Good day and welcome to the Agnico Eagle Mines Limited’s Fourth Quarter Conference Call. Today’s conference is being recorded. At this time I would like to turn the conference over to Mr. Sean Boyd, President and CEO. Please go ahead Mr. Boyd.

Thank you, operator and good morning everyone and thanks for joining our Q4 and full year 2014 conference call. What I like to do is just start it with some highlights and go through the operations and the projects and also give you some sense of what we’re thinking on the exploration front which is sighting developments for us given the success we had last year. In terms of the production highlights in Q4, we saw a record gold production combined with continued good cost performance and that allowed us to exceed our annual production in cost guidance for the third straight year. Our strong performance in 2014, it sets us up nicely to deliver more gold production in 2015. We’re looking for 12% more gold production and producing more gold production and producing more gold at lower unit cost. We’re looking for cash cost in a range of $610 to $630 per ounce and all-in sustaining cost in a range $880 to $900 an ounce. Another highlight for us was on the reserves side. We calculated our reserves this year at $1150 US that’s down $50 from the prior year except for Canadian Malartic, the partnership decided to leave the reserve price at $1300 an ounce US for the Canadian Malartic Mine. As a result our reserves stand at 20 million ounces but more importantly we saw a grade increasing at several of our key mines. We saw LaRonde grade go up, now 5.2 grams per ton. At Kittila, now 4.9 grams per ton up from 4.6 and at Pinos Altos we’re seeing a 3 gram per ton or 3.2 gram per ton reserve grade. So I think that’s a good thing we’re lowering [ph] the gold price and we’re seeing the quality of the reserve base improve at…

Thank you. [Operator Instructions] And your first question comes from the line of David Haughton of Bank of Montreal. Please go ahead.

Yes, good morning, Sean and Tim.

Good morning.

Thank you very much for the update. You’ve got a lot of opportunities well beyond your base case and I just wanted to ask you a couple of questions about that if I may.

Sure.

You’ve spoken about vault and the potential for it to extend the life at Meadowbank beyond 2017, what sort of grade and size should we be thinking about for a Vault?

The vault would be about 200,000 ounces. So it’s similar to the grades we have now. It would be sort of 2.6, 2.7 grams per ton and we were expecting Meadowbank to be finished around the end of the third quarter of 2017. So if we do a vault, there is really two phases here. We could do phase one or we could also do phase two. So we’re looking at both phases and whether we do one and two, we will determine how far into 2018 we could go. And I think why that’s important is that although we are drilling Amaruq quite quickly and we are getting a lot of information and we will calculate a midyear resource and we’ll work hard at moving that project forward. The further we can push Meadowbank back the better it is for the Amaruq development and the potential for a smaller gap between the startup of Amaruq and the mining out of the last remnants of vault.

Okay, well, at least it gives you another year to close that gap. Do you have other deposits that you could bring on string given the benefits that you spoke about of the currency in energy?

Not at Meadowbank, no. The focus will be on the vaulted extension phase one and phase two in Amaruq and then ultimately Meliadine and the Nunavut business.

All right, you’ve got two operations that are exceeding expectation on throughput Kittila and La India. Just on Kittila, design capacity 4,000 tons a day, you’re moving out through that already, where could you see it going to?

I will turn that over to Yvon.

Well, I think with the expansion in the plant the - we’re seeing probably additional capacity going forward. Unfortunately the capacity in the mine will be driving the show for the next few years. That opens the door with the Rimpi development and a third mining horizon. So somewhere 17, 18 and that’s presently not incorporated to get past 4,000 ton in our Lapa mine. So that’s an opportunity to grow moving forward.

When we were there a couple of weeks ago, they were saying that 4,500 tons a day is certainly possible there. The auto play that it looks like it has that capacity without making any modifications to it because one of our challenges earlier on was somewhat oversized for what we needed at the time at 3,000 tons a day. So that’s a good thing at this point as we’re looking at the potential to open up another mining horizon or bring in a satellite deposit at Finland.

Yeah and the ramp capacity is also at the 4,500 tons a day kind of level 2 [ph] from more recollection.

Yeah.

Other two - La India, that stacking right keeps on growing. What should we be thinking about is the ideal kind of stacking right?

Tim?

I think Q4 we’re kind of topped off on our rate. On Q4 actually we’re using a contract crushing plant that’s adding 1,000 tons a day just to clean up some oil that’s in front of us. So it’s going to be the round range of our Q4 rate looking forward.

Okay.

Maybe a little lower actually, but around that rate.

Alright, thank you, Tim.

Our next question comes from Andrew Quail of Goldman Sachs. Please go ahead.

Good morning, Sean. Thanks very much for the update and congratulations on a very strong quarter again.

Thank you.

