.25</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> </TABLE></DIV> <!-- end of user-specified TAGGED TABLE --> </DIV> <UL> <P style="font-family:times;"><FONT SIZE=1>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: </FONT></P> </UL> <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;"> <p style="font-family:times;"><font size=1></FONT><FONT SIZE=1> <!-- COMMAND=ADD_TABLEWIDTH,"100%" --> </FONT></P> <!-- User-specified TAGGED TABLE --> <DIV ALIGN="CENTER"><TABLE width="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD WIDTH="16pt" style="font-family:times;"></TD> <TD WIDTH="" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="31pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="31pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <!-- TABLE COLUMN WIDTHS END --></TR> <TR VALIGN="BOTTOM"> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1> </FONT><BR></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2011 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2010 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Risk-free interest rate</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>1.96%</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>1.86%</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Expected life of options (in years)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>2.5</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>2.5</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Expected volatility of the Company's share price</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>34.6%</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>44.4%</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Expected dividend yield</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>0.88%</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>0.43%</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> </TABLE></DIV> <!-- end of user-specified TAGGED TABLE --> </DIV> <P style="font-family:times;"><FONT SIZE=1><B> 7. AVAILABLE-FOR-SALE SECURITIES </B></FONT></P> <UL> <P style="font-family:times;"><FONT SIZE=1>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). </FONT></P> <P style="font-family:times;"><FONT SIZE=1>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: </FONT></P> </UL> <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;"> <p style="font-family:times;"><font size=1></FONT><FONT SIZE=1> <!-- COMMAND=ADD_TABLEWIDTH,"100%" --> </FONT></P> <!-- User-specified TAGGED TABLE --> <DIV ALIGN="CENTER"><TABLE width="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD WIDTH="16pt" style="font-family:times;"></TD> <TD WIDTH="" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="73pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="88pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <!-- TABLE COLUMN WIDTHS END --></TR> <TR VALIGN="BOTTOM"> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1> </FONT><BR></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>As at<BR> March 31, 2011 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>As at<BR> December 31, 2010 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><I>Available-for-sale securities in an unrealized gain position</I></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Cost</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>51,153</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>50,958</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Unrealized gains in other comprehensive income</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>50,832</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>48,151</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Estimated fair value</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>101,985</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>99,109</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><I>Available-for-sale securities in an unrealized loss position</I></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Cost</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>—</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>—</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Unrealized losses in other comprehensive income</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>—</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>—</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Estimated fair value</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>—</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>—</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Total estimated fair value of available-for-sale securities</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>101,985</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>99,109</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> </TABLE></DIV> <!-- end of user-specified TAGGED TABLE --> </DIV> <P style="font-family:times;"><FONT SIZE=1><B> 8. LONG-TERM DEBT </B></FONT></P> <UL> <P style="font-family:times;"><FONT SIZE=1>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). </FONT></P> </UL> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>18</FONT></P> <HR NOSHADE> <P style='font-family:times;page-break-before:always'></p> <!-- ZEQ.=4,SEQ=19,EFW="2203552",CP="AGNICO-EAGLE MINES LIMITED",DN="2",CHK=469730,FOLIO='18',FILE='DISK134:[11ZBF1.11ZBF42501]FI42501A.;40',USER='MVANGB',CD='12-MAY-2011;08:20' --> <A NAME="page_fi42501_1_19"> </A> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR> AGNICO-EAGLE MINES LIMITED </B></FONT></P> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) </B></FONT></P> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (thousands of United States dollars except share and per share amounts, unless otherwise indicated)<BR> (Unaudited)<BR> March 31, 2011 </B></FONT></P> <P style="font-family:times;"><FONT SIZE=1><B> 8. LONG-TERM DEBT (Continued) </B></FONT></P> <UL> <P style="font-family:times;"><FONT SIZE=1>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. </FONT></P> </UL> <P style="font-family:times;"><FONT SIZE=1><B> 9. FINANCIAL INSTRUMENTS </B></FONT></P> <UL> <P style="font-family:times;"><FONT SIZE=1>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. </FONT></P> <P style="font-family:times;"><FONT SIZE=1>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). </FONT></P> <P style="font-family:times;"><FONT SIZE=1>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. </FONT></P> <P style="font-family:times;"><FONT SIZE=1>There were no foreign exchange hedges during the first quarter of 2011 and 2010. </FONT></P> <P style="font-family:times;"><FONT SIZE=1>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. </FONT></P> </UL> <P style="font-family:times;"><FONT SIZE=1><B> 10. COMMITMENTS, CONTINGENCIES, AND GUARANTEES </B></FONT></P> <UL> <P style="font-family:times;"><FONT SIZE=1>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. </FONT></P> </UL> <P style="font-family:times;"><FONT SIZE=1><B> 11. SEGMENTED INFORMATION </B></FONT></P> <UL> <P style="font-family:times;"><FONT SIZE=1>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: </FONT></P> </UL> <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;"> <p style="font-family:times;"><font size=1></FONT><FONT SIZE=1> <!