Good day, and welcome to the Agnico Eagle Mines Limited First Quarter 2016 Conference Call. Today’s conference is being recorded. At this time, I would like to turn the conference over to Mr. Sean Boyd. Please go ahead, Mr. Boyd.

Thank you, operator, and good morning everyone, and welcome to our first quarter 2016 conference call, also our annual meeting this morning, so you’re certainly all invited at 11 o’clock at the Sheraton Center. We’ll have all of our key operating, technical and exploration teams on hand with some drill core. So if you’re available in Toronto, you’re more than welcome to come. Also, as we go through the slides here, just like to make everyone aware that we will have forward-looking statements and just to be forewarned and cautious. Going over the quarterly numbers and the highlights, we continue to make very good progress on several fronts; on production, on cost, on exploration and development and on financial flexibility. Our quarterly production was 411,000 ounces at cash cost of $573, a solid contribution across the board. We’ll get into some of the details in a minute. Of particular note is the continued very good cash generation coming out of our operations in Mexico, very low cost, cost of $364 on a cash basis to produce an ounce of gold. As a result of the strong performance in the first quarter, we expect to be at the high end of our production guidance for 2016, which is 1.565 million ounces. We’ve had some again good drilling results. The results continue to come at several of our projects, most notably at Amaruq and in our new project in Sweden called Barsele, so we’ll give you some updates on that and that would be of particular attention at our annual meeting where we have our exploration team on hand with some drill core from some of those projects. And as we indicated, the solid performance in the quarter again helped us to continue the move towards improving our financial flexibility that we’ve…

Thank you. [Operator Instructions]. We will now take our first question from Stephen Walker of RBC Capital Markets. Please go ahead.

Thank you. Good morning, everybody. First on the operations, there was some unscheduled maintenance at Meadowbank with the frontend of the plant by the looks of it are conveying. Can you talk a little bit about whether that’s just a short term or structural problem? And then secondly, materials handling at Pinos as you went underground, a similar question, presumably that’s just a short-term issue.

I’ll talk about Meadowbank first, then we’ll take over the second part of the question. We had a failure on a main shaft on the secondary pressure that took us about eight days to repair. Things are basically back to normal.

As far as Pinos Altos we have had in the past and occurred this quarter as well a little bit of clay getting mixed in with the ore and that causes some upsets in the mill. That was early in the quarter and it’s just the learning curve. Once we figure out how to blend the ore, which we did do, by the end of the quarter things were running quite well.

Great. Thanks for that. And Sean, just to follow up on something that you said on the V zone up at Amaruq. Is this a potential for starter pit material, is this something that could come into a mine plan in 2018 or is it again just better understanding of the geology and the resource potential?

Stephen, it’s Alain. As you know, we did cover Amaruq in [indiscernible] and we move after in 2014 [indiscernible] on that sector and we recognize the V zone as more a flat [indiscernible] going to the south and joins together [indiscernible] we had to drill between B zone and [indiscernible]. We have to drill a lot this summer and to understand better the system because it’s like forward based [indiscernible]. And we were looking higher grade and we have to fill that sector. It’s like a panel of 800 meters by 400 meters but we have to fill the hole to recognize the grade. We can tell you [indiscernible] we saw just a couple of weeks ago like a ring of 1 centimeter large gold, and we have to recognize the real grade on that zone is firstly so early for us and how we will understand [indiscernible].

Even there’s certainly lots of exploration potential but timing will be dictated on permits and we have permitted Whale Tail. That’s the focus is to permit the Whale Tail pit. So we still need to do more drilling on V and then we have to amend the permit. So that would really dictate the timing but we’re certainly excited about it and we’re excited about its location. We’re excited about the fact that it may trend and connect with Whale Tail and we’re excited about the visible gold that we’re encountering. But in terms of timing that’s still a question because of the permitting.

Great. Thank you, Alain and thanks, Sean. Just one last question if I might on currency hedging. You’ve got obviously major projects in Canada, Mexico and in Finland. What are your thoughts on locking in some of the Canadian or some of the currencies here as you go forward to help you lock in returns on these projects, which are obviously impacted significantly by currency moves?