Question on Malartic, you guys outline many, I suppose, initiatives to optimize the mill. My sort of question is what - will they sort of ballpoint to you? What do you think the key ones that decide to talk through that you’re focused on, Sean and you can get to that sort of that 55,000 tons a day rate?

Thanks Andrew, I’ll turn that over to Yvon.

Well, I don’t think there is one specific key activity. It’s more a series of activities that will lead to the changes and some of these items that have been identified in a release that’s been ongoing and their part of the baby steps that have occurred from first half of the year to second half of the year to show some of the progress. So we’ll continue on that but increasing in [indiscernible] will probably get us to the next level and that’s the biggest factor moving forward to get that 55,000 tons per day.

And there is another area of focus there outside of the plant, it’s in the mining areas. We’re focused on the North Wall. That’s where we have the better grades and the southern part of the pit was more advanced than the northern part of the pit. So we’ve got an uneven floor in the pit. So we’re looking at accelerating the northern mining rate and the Northern Wall that will make the pit more efficient but also there’s better grades in the Northern Wall. So that’s an opportunity as well and that’s where we’re putting some effort and focus.

And last one on Amaruq, it looks pretty good from initial [ph] spin. Is there anything that worries about the infrastructure there or the infrastructure between Meadowbank and Amaruq and how much do you guys need to spend to sort of ensure that if you do sort of in time track or it will be up to shape [ph]?

Yeah, we have a good sense, Andrew, of the road and we’ve looked at several locations for the road. The one difference in the area between Meadowbank and Amaruq versus Baker Lake and Meadowbank or ranking in the Meliadine is there is more changes in topography. So the road is a little bit more complex, which would make it a little bit more expensive but on a relative basis compared to Meliadine we could get a satellite operation started at Amaruq for a fraction of the cost of what the number is at Meliadine. So that’s where the focus is. The road is the biggest single component of that because the focus would be on starting a pit but we’re also seeing a potential for underground given that we do have some deeper drill holes there. So that will come in time. So I think so far so good. Maybe what I will do is I’ll let Alain or Guy just give you some sense of what the focus is over the next couple of months on drilling and what they’re seeing and why it’s generating some excitement within their group.

Yeah, thank you for your question. Right now we are looking to move the camp from Meadowbank exploration, the whole exploration camp and we have already a camp in place for over 20 bed and we can start, when we want the three rigs but we want to have a better camp with 80 beds and to bring the six rig in place this winter and what the plan is to have that resource calculation this summer and to have the indicated resources and to stop the thinking design but the target that we have along the seven kilometer trend that is a regional program that we have two boulder trend that we think that the source is the Mammoth Lake. And this is another program that we will follow this winter and this spring and at the same time we will start the Whale Tail conversion on infill program to fill the gaps between - under the lake and to fill the gaps between the hole that we drilled last year. That means that the new resource calculation next summer will give us a good indication about the real size of Whale Tail.

Thanks very much guys.

Thank you.

Your next question comes from the line of Anita Soni of Credit Suisse. Please go ahead.

Hi, just a couple of quick questions on sort of minor points. The Malartic, Q4 cost per ton 22 that did include the royalty in the guidance for 2015 of $20 a ton that does not include the royalty, is that correct?

Yes.

Okay and then just on the LaRonde, if I could ask, how were the TCRCs, are they changing at all at LaRonde right now?

I’ll turn that over to Yvon, he’s making a face. So I don’t think we’re pretty sure exactly where that’s going, there’s such a small component now of the process.

I don’t have the exact number Anita. I can check and relate that back to Brian but the - I think the - the conditions have been pretty stable on that side.

Yeah, thank you very much and congratulations on a good quarter.

Thank you.

[Operator Instructions] And your next question comes from the Mike Parkin of Desjardin. Please go ahead.

Hi guys, cognates’ on this quarter [indiscernible] quarter. Just one question on Amaruq, given its 50 kilometers away, what would - do you have any sense of what the potential like cost per ton increase with the - the core or back to the Meadowbank now?

Well, we’ve had some internal studies, they’re preliminary in nature but we’re looking at about $11 a ton so far transport.

Okay, so that added to the [indiscernible] that you guys are averaging now.

Well, added to whatever mining cost will be determined on that project at that time.

Okay, that’s it from me. Thanks.

Your next question comes from the line of Don Maclean of Paradigm Capital. Please go ahead.

Good morning guys, well done. Just on the Amaruq - maybe a little bit more color on the timing for the economic analysis and production decision and permitting of this. When do you think realistically we might expect it to come in a production?

Well, we’re sort of saying in the first half of 2019 and always said, sort of Meliadine second half of 2019, if we give it a go ahead. So that’s roughly where we are now and we’ll see but the first step is to continue the drilling, get the resource done, fine tune the road analysis and then the drilling will really, ultimately determine the extent of a potential underground but I would suspect it’s open pit to start hopefully turning into an underground operation at some point. But there could be multiple pits there given that we haven’t really drilled the Mammoth Lake area and that’s where we think the source for the boulders are.