-- COMMAND=ADD_TABLEWIDTH,"100%" --> </FONT></P> <!-- User-specified TAGGED TABLE --> <DIV ALIGN="CENTER"><TABLE width="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD WIDTH="16pt" style="font-family:times;"></TD> <TD WIDTH="81pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="" style="font-family:times;"></TD> <!-- TABLE COLUMN WIDTHS END --></TR> <TR VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1>Canada:</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1>LaRonde Mine, Lapa Mine, Goldex Mine, Meadowbank Mine, and the Regional Office</FONT></TD> </TR> <TR VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1>Europe:</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1>Kittila Mine</FONT></TD> </TR> <TR VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1>Latin America:</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1>Pinos Altos Mine and the Creston Mascota deposit at Pinos Altos</FONT></TD> </TR> <TR VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1>Exploration:</FONT></TD> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD style="font-family:times;"><FONT SIZE=1>USA Exploration office, Europe Exploration office, Canada Exploration office, Meliadine Mine Project, and the Latin America Exploration office</FONT></TD> </TR> </TABLE></DIV> <!-- end of user-specified TAGGED TABLE --> </DIV> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>19</FONT></P> <HR NOSHADE> <P style='font-family:times;page-break-before:always'></p> <!-- ZEQ.=5,SEQ=20,EFW="2203552",CP="AGNICO-EAGLE MINES LIMITED",DN="2",CHK=494800,FOLIO='19',FILE='DISK134:[11ZBF1.11ZBF42501]FI42501A.;40',USER='MVANGB',CD='12-MAY-2011;08:20' --> <A NAME="page_fi42501_1_20"> </A> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR> AGNICO-EAGLE MINES LIMITED </B></FONT></P> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) </B></FONT></P> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (thousands of United States dollars except share and per share amounts, unless otherwise indicated)<BR> (Unaudited)<BR> March 31, 2011 </B></FONT></P> <P style="font-family:times;"><FONT SIZE=1><B> 11. SEGMENTED INFORMATION (Continued) </B></FONT></P> </DIV> <UL> <P style="font-family:times;"><FONT SIZE=1>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. </FONT></P> <P style="font-family:times;"><FONT SIZE=1>Corporate Head Office assets are included in the Canada category and specific corporate income and expense items are noted separately below. </FONT></P> <P style="font-family:times;"><FONT SIZE=1>The Meadowbank Mine achieved commercial production March 1, 2010. The Creston Mascota deposit at Pinos Altos achieved commercial production March 1, 2011. </FONT></P> </UL> <DIV style="padding:0pt;position:relative;width:54%;margin-left:10%;"> <p style="font-family:times;"><font size=1></FONT><FONT SIZE=1> <!-- COMMAND=ADD_TABLEWIDTH,"150%" --> </FONT></P> <!-- User-specified TAGGED TABLE --> <DIV ALIGN="CENTER"><TABLE width="150%" BORDER=0 CELLSPACING=0 CELLPADDING=0> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD WIDTH="16pt" style="font-family:times;"></TD> <TD WIDTH="" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="53pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="53pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="61pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="63pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="82pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="42pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <!-- TABLE COLUMN WIDTHS END --></TR> <TR VALIGN="BOTTOM"> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH NOWRAP ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:75pt;"><FONT SIZE=1><B>Three Months Ended<BR> March 31, 2011 <!-- COMMAND=ADD_SCROPPEDRULE,75pt --> </B></FONT></DIV></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Revenues<BR> from<BR> Mining<BR> Operations </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Production<BR> Costs </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Amortization </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Exploration<BR> & Corporate<BR> Development </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Foreign Currency<BR> Translation Loss<BR> (Gain) </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Segment<BR> Income<BR> (Loss) </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Canada</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>277,571</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>139,160</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>47,101</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>—</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>10,305</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>81,005</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Europe</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>56,331</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>28,500</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>7,268</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>—</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>3,863</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>16,700</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Latin America</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>78,166</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>30,907</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>7,560</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>—</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>(103</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>39,802</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Exploration</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>—</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>—</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>—</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>16,978</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>—</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>(16,978</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>)</FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>412,068</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>198,567</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>61,929</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>16,978</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>14,065</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>120,529</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD COLSPAN=16 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1> Segment income</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>120,529</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Corporate and Other</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD COLSPAN=16 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1> Interest and sundry income</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>248</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD COLSPAN=16 