Exhibit 99.1

AGNICO EAGLE MINES LIMITED
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Prepared in accordance with International Financial Reporting Standards)
For the Three Months Ended March 31, 2020

This Management's Discussion and Analysis ("MD&A") dated April 30, 2020 of Agnico Eagle Mines Limited ("Agnico Eagle" or the "Company") should be read in conjunction with the Company's condensed interim consolidated financial statements for the three months ended March 31, 2020 that were prepared in accordance with International Accounting Standard 34 Interim Financial Reporting ("IAS 34") as issued by the International Accounting Standards Board ("IASB"). This MD&A should also be read in conjunction with the MD&A and consolidated financial statements included in the Company's Annual Report on Form 40-F for the year ended December 31, 2019 (the "Form 40-F"), prepared in accordance with IFRS. The condensed interim consolidated financial statements and this MD&A are presented in United States dollars ("US dollars", "$" or "US$") and all units of measurement are expressed using the metric system, unless otherwise specified. Certain information in this MD&A is presented in Canadian dollars ("C$"), Mexican pesos or European Union euros ("Euros" or "€"). Additional information relating to the Company, including the Company's Annual Information Form for the year ended December 31, 2019 (the "AIF"), (as part of the Form 40-F) is available on the Securities and Exchange Commission ("SEC") website at www.sec.gov/edgar and on the Canadian Securities Administrators' (the "CSA") SEDAR website at www.sedar.com.

Forward-Looking Statements

Certain statements contained in this MD&A constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" under the provisions of Canadian provincial securities laws and are referred to herein as "forward-looking statements". When used in this MD&A, the words "anticipate", "could", "estimate", "expect", "forecast", "future", "plan", "possible", "potential", "will" and similar expressions are intended to identify forward-looking statements. Such statements include, without limitation:

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statements regarding the Company's plans to resume operations following temporary suspensions of operations related to the COVID-19 pandemic, including the timing thereof and impacts on anticipated gold production and costs, as well as expected activities while such suspensions are ongoing;



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statements regarding the impact of the COVID-19 pandemic and measures taken to reduce the spread of COVID-19 on the Company's operations and overall business;



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the Company's forward-looking production outlook, including estimated ore grades, recovery rates, project timelines, drilling results, metal production, life of mine estimates, total cash costs per ounce, all-in sustaining costs per ounce, mine site costs per tonne, other expenses, cash flows and free cash flow;



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the estimated timing and conclusions of technical studies and evaluations;



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the methods by which ore will be extracted or processed;



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statements concerning the Company's expansion plans at the Kittila mine, Meliadine mine's Phase 2 project and Amaruq deposit's Phase 2 project, and the Company's ramp up of activities at the Meliadine mine, and Amaruq deposit, including the timing, funding, completion and commissioning thereof;



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statements concerning other expansion projects, recovery rates, mill throughput, optimization and projected exploration, including costs and other estimates upon which such projections are based;



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statements regarding timing and amounts of capital expenditures, other expenditures and other cash needs, and expectations as to the funding thereof;



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estimates of future mineral reserves, mineral resources, mineral production, optimization efforts and sales;

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AGNICO EAGLE MINES LIMITED
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Prepared in accordance with International Financial Reporting Standards)
For the Three Months Ended March 31, 2020

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the projected development of certain ore deposits, including estimates of exploration, development and production and other capital costs and estimates of the timing of such exploration, development and production or decisions with respect to such exploration, development and production;



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estimates of mineral reserves and mineral resources and the effect of drill results on future mineral reserves and mineral resources;



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statements regarding the Company's ability to obtain the necessary permits and authorizations in connection with its proposed or current exploration, development and mining operations and the anticipated timing thereof;



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statements regarding anticipated future exploration;



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the anticipated timing of events with respect to the Company's mine sites;



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statements regarding the sufficiency of the Company's cash resources;



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statements regarding repayments of the Company's unsecured revolving bank credit facility;



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future dividend amounts and payment dates; and



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statements regarding anticipated trends with respect to the Company's operations, exploration and the funding thereof.

Such statements reflect the Company's views as at the date of this MD&A and are subject to certain risks, uncertainties and assumptions, and undue reliance should not be placed on such statements. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Agnico Eagle as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The material factors and assumptions used in the preparation of the forward looking statements contained herein, which may prove to be incorrect, include, but are not limited to, the assumptions set forth herein and in the Company's MD&A and AIF for the year ended December 31, 2019 filed with Canadian securities regulators and that are included in its Form 40-F for the year ended December 31, 2019 filed with the SEC as well as: the return to normal operations as of July 1, 2020 at all of the Company's mine sites following measures being put in place in response to the COVID-19 pandemic; that governments, the Company or others do not take additional measures in response to the COVID-19 pandemic or otherwise that, individually or in the aggregate, materially affect the Company's ability to operate its business; that cautionary measures taken in connection with the COVID-19 pandemic do not affect productivity; that measures taken relating to, or other effects of, the COVID-19 pandemic do not affect the Company's ability to obtain necessary supplies and deliver them to its mine sites; that there are no significant disruptions affecting operations; that production, permitting, development, expansion and the ramp up of operations at each of Agnico Eagle's properties proceeds on a basis consistent with current expectations and plans; that the relevant metal prices, foreign exchange rates and prices for key mining and construction supplies will be consistent with Agnico Eagle's expectations; that Agnico Eagle's current estimates of mineral reserves, mineral resources, mineral grades and metal recovery are accurate; that there are no material delays in the timing for completion of ongoing growth projects; that seismic activity at the Company's operations at the LaRonde mine and other properties is as expected by the Company; that the Company's current plans to optimize production are successful; and that there are no material variations in the current tax and regulatory environment.