Alright, is there anything that’s kind of a critical path item Sean, a lot of this sounds like it’s just getting your ducks in a row but is there a critical path item like the permitting process?

Permitting is the critical path in Nunavut but we’ve done it successfully for. It’s really the same regulatory bodies and actually the same officials that - these regulatory bodies, so they’re very familiar with Agnico. We’ve already started doing some preliminary work with the local community for Amaruq. So I wouldn’t see any issue at all in obtaining a permit for Amaruq.

Okay and maybe a question for Alain on the Whale Tail, maybe you could give us a sense of what the strike length of the undrilled portion in the center was relative to the total strike length of the existing resource?

Yeah, as you know the trend is or the mag [ph] that we find is over seven kilometer and when looking only Whale Tail is around 1, 1.2 kilometer long and the western part and the deeper part is completely open and when looking the western trend and we think that Whale Tail continued to do well. In the last hole that we drilled, the west shore - another zone - we had another zone with Whale Tail is completely open, we don’t know about that zone that the blue sky is there.

Yeah, the gap between the two ends of the currently calculated resource is about 300 meters. So that will be the focus of the infield drilling, so we’ll have that incorporated on a mid-year resource update as well and there’s also hallow [ph] mineralization that we’re also focused on drilling around the current resource. So we would expect to add those two components to the $1.4 million Whale Tail and then anything outside that and as Alain indicated moving to the west it’s open ended with a new zone and the west is really Whale Tail where we have the boulder trend or Mammoth Lake sorry, where we have the boulder trend, so there’s lots of target here.

When you’re looking at what we have to do with the conversion program and feeding the gap and feeding between the hole that is - I think we can double the resource one day. I’m not sure when but one day.

And just to clarify, when you - Alain, you mentioned Whale Tail was sort of 1 to 1.2 kilometers, is that the strike length where the other resource footprint?

Exactly.

Okay and is there anything in the infield drilling that you feel you need to - that could change the grade as you put in more holes?

The program that we design is we would drill between 70 by 70 meter and for the interior and feeding the gap that gave us probably, I’m guessing the same grade thus we have a good understanding about the 1.2 kilometer and [indiscernible] 50 meter deep. We’re not expecting this bad surprise, probably good surprise because we have to walk about also the capping grade and more sample in hand we can improve the capping grade because we have free goal as well.

Okay, that was the heart of the question I guess because so often we see when infield drilling takes place where there are these high grade elements, sometimes the grade can actually go down as it gets tightened up but that’s not your sense.

Yeah, there is also two ultimate holes that we’ve drilled in that gap, so the mineralization is there, so it’s a matter now from the lake now, drilling into that 300 meter gap and seeing if we can connect the two ends of what we now have in the Whale Tail resource. And that’s important because all of our studies right now are done on two separate pits on either end of Whale Tail are preliminary works of filling in the gap because there’s a one bigger pit improves the strip ratio, improves the economics et cetera. So that information is important.

That sounds good. Good luck.

Thank you.

Your next question comes from Anita Soni of Credit Suisse. Please go ahead.

Hi, just a couple of follow ups. The Whale Tail, what is the strip ratio right now that you’re looking at?

Yeah, it’s more than Meadowbank but it’s two smaller pits, so we think ultimately with one bigger pit it’s more like Meadowbank maybe a bit better.

And then in terms of the inferred category at Meadowbank, so that grade seems pretty decent even if you throw in some dilution, I’m not quite sure if you guys talked about dilution in your effort or not but is there anything about that inferred mineral inventory that you have at Meadowbank itself that I should be aware of why it’s - if you’re [ph] not something that you’re not focused on it, yet?

Yeah, it’s below the bit. So it’s unlikely that we’re going to invest capital to put a ramp in to go after it.

And then last question is - with respect to sort of big picture plant for Kirkland Lake, I think it’s a good deposit in Canada, obviously the cads helping a lot of them - a lot of these properties, so I’m just wondering what you guys are, I was thinking about that one.

Well, continuing to drill. We had some good drill holes at depths which are suggesting the ore body continues, so that’s part of an updated study. So I think the partnerships agreed that the best approach now is to continue to drill it and then update the economics.

And where would you have that?

I think it’s toward the end of the year.

Thank you, very much.

And we have no further questions at this time. I would like to hand it back over to Mr. Boyd for closing remarks.

Thank you, operator and thank you everyone for tuning into our conference call. Thanks again.

Ladies and gentlemen, this concludes the conference call for today. We thank you for your participation. You may now disconnect your line and have a great day.