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1> Gain on sale of available-for-sale securities</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>4,394</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD COLSPAN=16 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1> Gain on derivative financial instruments</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>1,351</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD COLSPAN=16 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1> General and administrative</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>(35,152</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>)</FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD COLSPAN=16 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1> Interest expense</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>(14,008</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>)</FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD COLSPAN=16 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B> Income before income, mining and federal capital taxes</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>77,362</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> </TABLE></DIV> <!-- end of user-specified TAGGED TABLE --> </DIV> <P style="font-family:times;"><FONT SIZE=1> <BR></FONT></P> <DIV style="padding:0pt;position:relative;width:54%;margin-left:10%;"> <p style="font-family:times;"><font size=1></FONT><FONT SIZE=1> <!-- COMMAND=ADD_TABLEWIDTH,"150%" --> </FONT></P> <!-- User-specified TAGGED TABLE --> <DIV ALIGN="CENTER"><TABLE width="150%" BORDER=0 CELLSPACING=0 CELLPADDING=0> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD WIDTH="16pt" style="font-family:times;"></TD> <TD WIDTH="" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="53pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="53pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="61pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="63pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="82pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="42pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <!-- TABLE COLUMN WIDTHS END --></TR> <TR VALIGN="BOTTOM"> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH NOWRAP ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:75pt;"><FONT SIZE=1><B>Three Months Ended<BR> March 31, 2010 <!-- COMMAND=ADD_SCROPPEDRULE,75pt --> </B></FONT></DIV></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Revenues<BR> from<BR> Mining<BR> Operations </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Production<BR> Costs </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Amortization </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Exploration<BR> & Corporate<BR> Development </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Foreign Currency<BR> Translation Loss<BR> (Gain) </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Segment<BR> Income<BR> (Loss) </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Canada</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>176,615</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>81,360</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>20,361</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>—</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>10,159</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>64,735</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Europe</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>34,488</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>23,018</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>7,114</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>—</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>(662</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>5,018</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Latin America</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>26,480</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>13,849</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>3,028</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>—</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>(596</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>)</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>10,199</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Exploration</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>—</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>—</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>—</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>7,504</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>—</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>(7,504</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>)</FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>237,583</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>118,227</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>30,503</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>7,504</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>8,901</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>72,448</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD COLSPAN=16 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1> Segment income</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>72,448</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Corporate and Other</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD COLSPAN=16 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1> Interest and sundry income</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>1,376</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD COLSPAN=16 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1> General and administrative</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>(28,430</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>)</FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD COLSPAN=16 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1> Gain on sale of available-for-sale securities</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>346</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD COLSPAN=16 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1> Loss on derivative financial instruments</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>(549</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>)</FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD COLSPAN=16 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1> Provincial capital tax</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>587</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD COLSPAN=16 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1> Interest expense</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>(4,504</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>)</FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD COLSPAN=16 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B> Income before income, mining and federal capital taxes</B></FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>41,274</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> </TABLE></DIV> <!