Many factors, known and unknown, could cause the actual results to be materially different from those expressed or implied by such forward looking statements. Such risks include, but are not limited to: the extent and manner to which COVID-19, and measures taken by governments, the Company or others to attempt to reduce the spread of COVID-19, may affect the Company, whether directly or through effects on employee health, workforce productivity and availability (including the ability to transport personnel to the Meadowbank Complex and Meliadine mine which operate as fly-in/fly-out camps), travel restrictions, contractor availability,

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AGNICO EAGLE MINES LIMITED
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Prepared in accordance with International Financial Reporting Standards)
For the Three Months Ended March 31, 2020

supply availability, ability to sell or deliver gold dore bars or concentrate, availability of insurance and the cost thereof, the ability to procure inputs required for the Company's operations and projects or other aspects of the Company's business; uncertainties with respect to the effect on the global economy associated with the COVID-19 pandemic and measures taken to reduce the spread of COVID-19, any of which could continue to negatively affect financial markets, including the trading price of the Company's shares and the price of gold, and could adversely affect the Company's ability to raise capital; the volatility of prices of gold and other metals; uncertainty of mineral reserves, mineral resources, mineral grades and mineral recovery estimates; uncertainty of future production, project development, capital expenditures and other costs; foreign exchange rate fluctuations; financing of additional capital requirements; cost of exploration and development programs; seismic activity at the Company's operations, including the LaRonde mine; mining risks; community protests, including by First Nations groups; risks associated with foreign operations; governmental and environmental regulation; the volatility of the Company's stock price; and risks associated with the Company's currency, fuel and by-product metal derivative strategies.

For a more detailed discussion of such risks and other factors that may affect the Company's ability to achieve the expectations set forth in the forward-looking statements contained in this MD&A, see the AIF and MD&A for the year ended December 31, 2019 filed on SEDAR website at www.sedar.com and included in the Form 40-F for the year ended December 31, 2019 filed on EDGAR website at www.sec.gov, as well as the Company's other filings with the Canadian securities regulators and the SEC. Other than as required by law, the Company does not intend, and does not assume any obligation, to update these forward-looking statements.

Meaning of "including" and "such as":    When used in this MD&A the terms "including" and "such as" mean including and such as, without limitation.

Business Overview

Agnico Eagle is a senior Canadian gold mining company that has produced precious metals since its formation in 1972. The Company's mines are located in Canada, Mexico and Finland, with exploration and development activities in Canada, Europe, Latin America and the United States. The Company and its shareholders have full exposure to gold prices due to its long-standing policy of no forward gold sales. Agnico Eagle has declared a cash dividend every year since 1983.

Agnico Eagle earns a significant proportion of its revenue and cash flow from the production and sale of gold in both dore bar and concentrate form. The remainder of revenue and cash flow is generated by the production and sale of by-product metals, primarily silver, zinc and copper.

Agnico Eagle's operating mines and development projects are located in what the Company believes to be politically stable countries that are supportive of the mining industry. The political stability of the regions in which Agnico Eagle operates helps to provide confidence in its current and future prospects and profitability. This is important for Agnico Eagle as it believes that many of its new mines and recently acquired mining projects have long-term mining potential.

Recent Developments

Impact of COVID-19 on the Company's Business and Operations

In December 2019, a novel strain of coronavirus known as COVID-19 surfaced in Wuhan, China and has spread around the world, with resulting business and social disruption. COVID-19 was declared a worldwide pandemic by the World Health Organization on March 11, 2020. The speed and extent of the spread of COVID-19, and the duration and intensity of resulting business disruption and related financial and social impact, are uncertain. Further, the extent and manner to which COVID-19, and measures taken by governments, the Company or

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AGNICO EAGLE MINES LIMITED
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Prepared in accordance with International Financial Reporting Standards)
For the Three Months Ended March 31, 2020

others to attempt to reduce the spread of COVID-19, may affect the Company cannot be predicted with certainty.

On March 19, 2020, following the declaration of a state of public health emergency relating to COVID-19 by the Government of Nunavut, the Company decided to send home its Nunavut-based workforce from its Meliadine and Meadowbank operations as well as its exploration projects, as part of an effort to limit the risk of spread of COVID-19 in Nunavut.

In response to an order by the Government of Quebec, issued on March 23, 2020 (the "Quebec Order") to close all non-essential businesses as a result of the COVID-19 pandemic, the Company took steps to ramp down its operations in the Abitibi region of Quebec (the LaRonde, LaRonde Zone 5, Goldex and Canadian Malartic mines). The Quebec Order was part of the Quebec government's response to the COVID-19 pandemic. The Quebec Order was subsequently extended to May 4, 2020; however, on April 15, 2020, the Government of Quebec lifted the restrictions on mining operations. During the period, each of these operations was placed on temporary suspension, and minimal work took place. The Company also significantly reduced activities at the Meliadine mine and Meadowbank Complex in Nunavut, which are serviced out of Quebec, and exploration activities in Canada were suspended.

Commencing on April 15, 2020, the Company took steps to restart operations in the Abitibi region with the plan to ramp up production gradually over a period of time. Mining and milling activities in the Nunavut operations are expected to ramp up to full capacity in June 2020 and the Company is evaluating various plans of re-integrating the Nunavut-based workforce into operations without compromising the health and safety of their communities.

