Good morning. My name is Lindsey and I will your conference operator today. At this time, I would like to welcome everyone to the Agnico Eagle Mines Limited Third Quarter Results 2016 Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks there will be a question-and-answer session. [Operator Instructions] Thank you. Mr. Sean Boyd. You may begin your conference.

Thank you, operator, and good morning, everyone. And we know it’s a busy day, so thank you for joining our third quarter 2016 conference call; another strong quarter from a production and cost standpoint, and cash generation standpoint. As a result of that production and cost performance we generated significant cash flows, which allowed us to reduce our net debt in the quarter, improving our financial flexibility and positioning the company for future growth. We also had a very good exploration results. As a result, we increased our exploration budget to over $150 million. And while we were doing all of that, we also continue to work on our growth initiatives to position ourselves for February 2017, when we bring a lot of these projects together and lay out our growth plan for the next five years. I’ll get into some specific highlights of the quarter. And as we go through the presentation there is a couple of slides on future projections and cautionary note, so please take note of those. Specific highlights, as we said a strong production quarter. We had record production at La India, record silver production coming out Mexico. As a result our Mexican operations had an extremely strong quarter in terms of cash generation. We also had strong performance continuing at the Lapa mine. We’ll talk a little about some of their plans to extend the production. And as we said on the exploration side, we continue to get good results. Whale Tail, Amaruq, we extended that zone at depth. We also have had good results in the Sisar Zone in Finland, which our important results given the proximity of that zone to our current working areas in that mine and part of our plan at that mine is to look at how we can…

[Operator Instructions] And our first question comes from the line of Mike Parkin. Your line is now open.

Hi, maybe just one housekeeping items to start for Dave Smith. The exploration expense in the fourth quarter, what could we expect that to be around?

I think we are probably going to go higher, because we take a phased approach to exploration. We are having a lot of success. So as you saw, we guided at higher this quarter. Alain, do you have the total forecast for the year?

Okay, okay. And then, in terms of what some of the challenges you are facing in Malartic in terms of some of the low-cost [ph] position towards it. Can you just give a bit of background, like is the injunction that’s filed or being filed - what can be filed there in the lawsuit? Is that the same group? And where are you in terms of discussions with that group or groups?

It is the same group, and I’ll turn that over to Christian Provencher, who is on the ground there and he is close to that and is working with the community for well over a year in establishing a Good Neighbour Guide to help to mitigate some of the challenges of having a community very close to a large open-pit mine.

Yes, so thank you, Sean. So since more than a year we are working close with the community to define the Good Neighbour Guide. And up to now we reached a very good agreement with the population with over 80% of enrollment in this guide. And so it’s a very good sign. It’s very positive. We are working very, very close with those people from all the community.

So basically this group is - it’s the same group that launched the class action lawsuit that also launched the injunction. But I think the positioning of the courts is, is they’ve put that off until next March. And we will and should have a decision on the BAPE process in the permits for at least a go ahead on Barnet [ph]. So that should really be taken as the guide to how this operation moves forward. So both Yamana and Agnico through the partnership actually took the lead on approaching the community, with this Good Neighbour Guide starting about a year ago. And it involved both the local elected officials and community representatives, and the group that launched the transaction was involved in those discussions and they pulled out at one point, and launched the class action. So we’re certainly going to defend our interests. We’ve certainly, since Yamana, Agnico got involved, have actually improved things a great deal based on certainly our track record in the region and the way we’ve operated at other mines. So we feel that we’ll be able to continue operating the way we’re operating and we don’t really see any issues.

And is this group localized to one area and is it something that possibly going deeper on the north wall to improve the relations on. And I remember kind of noise has been a bit of an issue in the past. But as you’re getting deeper that becomes less of an issue.

Well, the group - the small group that’s gone ahead with legal action, they call themselves south of the railroad. But if you actually look at the residence that have taken up the Good Neighbour Guide, a large number of those individuals are from that particular area south of the railroad. So it’s a small group that’s gone ahead and decided that they will prefer to take this legal action. But they originally tried to have a heard in Montreal. The courts pushed it back up into Val-d’Or. And even in Val-d’Or they’re saying they’re not prepared to hear this until next year.