Steve, we do have about 21% of our Canadian dollar exposure for 2016 hedged in the form of costless collars with bottom of that being about 127. As far as protecting those projects further, that’s something we’re very interested in doing. Our policy is to buy depths. We’ll probably do that as those projects develop over the years. It would be nice to be able to make sure that we at least help them on the cost side versus – in the startup phase. So that’s something we’re actively monitoring and looking at doing.

Great. Thank you, David.

Thank you.

That’s it from me.

Your next question will come from the line of David Horton with CIBC. Please go ahead.

Good morning, Sean.

Good morning.

Thank you very much for the call. Just going to Malartic, just wondering the way you’re standing on the permits to extend the throughput beyond 53,000 tons a day on the permitting side and whether you think the mill is capable of sustaining that level or better?

First, the permitting is moving as per schedule. We’re hopefully going to see going into hearings in June. There’s no real surprises on that and the second phase is getting impact up to 55,000 tons per day, although it will be part of that critical permitting process. I think at that stage, we will reach the installed capacity overall [indiscernible].

Okay, sorry guys. It seems to be a very bad line. It’s hard to hear you and it’s breaking up. I’m not sure if it’s me or your end. But just continuing on back to Amaruq, do you think that we have some sort of connection between the Whale Tail and the B zone? Are there a bunch of initial [ph] on kind of veins do you think that could fill in that gap or is it too early to say?

Hi. It’s Bill speaking. So what we see – it appears to be that we have in Whale Tail, it’s more kind of [indiscernible] whereas the V zone is kind of more vein type mineralization with three gold in it. And we do see them either combined or having – let’s say in some cases, we either have only the vein type be it some towards the east whereas in the Whale Tail area, it’s more on the [indiscernible] information type of system. But we see both joining and existing in the same area. And laterally, the V zone system is wide open to the east and this is currently what we are beginning to see how large it is and how we can have a better understanding of the stacking of vein. Because as you mentioned, it’s potentially a small [ph] vein that we need to have [indiscernible] and the resources information.

Okay. And with the recent drilling, it seems to show very good thickness. There are some really spectacular kind of holes. Just wondering – I know it’s pretty early, if that’s shaping your mind as to what kind of mining rate you could have at Amaruq to feed that mill?

Don will take that.

I guess we’re educating on various aspects and the study parts about mostly concentrated is based on the satellite bit. I think some of the satellite bit scenarios that we’re looking at now over a five, six-year period with the current resource could look probably filling in the neighborhood of 9,000 tons per day.

Okay. That’s very promising. The last guidance we had was more like six, so that’s very encouraging.

Right now I think when you remember back, those sort of rough estimates of six were driven off of the resource update midyear last year, and that was one of the resources that was based on being very conservative in terms of the size of the blocks in the model. And when the exploration team drilled on the opposite direction and confirmed better thicknesses, then we were able to incorporate better thicknesses into the model and that’s allowed us to look a higher mining rate than we saw a year ago.

All right. Thank you very much. I’ll leave it there.

[Operator Instructions]. Our next question will come from the line of Michael Jalonen of Bank of America. Please go ahead.

Hi, Sean. Just following up on David’s question, 9,000 tons per day for Amaruq sounds outstanding but begs the question if it’s getting bigger, is a mid-2019 startup still in the cards or do you need more time to find out how big this will get with the additional permitting? I was wondering if things will get stretched out a bit.

The permitting is ongoing. We have had discussions and approach with the ministries that are showing good confidence level on the timing of the permitting process, and at this stage for 2019 everything seems pretty possible and on schedule.

Thank you.

Gentlemen, there are no further questions at this time. I’d like to hand it back over to Mr. Boyd for closing remarks please.

Thank you, operator, and thank you everyone for tuning into the call. For those of you who are in the area, we’d love to see you this morning, 11 o’clock annual meeting Sheraton Center. Thanks, again.

This concludes today’s call. Thank you for your participation. You may now disconnect.