In late March 2020, a COVID-19 case was confirmed at the Kittila mine. As part of the response protocols, the Company immediately suspended all underground operations at Kittila for 72 hours in order to identify other employees who may have been in close contact with the employee who had tested positive. In addition, all common areas in the workplace were thoroughly cleaned and disinfected. Underground operations resumed on March 31, 2020. There was no interruption to surface or mill operations as mill production was maintained with surface stockpiles.

On April 2, 2020 the Government of Mexico issued a decree (the "Decree") relating to the COVID-19 pandemic requiring that all non-essential businesses suspend operations until April 30, 2020. In response to the Decree, mining operations at the Company's Mexico operations (Pinos Altos, Creston Mascota and La India mines) were ramped down. Most of the activity at these operations were suspended by the Company with the exception of heap leaching at the Creston Mascota and La India mines. On April 17, 2020 the Government of Mexico extended the suspension of non-essential businesses until May 30, 2020 with the possibility of earlier re-start on May 18, 2020 for businesses located in areas with few COVID-19 cases. The Company is in discussions with the Government of Mexico to determine whether its mining operations qualify to be able to restart at the earlier date. The Company's mining operations and the exploration activities remain suspended pending further clarification from the Government.

As a result of the COVID-19 pandemic, the Company took action to help prevent the spread of the outbreak at its sites and protect its employees, contractors and the communities in which it operates. The enhanced health and safety measures included screening employees and contractors entering the Company's sites for potential symptoms of COVID-19, increased cleaning and disinfection services in lunchrooms, change areas and workplaces, modification of mining protocols to facilitate physical distancing and setup of a mobile laboratory for on-site testing for COVID-19 at the Nunavut sites.

Due to border closures and travel restrictions imposed by federal and local governments, the Company suspended non-essential travel for all employees, including non-essential visits to the Company's mines and projects. The Company also instituted a change to the shift rotation of its employees at Nunavut sites, which

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AGNICO EAGLE MINES LIMITED
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Prepared in accordance with International Financial Reporting Standards)
For the Three Months Ended March 31, 2020

operate as fly-in/fly-out camps, to 28 days from 14 days to increase the safety of its employees and the communities. In addition, the Company's corporate office and regional offices were closed, and employees were requested to work from home. The Company has utilized various technology solutions to limit the adverse impact of travel restrictions and remote work arrangements on the Company's ability to operate and adhere to its business goals. Further measures taken by governments, the Company or others to attempt to reduce the spread of COVID-19 may adversely affect workforce productivity and availability, including the ability to transport personnel to the Meadowbank Complex and Meliadine mine.

The Company continues to assess the logistics challenges to its supply chain and distribution methods to deliver its dore bar and concentrate products from mines to third-party refineries and smelters. The Company has observed minimal impact to the supply chain to date. The Company has sufficient stock of critical components and has worked closely with its key suppliers to secure future orders of materials. Similarly, the Company has not experienced significant disruption to its distribution network and ability to deliver its products to smelting and refining facilities or ability to sell finished products to its customers. However, further measures taken by governments, the Company or others to attempt to reduce the spread of COVID-19 may adversely affect the Company's availability of supplies or its ability to sell or deliver gold dore bars or concentrate.

There are significant uncertainties with respect to future developments and impact to the Company related to the COVID-19 pandemic, including the duration, severity and scope of the outbreak and the measures taken by governments, the Company and others to contain the pandemic. The duration of the suspensions of operations may be extended or further suspension of operations may be required as a result of another increase in COVID-19 infection rates. There are uncertainties with respect to the pace at which the Company can achieve a timely and safe ramp up of operations once all restrictions are lifted.

Financial and Operating Results

Results of Operations

Agnico Eagle reported a net loss of $21.6 million, or $0.09 per share, in the first quarter of 2020 compared with net income of $37.0 million, or $0.16 per share, in the first quarter of 2019. Agnico Eagle reported adjusted net income of $56.0 million, or $0.23 per share, in the first quarter of 2020 compared with adjusted net income of $32.0 million, or $0.14 per share, in the first quarter of 2019. For a reconciliation of adjusted net income to net (loss) income as presented in the condensed interim consolidated statements of (loss) income in accordance with IFRS, see Non-GAAP Financial Performance Measures in this MD&A.

In the first quarter of 2020, the operating margin (revenues from mining operations less production costs) of $315.8 million increased compared to $255.3 million in the first quarter of 2019 primarily due to a 26.2% increase in revenues from mining operations as a result of a 21.2% higher average realized price in gold and a 4.3% increase in the sales volume of gold ounces between periods which excludes 2,974 pre-commercial gold ounces from the Barnat deposit at the Canadian Malartic mine. Gold production increased to 411,366 ounces in the first quarter of 2020 compared with 398,217 ounces in the first quarter of 2019 primarily due to increased gold production from the Meliadine mine. Partially offsetting the overall increase in gold production was a decrease in gold production from the LaRonde mine as a result of the delay in accessing higher grade ore from the West mine as additional ground support was being completed, and a nine-day shutdown of the Company's Quebec operations, as mandated by the Quebec Government, and significantly reduced mining activities in Nunavut related to COVID-19 precautionary measures. Cash provided by operating activities amounted to $163.4 million in the first quarter of 2020 compared with $148.7 million in the first quarter of 2019. Total weighted average cash costs per ounce of gold produced amounted to $836 on a by-product basis and $889 on a co-product basis in the first quarter of 2020 compared with $623 on a by-product basis and $704 on a co-product basis in the first quarter of 2019. For a reconciliation of total cash costs per ounce of gold produced on both a by-product basis (deducting by-product metal revenues from production costs) and co-product basis (without

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Three Months Ended March 31, 2020 vs. Three Months Ended March 31, 2019

Revenues from mining operations increased to $671.9 million in the first quarter of 2020, compared with $532.2 million in the first quarter of 2019, primarily due to a 21.2% increase in the average realized price of gold and a 4.3% increase in the sales volume of gold ounces between periods which excludes 2,974 pre-commercial gold ounces from the Barnat deposit at the Canadian Malartic mine.