Okay. And then just moving over to Lapa, what can we expect for production in the fourth quarter from that asset?

Well, probably 10,000 to 12,000 ounces I think in the quarter.

Okay. I’ll leave some of the questions for others to ask. Thanks so much.

Our next question comes from the line of David Haughton. Your line is now open.

Good morning, Sean and team. Thank you for the update.

Good morning.

Just looking at Kittila, really good throughput, and I’m just wondering, Sean, whether that’s sustainable and if it can be sustainable what’s the kind of grades that we’re seeing?

Yes. I think the grade at this stage is - production from the underground has been quite good over the last two years. I think it’s sustainable. I think the study that we’re carrying on the life of mine basis is to bring it up roughly 25%. And I think, with the development under the Rimpi zone and the Sisar zone will have enough mining fronts to be in a position to sustain that production rate and then continue to mine reserve rate for the rest of mine life.

Okay and I guess that development is the key here. So would we expect a pickup in sustaining CapEx just to keep the number of phases there?

Well, it’s already in place with the current life of mine. And I guess Rimpi is already under development with production in mine for 2018, 2019. So this is currently in current guidance and you’ll see this update also in February.

So would you feel comfortable if we forecast something in the order of 4,500 tonnes a day going forward or even higher still?

Very comfortable with 4,500 tonnes per day and we’ll come up with guidance into the New Year as the study becomes available in the first quarter.

And just over to Bousquet, if I can, please. What’s your intention there? I know that you’ve got plans with permitting to move forward, get the CapEx to get into production second-half 2018. Would you expect for that to be reported separately or would you roll it into LaRonde and what sort of CapEx is required to get there?

I think we’re in a budgeting process at this stage. Eventually down the road we like to report it as a LaRonde Complex, probably for accounting purposes we will. We may have some distinction. But the idea is to have production within the LaRonde complex going forward.

And is it polymetallic like LaRonde or is it just outright gold?

No, it’s just outright gold. This zone that was abandoned by Barrick at Bousquet, and this resource has been known for many, many years. We’ve just essentially completed the study and then just to bring more a cost effective mining approach to render the economics.

Excellent. Thanks, Dave. Thank you, everybody.

Thank you.

[Operator Instructions] Our next question comes from the line of Stephen Walker. Your line is now open.

Great, thank you very much, operator. Sean or Yvon, maybe you can speak a little bit at Goldex to the Rail-Veyor system that’s being installed now. Would expect to see operational later in 2017, I believe. And what the potential impact or the implications are for cost and materials handling at Goldex?

Well, the development on the infrastructure is pretty well complete at this stage or getting near completion, I think it’s around 70%. The installation on the Rail-Veyor is actually going on in certain section of the mine. Testing of the systems on the discharge-group [ph] has also occurred with the manufacturer. So the end date on this Rail-Veyor system will be Q3 next year, and production with - at the end of Q3 next year, and production from the area essentially will start in 2018 from the Deep Zone. On a cost implication side, I think we are going to be able to maintain our cost structure within the project, because Rail-Veyor is essentially just replacing the vertical depth or hoisting capacity that’s not in existence, the low-level 76. So, essentially complementing the current hoisting system and maintain our cost structure.

Thanks. Thank you for that. And maybe Sean or Ammar, can you talk a little bit about, I guess, the timing of capital around future, 2017 capital spending at Amaruq as well as Meliadine. Just when you look at when you have to start committing and mobilizing materials to the port facilities in early 2017 to ship up into Hudson’s Bay, and could you give us a sense on the timing and when you expect that capital will be allocated?