-- end of user-specified TAGGED TABLE --> </DIV> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>20</FONT></P> <HR NOSHADE> <P style='font-family:times;page-break-before:always'></p> <!-- ZEQ.=6,SEQ=21,EFW="2203552",CP="AGNICO-EAGLE MINES LIMITED",DN="2",CHK=1011603,FOLIO='20',FILE='DISK134:[11ZBF1.11ZBF42501]FI42501A.;40',USER='MVANGB',CD='12-MAY-2011;08:20' --> <A NAME="page_fi42501_1_21"> </A> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR> AGNICO-EAGLE MINES LIMITED </B></FONT></P> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) </B></FONT></P> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (thousands of United States dollars except share and per share amounts, unless otherwise indicated)<BR> (Unaudited)<BR> March 31, 2011 </B></FONT></P> <P style="font-family:times;"><FONT SIZE=1><B> 11. SEGMENTED INFORMATION (Continued) </B></FONT></P> </DIV> <P style="font-family:times;"><FONT SIZE=1> <BR></FONT></P> <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;"> <p style="font-family:times;"><font size=1></FONT><FONT SIZE=1> <!-- COMMAND=ADD_TABLEWIDTH,"100%" --> </FONT></P> <!-- User-specified TAGGED TABLE --> <DIV ALIGN="CENTER"><TABLE width="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD WIDTH="16pt" style="font-family:times;"></TD> <TD WIDTH="" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="73pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD> <TD WIDTH="88pt" style="font-family:times;"></TD> <TD WIDTH="12pt" style="font-family:times;"></TD> <!-- TABLE COLUMN WIDTHS END --></TR> <TR VALIGN="BOTTOM"> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1> </FONT><BR></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total Assets as at </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> </TR> <TR VALIGN="BOTTOM"> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1> </FONT><BR></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>March 31, 2011 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> <TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December 31, 2010 </B></FONT></TH> <TH style="font-family:times;"><FONT SIZE=1> </FONT></TH> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Canada</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>4,137,892</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>4,172,997</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Europe</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>702,200</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>679,258</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Mexico</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>654,319</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>619,263</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR BGCOLOR="White" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Exploration</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>28,790</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>28,833</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> <TR BGCOLOR="#CCEEFF" VALIGN="TOP"> <TD style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>5,523,201</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$</FONT></TD> <TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>5,500,351</FONT></TD> <TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1> </FONT></TD> </TR> <TR style="font-size:1.5pt;" VALIGN="TOP"> <TD style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> <TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"> </TD> <TD VALIGN="BOTTOM" style="font-family:times;"> </TD> </TR> </TABLE></DIV> <!-- end of user-specified TAGGED TABLE --> </DIV> <P style="font-family:times;"><FONT SIZE=1><B> 12. GENERAL AND ADMINISTRATIVE </B></FONT></P> <UL> <P style="font-family:times;"><FONT SIZE=1>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. </FONT></P> </UL> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>21</FONT></P> <HR NOSHADE> <P style='font-family:times;page-break-before:always'></p> <!-- ZEQ.=7,SEQ=22,EFW="2203552",CP="AGNICO-EAGLE MINES LIMITED",DN="2",CHK=284844,FOLIO='21',FILE='DISK134:[11ZBF1.11ZBF42501]FI42501A.;40',USER='MVANGB',CD='12-MAY-2011;08:20' --> <!-- THIS IS THE END OF A COMPOSITION COMPONENT --> <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2> <!-- COMMAND=ADD_BASECOLOR,"Black" --> <!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" --> <!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" --> <!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" --> <!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" --> <!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" --> <!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" --> </FONT> <FONT SIZE=2><B> <IMG SRC="https://cdn.kscope.io/6f04ebf7e60f8236dcad5e861882a534-g592449.jpg" ALT="LOGO" WIDTH="144" HEIGHT="144"> </B></FONT></P> <HR NOSHADE> <P style='font-family:times;page-break-before:always'></p> <!-- ZEQ.=1,SEQ=23,EFW="2203552",CP="AGNICO-EAGLE MINES LIMITED",DN="2",CHK=875584,FOLIO='blank',FILE='DISK134:[11ZBF1.11ZBF42501]HO42501A.;3',USER='MVANGB',CD='12-MAY-2011;08:20' --> <!-- THIS IS THE END OF A COMPOSITION COMPONENT --> <BR> <P><br><A NAME="11ZBF42502_2">QuickLinks</A><br></P><!-- TOC_BEGIN --> <UL> <FONT SIZE=2 style="font-family:times;"><A HREF="#toc_be42501_1">Exhibit 99.1</A></FONT><BR> </UL> <FONT SIZE=2 style="font-family:times;"><A HREF="#toc_be42501_2">First Quarter Report 2011</A></FONT><BR> <!-- TOC_BEGIN --> <FONT SIZE=2 style="font-family:times;"><A HREF="#toc_de42501_1">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) </A></FONT><BR> <!-- TOC_BEGIN --> <FONT SIZE=2 style="font-family:times;"><A HREF="#toc_fc42501_1">AGNICO-EAGLE MINES LIMITED SUMMARY OF OPERATIONS KEY PERFORMACE INDICATORS (thousands of United States dollars, except where noted, US GAAP basis)</A></FONT><BR> <FONT SIZE=2 style="font-family:times;"><A HREF="#toc_fc42501_2">AGNICO-EAGLE MINES LIMITED SUMMARIZED QUARTERLY DATA (thousands of United States dollars, except where noted)</A></FONT><BR> <!-- TOC_BEGIN --> <FONT SIZE=2 style="font-family:times;"><A HREF="#toc_fe42501_1">AGNICO-EAGLE MINES LIMITED CONSOLIDATED BALANCE SHEETS (thousands of United States dollars, US GAAP basis) (Unaudited)</A></FONT><BR> <FONT SIZE=2 style="font-family:times;"><A HREF="#toc_fe42501_2">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)</A></FONT><BR> <!-- TOC_BEGIN --> <FONT SIZE=2 style="font-family:times;"><A HREF="#toc_fg42501_1">AGNICO-EAGLE MINES LIMITED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (thousands of United States dollars, US GAAP basis) (Unaudited)</A></FONT><BR> <FONT SIZE=2 style="font-family:times;"><A HREF="#toc_fg42501_2">AGNICO-EAGLE MINES LIMITED CONSOLIDATED STATEMENTS OF CASH FLOWS (thousands of United States dollars, US GAAP basis) (Unaudited)</A></FONT><BR> <!-- TOC_BEGIN --> <FONT SIZE=2 style="font-family:times;"><A HREF="#toc_fi42501_1">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</A></FONT><BR> <!-- SEQ=,FILE='QUICKLINK',USER=MVANGB,SEQ=,EFW="2203552",CP="AGNICO-EAGLE MINES LIMITED",DN="2" --> <!-- TOCEXISTFLAG --> </BODY> </HTML>