Production costs were $356.1 million in the first quarter of 2020, a 28.6% increase compared with $276.9 million in the first quarter of 2019, primarily due to the contribution of mining and milling costs from the Meliadine mine which achieved commercial production during the second quarter of 2019, and increased costs related to the slower than expected ramp up at the Amaruq satellite deposit at the Meadowbank Complex. Partially offsetting the total increase in production costs was a decrease in the mining and milling costs at the LaRonde mine primarily due to the delay in accessing higher grade ore from the West mine as additional ground support was being completed and the weakening of the Canadian dollar, Mexican peso and Euro relative to the US dollar between periods. There was no significant impact of COVID-19 on the Company's production costs in the first quarter of 2020.

Weighted average total cash costs per ounce of gold produced increased to $836 on a by-product basis and $889 on a co-product basis in the first quarter of 2020, compared with $623 on a by-product basis and and $704 on a co-product basis in the first quarter of 2019, primarily due to the contribution of mining and milling costs from the Meliadine mine which achieved commercial production during the second quarter of 2019, and increased costs related to the slower than expected ramp up at the Amaruq satellite deposit at the Meadowbank Complex, partially offset by the weakening of the Canadian dollar, Mexican peso and Euro relative to the US dollar between periods. For a reconciliation of total cash costs per ounce of gold produced on both a by-product basis

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AGNICO EAGLE MINES LIMITED
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Prepared in accordance with International Financial Reporting Standards)
For the Three Months Ended March 31, 2020

(deducting by-product metal revenues from production costs) and co-product basis (without deducting by-product metal revenues) to production costs as presented in the condensed interim consolidated statements of (loss) income in accordance with IFRS, see Non-GAAP Financial Performance Measures in this MD&A.

Exploration and corporate development expenses increased to $29.6 million in the first quarter of 2020, compared with $25.5 million in the first quarter of 2019, primarily due to an increase in exploration drilling at the East Gouldie Zone at the Canadian Malartic mine.

Amortization of property, plant and mine development increased by $25.3 million to $153.5 million between the first quarter of 2019 and the first quarter of 2020, primarily due to the commencement of commercial production at the Meliadine mine during the second quarter of 2019.

General and administrative expenses increased to $30.5 million during the first quarter of 2020, compared with $29.1 million during the first quarter of 2019, primarily due to increased compensation and benefits expenses between periods.

Loss on derivative financial instruments amounted to $42.6 million during the first quarter of 2020, compared with a gain of $9.8 million during the first quarter of 2019, primarily due to unrealized losses on currency and commodity derivatives. As a result of a rapid weakening of the Canadian dollar and Mexican peso and diesel spot prices at the end of March 2020, the Company recognized an unrealized loss on currency and commodity derivatives of $38.4 million during the first quarter of 2020, compared to an unrealized gain on currency and commodity derivatives of $9.3 million during the first quarter of 2019.

Other expenses increased to $4.5 million during the first quarter of 2020, compared with $1.9 million during the first quarter of 2019, primarily due to costs of $3.9 million associated with a temporary suspension of mining and exploration activities at the Company's mine sites and properties in Canada due to COVID-19. These costs primarily included payroll and other incidental costs associated with maintaining the sites and payroll costs associated with employees who were not working during the period of suspended operations.

During the first quarter of 2020, there was a non-cash foreign currency translation loss of $3.8 million attributable to the weakening of the Canadian dollar, Euro and Mexican peso relative to the US dollar at March 31, 2020, relative to December 31, 2019. The net foreign currency translation loss in the first quarter of 2020 was primarily due to the translation impact of the Company's net monetary assets denominated in Canadian dollar and Mexican peso. A non-cash foreign currency translation loss of $2.2 million was recorded during the comparative first quarter of 2019.

In the first quarter of 2020, the Company recorded income and mining taxes expense of $44.9 million on income before income and mining taxes of $23.3 million, resulting in an effective tax rate of 192.7%. In the first quarter of 2019, the Company recorded income and mining taxes expense of $15.5 million on income before income and mining taxes of $52.5 million, resulting in an effective tax rate of 29.5%. The increase in the effective tax rate between the first quarter of 2020 compared to the first quarter of 2019 was primarily due to an incremental deferred tax liability on conversion of non-monetary items denominated in foreign currencies that devalued relative to the US dollar in the first quarter of 2020.

There are a number of factors that can significantly impact the Company's effective tax rate including varying rates in different jurisdictions, the non-recognition of certain tax assets, mining allowances, foreign currency exchange rate movements, changes in tax laws, the impact of specific transactions and assessments and the relative distribution of income in the Company's operating jurisdictions. As a result of these factors, the Company's effective tax rate is expected to fluctuate significantly in future periods.