Yes. We will - we started the process with the Board in July, having them up at the site with the Meadowbank, Amaruq and Meliadine. We updated them again yesterday on the status of the studies. We have a strategy session with the Board in December. And we will be going with the - to the Board with all the numbers in February. And based on what we see now with the gold price and what we see in the study is recommending that we proceed with both Amaruq and Meliadine. Having said that, as you rightly pointed out, the opportunity is to make sure that we get everything on the barge that we need on the barge for this summer. And so some of those commitments, not significant commitments, but some commitments will have to be made before February. And the Board certainly understands that. We talked to the Board about that yesterday and they are comfortable with that. As to the actual spend for next year on those projects, we won’t be able to provide details on those numbers until February. But certainly based on what we see in the studies, we are prepared to start to line up some key components and make some commitments for those components before the February announcement, which is consistent with how we see none of it - we see none of it as a long-term large operating platform for us, that’s only going to grow based on the mineral potential we see and our ability to do business there. So it makes sense to think long-term, invest long-term and take it step-by-step and be measured and how we sort of allocate that capital.

And just as a reminder, I believe that the intension is still to have a return for that project defined as a capital going forward, and how the sum capital will be expensed as previously has been done.

That’s correct. But the study that we are doing internally is not sort of 43-101, because it’s incorporating a subset of the large resource there. So you are limited in terms of the details that you can provide when there is a 43-101 study there. But we certainly be looking and being able to get 15%-plus based on expenditures going forward.

Great. Thank you very much for that. Thank you for the questions.

Our next question comes from the line of Steve Butler. Your line is now open.

Oh, good morning, guys. Sean, just in the follow-up on Meliadine, in the context of 15% on a go-forward basis, would that be in the context roughly of, say, near 1,200 gold and $0.80 exchange rate or is that what we’re talking about as a base or [anything there] [ph]?

Yes. We’re using CAD1495.

Okay. Sean, anything you can shed light on the - I mean, obviously your optimization studies are in progress and underway. What areas are you guys finding some joy in terms of enhancing the operational side of Meliadine beyond, say, the gold price exchange rate effect more passively? But what are they finding and out of the underground is there any dilution improvements or are there any grade enhancements or profiling you can do to the mine plan?

Well, good question. It’s a combination of factors. I think on the mining plan itself, we’ve modified the mining plan to accelerate earlier high grade from the deposit. That’s one thing in some areas that has been some mining approach changes and development reduction. I think on the design of the plant, we’ve taken a phased approach to phase 1 in just building essential phase-1-only production. So it’s a combination of factors that are improving the overall performance of the study.

Okay, [thank you, merci] [ph]. Thank you. Hey Alain or otherwise, or Sean, if you talk about the two Bs, the Barqueno or El Barqueno and Barsele, the both inferred resources and both seen active programs. Sean which one is - which one do you guys see as potentially a bit more advanced and closer to decision-making at some point in the next year or two? Or are they both parallel?

I’ll let Alain can take that, yes.

Yes, for El Barqueno and Barsele, we’re not there yet to get a feasibility study. We continue to drill El Barqueno. If you remember, we had the resource at 160,000 ounces in beginning this year. We infill the three lenses on El Barqueno, but because the grade a little bit lower that we anticipate. We continue to prospect when we found that - or make just 1.5 kilometers in the north of [Pinos Altos road] [ph]. The grade is looking better. It’s [a three kind] [ph] of a kilometer. And I think we need to continue to drill another here to build the resource and to see if we can get the project there as soon as possible. On Barsele, it’s early stage and already over 1 million ounces resource. We’re looking to get a larger resource at the end of this year. We infill presently the three regions, that we - on the [entries for us] [ph], it’s not finished. We have four weeks there. It is early stage. We start just baseline study for mud-test, everything that we can put in advance and then for any study in the future. And you would have seen already the first Agnico resource calculation. But it is looking a good project now.

I would say Steve, given the nature of the business in Mexico, in terms of capital required to build a small heap leap operation versus what would be required in Sweden, I would say that the chances are in the production profile I would be Barqueno ahead of Barsele. And although that part of Sweden is a pro-mining area, it require a lot more infrastructure than what you would need in the region where Barqueno is and the strategy there was to tie up a large amount of land, test some targets, get a smaller open pit started and continue with an exploration program. So that’s still plan.

Okay. Thanks for those comments.

Thanks.

There are no further questions in queue at this time. I’ll turn the call back over to our presenters for closing comments.

Thank you, operator, and thank you, everyone. Thanks for your attention on a very busy day. Take care.