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AGNICO EAGLE MINES LIMITED
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Prepared in accordance with International Financial Reporting Standards)
For the Three Months Ended March 31, 2020

LaRonde mine

At the LaRonde mine, gold production decreased by 28.7% to 55,223 ounces in the first quarter of 2020 compared with 77,433 ounces in the first quarter of 2019 primarily due to the delay in accessing higher grade ore from the West mine as additional ground support was being completed. In addition, gold production was affected as a result of the Quebec Order, which required the Company to temporarily suspend operations in response to the COVID-19 pandemic. Production costs at the LaRonde mine were $20.6 million in the first quarter of 2020, a decrease of 66.6% compared with production costs of $61.8 million in the first quarter of 2019 driven primarily by the temporary suspension of the West mine area, which resulted in lower mine and mill production costs, the timing of inventory sales and the weakening of the Canadian dollar relative to the US dollar between periods.

LaRonde Zone 5 mine

At the LaRonde Zone 5 mine, gold production was increased by 11.4% to 14,464 ounces in the first quarter of 2020 compared with 12,988 ounces in the first quarter of 2019 primarily due to increased mill throughput. Production costs at the LaRonde Zone 5 mine were $11.8 million in the first quarter of 2020, an increase of 107.0% compared with production costs of $5.7 million in the first quarter of 2019 driven primarily by higher mine and mill production costs, partially offset by the weakening of the Canadian dollar relative to the US dollar between periods.

Goldex mine

At the Goldex mine, gold production decreased by 1.7% to 33,883 ounces in the first quarter of 2020 compared with 34,454 ounces in the first quarter of 2019 primarily due to the Quebec Order, which required the Company to temporarily suspend operations in response to the COVID-19 pandemic. Production costs at the Goldex mine were $20.0 million in the first quarter of 2020, an increase of 4.6% compared with production costs of $19.1 million in the first quarter of 2019 driven primarily by the timing of inventory sales, partially offset by the weakening of the Canadian dollar relative to the US dollar between periods.

Meadowbank Complex

At the Meadowbank Complex, gold production increased by 13.4% to 49,341 ounces in the first quarter of 2020 compared with 43,502 ounces in the first quarter of 2019 primarily due to higher gold grade ore processed as the Complex switched to Amaruq satellite deposit. Production costs at the Meadowbank Complex were $89.4 million in the first quarter of 2020, an increase of 113.3% compared with production costs of $41.9 million in the first quarter of 2019 driven primarily by an increase in open pit mining costs as a result of the switch to Amaruq satellite deposit, increased maintenance costs and the timing of inventory sales, partially offset by the weakening of the Canadian dollar relative to the US dollar between periods. On March 19, 2020, the Company sent home its Nunvaut based workforce and significantly reduced its activities as part of an effort to limit the risk of the spread of COVID-19 in Nunavut. During the period of reduced activities, the Company continued maintenance work and water management activities in preparation for the spring freshet.

Meliadine mine

At the Meliadine mine, gold production was 69,975 ounces in the first quarter of 2020. Production costs at the Meliadine mine were $54.3 million in the first quarter of 2020. On March 19, 2020, the Company sent home its Nunvaut based workforce and significantly reduced its activities as part of an effort to limit the risk of the spread of COVID-19 in Nunavut. During the period of reduced activities, the Company continued limited underground and milling operations. As the Meliadine mine achieved commercial production during the second quarter of 2019, there is no comparable period in the first quarter of 2019.

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AGNICO EAGLE MINES LIMITED
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Prepared in accordance with International Financial Reporting Standards)
For the Three Months Ended March 31, 2020

Canadian Malartic mine

Agnico Eagle and Yamana Gold Inc. ("Yamana") jointly acquired 100% of Osisko Mining Corporation ("Osisko") on June 16, 2014 pursuant to a court-approved plan of arrangement under the Canada Business Corporations Act (the "Osisko Arrangement"). Agnico Eagle and Yamana now directly and indirectly, through Canadian Malartic Corporation, own 50% of the Canadian Malartic General Partnership ("CMGP"), a general partnership (the "Partnership"), which now holds the Canadian Malartic mine in northwestern Quebec.

At the Canadian Malartic mine, attributable gold production decreased by 22.6% to 64,763 ounces in the first quarter of 2020, which includes 2,974 ounces produced prior to the achievement of commercial production at the Barnat deposit, compared with 83,670 ounces in the first quarter of 2019 primarily due to lower gold production as a result of the Quebec Order and lower gold grade ore processed. Attributable production costs at the Canadian Malartic mine were $48.7 million in the first quarter of 2020, a decrease of 2.2% compared with production costs of $49.8 million in the first quarter of 2019 primarily due to lower mine production costs as a result of the suspension of operations required by the Quebec Order.

Kittila mine

At the Kittila mine, gold production was essentially the same between 49,297 ounces in the first quarter of 2020 compared with 49,336 ounces in the first quarter of 2019. Production costs at the Kittila mine were $43.7 million in the first quarter of 2020, an increase of 13.1% compared with production costs of $38.6 million in the first quarter of 2019 driven primarily by an increase in contractor costs, higher mill maintenance costs and the timing of inventory sales, partially offset by the weakening of the Euro relative to the US dollar between periods. In late March 2020, a COVID-19 case was confirmed at the Kittila mine. The Company immediately suspended all underground operations at Kittila for 72 hours and there was no interruption to surface or mill operations as mill production was maintained with surface stockpiles during that time. Underground operations resumed on March 31, 2020.

Pinos Altos mine

At the Pinos Altos mine, gold production decreased by 22.0% to 33,310 ounces in the first quarter of 2020 compared with 42,730 ounces in the first quarter of 2019 primarily due to a decrease in the tonnes of ore processed at the mill and lower gold grade ore. Production costs at the Pinos Altos mine were $35.9 million in the first quarter of 2020, an increase of 21.0% compared with production costs of $29.7 million in the first quarter of 2019 driven primarily by an increase in underground development costs and the timing of inventory sales, partially offset by the weakening of the Mexican peso relative to the US dollar between periods.

Creston Mascota mine

At the Creston Mascota mine, gold production increased by 34.4% to 18,184 ounces in the first quarter of 2020 compared with 13,529 ounces in the first quarter of 2019 primarily due to certain tonnes of higher gold grade from the Bravo deposit being processed at the Pinos Altos mill to increase the recovery of gold ounces. Production costs at the Creston Mascota mine were $11.8 million in the first quarter of 2020, an increase of 20.3% compared with production costs of $9.8 million in the first quarter of 2019 driven primarily by the timing of inventory sales, partially offset by the weakening of the Mexican peso relative to the US dollar between periods.

La India mine

At the La India mine, gold production was essentially the same between 22,926 ounces in the first quarter of 2020 compared with 22,988 ounces in the first quarter of 2019. Production costs at the La India mine were $20.1 million in the first quarter of 2020, an increase of 13.6% compared with production costs of $17.7 million

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AGNICO EAGLE MINES LIMITED
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Prepared in accordance with International Financial Reporting Standards)
For the Three Months Ended March 31, 2020

in the first quarter of 2019 driven primarily by the timing of inventory sales, partially offset by the weakening of the Mexican peso relative to the US dollar between periods.

Balance Sheet Review

Total assets as at March 31, 2020 of $9,695.9 million increased by $906.0 million compared with total assets of $8,789.9 million as at December 31, 2019 primarily due to a $933.4 million increase in cash and cash equivalents. The increase in cash and cash equivalents was primarily due to a $1,000.0 million drawdown on the Credit Facility ("Credit Facility"), cash provided by operating activities of $163.4 million, and proceeds on stock option exercises of $28.1 million during the first quarter of 2020, partially offset by $168.8 million in capital expenditures, $37.5 million in dividends paid, $35.9 million for the repurchase of common shares for stock-based compensation plans, and $16.1 million in purchases of equity securities and other investments.

Total liabilities increased by $976.9 million to $4,655.3 million at March 31, 2020 from $3,678.4 million at December 31, 2019 primarily due to a $1,000.0 million increase in long-term debt from a drawdown on the Credit Facility and a $37.0 million increase in the fair value of derivative financial instruments from unrealized losses on currency and commodity derivatives. This was partially offset by a $71.2 million decrease in accounts payable and accrued liabilities between December 31, 2019 and March 31, 2020 primarily due to the timing of payment of expenditures.

While the Company occasionally enters into contracts to limit the risk associated with decreased by-product metal prices, increased foreign currency costs (including capital expenditures) and input costs, the contracts act as economic hedges of underlying exposures and are not held for speculative purposes. Agnico Eagle does not use complex derivative contracts to hedge exposures. During the first quarter of 2020, the Company increased its currency and diesel hedge positions to support its key input costs used in budgeting and mine planning assumptions. As at March 31, 2020, the Company had outstanding currency derivative contracts related to $1,603.9 million of 2020, 2021 and 2022 expenditures (December 31, 2019 — $252.0 million) and diesel fuel derivative contracts related to 48.3 million gallons of heating oil (December 31, 2019 — 12.0 million).

Liquidity and Capital Resources

As at March 31, 2020, the Company's cash and cash equivalents and short-term investments totaled $1,263.4 million compared with $327.9 million as at December 31, 2019. The Company's policy is to invest excess cash in high-yield depository accounts and highly liquid investments of the highest credit quality to reduce risks associated with these investments. Such investments with remaining maturities of greater than three months and less than one year at the time of purchase are classified as short-term investments. Decisions regarding the length of maturities are based on cash flow requirements, rates of return and various other factors.

Working capital (current assets less current liabilities) increased to $1,316.4 million as at March 31, 2020 compared with $417.9 million as at December 31, 2019 primarily due to a $1,000.0 million drawdown on the Credit Facility. The Company drew down these funds as a cautionary measure given the uncertainty with respect to the COVID-19 pandemic at the time. As at March 31, 2020, $200.0 million was available for future drawdown under the Credit Facility. Credit Facility availability is reduced by outstanding letters of credit which were nil as of March 31, 2020. In late April 2020, based on prevailing market conditions and the timing of the production ramp up of its operating mines, the Company decided to repay $500.0 million outstanding on its Credit Facility. The Company expects to repay the remaining amount of $500.0 million in the second half of 2020, conditional on continuous improvement in the internal cash generation and the reduction in uncertainty with respect to the COVID-19 pandemic.

During the first quarter of 2020, DBRS Morningstar upgraded the Company's investment grade credit rating to BBB from BBB (low) and changed the trend to Stable from Positive, reflecting the Company's strong financial risk profile. Additionally, in April 2020, Fitch Ratings Inc. issued its inaugural credit rating for the Company,

10

AGNICO EAGLE MINES LIMITED
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Prepared in accordance with International Financial Reporting Standards)
For the Three Months Ended March 31, 2020

assigning a rating of BBB with a Stable trend in consideration of the Company's strong credit and growing production profile. Together, these ratings should result in a reduction in future financing costs of the Credit Facility.

On April 7, 2020, subsequent to the end of the first quarter of 2020, the Company closed a $200.0 million private placement of guaranteed senior unsecured notes (the "2020 Notes"). The 2020 Notes consist of $100.0 million 2.78% Series A Senior Notes due 2030 and $100.0 million 2.88% Series B Senior Notes due 2032. The other terms of the Notes are substantially the same as the terms of the existing outstanding Notes of the Company. Proceeds from the 2020 Notes were used to partially fund the repayment at maturity of $360.0 million 2010 6.67% Series B Notes. The remaining balance of the 2010 Series B Notes was repaid using the Company's existing cash resources.

Subject to various risks and uncertainties, the Company believes it will generate sufficient cash flow from operations and has adequate cash and debt facilities available to finance its current operations, contractual obligations and planned capital expenditure and exploration programs. As of March 31, 2020, the Company had no debt or Credit Facility maturities until 2022, except for the $360.0 million 2010 Series B Notes repaid in April 2020 and leases in the normal course of business. While the Company believes its capital resources will be sufficient to satisfy all its mandatory and discretionary commitments, the Company may choose to decrease certain of its discretionary expenditure commitments, which include certain capital expenditures and exploration and corporate development expenses, should unexpected financial circumstances arise in the future. See Recent Developments, Outlook and Risk Profile in this MD&A.

Operating Activities

Cash provided by operating activities increased to $163.4 million in the first quarter of 2020 compared with $148.7 million in the first quarter of 2019 primarily due to a 4.3% increase in payable gold ounces sold and higher average realized gold prices, partially offset by less favourable working capital changes between periods, and an increase in production costs and exploration and corporate development costs, and certain costs related to temporary suspension of mining and exploration activities due to COVID-19 between periods.

Investing Activities

Cash used in investing activities decreased to $178.2 million in the first quarter of 2020 compared with $227.6 million in the first quarter of 2019 primarily due to a $34.5 million decrease in capital expenditures between periods. The decrease in capital expenditures between periods is mainly attributable to a decrease in construction expenditures related to the Meliadine mine which achieved commercial production in May 2019 and the Amaruq satellite deposit at the Meadowbank Complex which achieved commercial production in September 2019.

In the first quarter of 2020, the Company purchased $16.1 million in equity securities and other investments compared with $25.0 million in the first quarter of 2019. The Company's equity securities and other investments consist primarily of investments in common shares and financial instruments of entities in the mining industry.

Financing Activities

Cash provided by financing activities increased to $954.8 million in the first quarter of 2020 compared with cash used in financing activities of $33.5 million in the first quarter of 2019 primarily due to a $1,000.0 million increase in proceeds from the Credit Facility.

The Company issued common shares for net proceeds of $32.0 million in the first quarter of 2020 and $19.5 million in the first quarter of 2019 attributable to employee stock option plan exercises, issuances under the incentive share purchase plan and the dividend reinvestment plan.

11

AGNICO EAGLE MINES LIMITED
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Prepared in accordance with International Financial Reporting Standards)
For the Three Months Ended March 31, 2020

On February 13, 2020, Agnico Eagle declared a quarterly cash dividend of $0.20 per common share paid on March 16, 2020 to holders of record of the common shares of the Company as of February 28, 2020. Agnico Eagle has declared a cash dividend every year since 1983. In the first quarter of 2020, the Company paid dividends of $37.5 million, an increase of $12.0 million compared to $25.5 million paid in the first quarter of 2019. Although the Company expects to continue paying dividends, future dividends will be at the discretion of the Board and will be subject to factors such as income, financial condition and capital requirements.

On December 14, 2018, the Company amended its $1.2 billion Credit Facility to extend the maturity date from June 22, 2022 to June 22, 2023. In March 2020, the Company drew down $1,000.0 million on its $1,200.0 million Credit Facility.

On June 29, 2016, the Company entered into a standby letter of credit facility with a financial institution providing for a C$100.0 million uncommitted letter of credit facility (the "Third LC Facility"). Letters of credit issued under the Third LC Facility may be used to support the reclamation obligations or non-financial or performance obligations of the Company or its subsidiaries. The obligations of the Company under the Third LC Facility are guaranteed by certain of its subsidiaries. As at March 31, 2020, the aggregate undrawn face amount of letters of credit under the Third LC Facility amounted to $56.7 million.

On September 23, 2015, the Company entered into a standby letter of credit facility with a financial institution providing for a C$150.0 million uncommitted letter of credit facility (as amended, the "Second LC Facility"). The Second LC Facility may be used by the Company to support the reclamation obligations of the Company, its subsidiaries or any entity in which the Company has a direct or indirect interest or the performance obligations (other than with respect to indebtedness for borrowed money) of the Company, its subsidiaries or any entity in which the Company has a direct or indirect interest that are not directly related to reclamation obligations. Payment and performance of the Company's obligations under the Second LC Facility are supported by an account performance security guarantee issued by Export Development Canada in favour of the lender. As at March 31, 2020, the aggregate undrawn face amount of letters of credit under the Second LC Facility amounted to $91.7 million.

On July 31, 2015, the Company amended its credit agreement with another financial institution relating to its uncommitted letter of credit facility (as amended, the "First LC Facility"). Effective September 27, 2016, the amount available under the First LC Facility was increased to C$350.0 million. The obligations of the Company under the First LC Facility are guaranteed by certain of its subsidiaries. The First LC Facility may be used to support the reclamation obligations or non-financial or performance obligations of the Company or its subsidiaries. As at March 31, 2020, the aggregate undrawn face amount of letters of credit under the First LC Facility amounted to $179.4 million.

The Company was in compliance with all covenants contained in the Credit Facility, First LC Facility, Second LC Facility, Third LC Facility and the $1,735.0 million guaranteed senior unsecured notes as at March 31, 2020.

Outlook

The following section contains "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws. The Company continues to monitor to implications of the worldwide pandemic caused by the novel strain of coronavirus known as COVID-19. The manner and extent that the pandemic, and measures taken as a result of the pandemic, will affect the Company cannot be predicted with certainty. See Forward-Looking Statements and Impact of COVID-19 on the Company's Business and Operations in this MD&A for a discussion of assumptions and risks relating to such statements and information and a discussion of the certain risks facing the Company relating to the pandemic.

12

AGNICO EAGLE MINES LIMITED
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Prepared in accordance with International Financial Reporting Standards)
For the Three Months Ended March 31, 2020

The outlook outlined below assumes the return to normal operations as of July 1, 2020; however, there could be additional requirements relating to the COVID-19 pandemic that could impact productivity and cost performance at the Company's mining operations.

Gold Production and Costs

On March 24, 2020, the Company announced that it was withdrawing its full year 2020 production and cash costs outlook that had been released on February 13, 2020. The withdrawal of this outlook was a result of the reduction in the production activity at the Company's Quebec and Nunavut mines resulting from the Quebec Order and the Company's decision to send home its Nunavut-based workforce together with the uncertainties with respect to future developments, including the duration, severity and scope of the COVID-19 outbreak and measures taken to contain the outbreak. At the time of the withdrawal of this outlook, the assumption that the Company's Quebec and Nunavut mines could continue operating in the normal course in light of the COVID-19 outbreak was no longer valid.

In light of the recent developments as outlined in Impact of COVID-19 on the Company's Business and Operations in this MD&A, the Company is providing new outlook for 2020 regarding Company-wide expected payable gold production volumes and cash costs. Payable gold production for the full year 2020 is now expected to be between 1.63 and 1.73 million ounces, compared to the previous estimate of approximately 1.875 million ounces. Total cash costs per ounce of gold produced on a by-product basis for the full year 2020 are expected to be approximately $740 to $790, compared to the previous estimate of approximately $725 to $775.

Capital Expenditures and All-In Sustaining Costs per Ounce of Gold Produced

The Company has also updated its outlook for 2020 regarding capital expenditures and all-in sustaining costs per ounce of gold produced. These updates are necessary as a result of the suspension or reduction of mining operations at the Company's various mines that commenced in the first quarter of 2020 and were part of the efforts of governments, the Company and others to address the COVID-19 pandemic. Total capital expenditures (including sustaining capital) for the full year 2020 are now expected to be approximately $690.0 million, compared to the previous estimate of $740.0 million. All-in sustaining costs per ounce of gold produced on a by-product basis for the full year 2020 are expected to be approximately $1,025 to $1,075, compared to the previous estimate of approximately $975 to $1,025.

Risk Profile

The Company is subject to significant risks, including but not limited to fluctuations in commodity prices, foreign exchange rates and other risks due to the inherent nature of the business of exploration, development and mining of properties with precious metals. Changes in economic conditions and volatile financial markets may have a significant impact on Agnico Eagle's cost and availability of financing and overall liquidity. The volatility in gold, silver, zinc and copper prices directly affects Agnico Eagle's revenues, earnings and cash flow. Volatile energy, commodity and consumables prices and currency exchange rates impact production costs. The Company is subject to risks related to pandemics and other outbreaks of communicable diseases such as COVID-19, as well as the economic impacts that result therefrom. For a more comprehensive discussion of these and other risks, see "Risk Factors" in the MD&A and Form 40-F/AIF for the year ended December 31, 2019 on file with the SEC and the CSA's SEDAR website. For the discussion of risks incremental to those disclosed in the Form 40-F/AIF, refer to Forward-Looking Statements, Impact of COVID-19 on the Company's Business and Operations, and Outlook in this MD&A.

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AGNICO EAGLE MINES LIMITED
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Prepared in accordance with International Financial Reporting Standards)
For the Three Months Ended March 31, 2020

Disclosure Controls and Procedures and Internal Controls over Financial Reporting

The Company's management is responsible for establishing and maintaining adequate internal control over financial reporting ("ICFR") and disclosure controls and procedures ("DC&P").

ICFR is a framework designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. Management has used the Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) in order to assess the effectiveness of the Company's ICFR.

DC&P form a broader framework designed to provide reasonable assurance that information required to be disclosed by the Company in its annual and interim filings and other reports filed under securities legislation is recorded, processed, summarized and reported within the time frame specified in securities legislation and includes controls and procedures designed to ensure that information required to be disclosed by the Company in its annual and interim filings and other reports submitted under securities legislation is accumulated and communicated to the Company's management to allow timely decisions regarding required disclosure.

Together, the ICFR and DC&P frameworks provide internal control over financial reporting and disclosure. The Company maintains disclosure controls and procedures that are designed to provide reasonable assurance that information, which is required to be disclosed in the Company's annual and interim filings and other reports filed under securities legislation, is accumulated and communicated in a timely fashion. Due to their inherent limitations, the Company acknowledges that, no matter how well designed, ICFR and DC&P can provide only reasonable assurance of achieving the desired control objectives and as such may not prevent or detect all misstatements. Further, the effectiveness of ICFR is subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with policies or procedures may change.

In response to the COVID-19 pandemic, the Company asked all of its corporate office staff and many site administrative staff at regional, mine site and exploration offices to work from home. This change requires certain processes and controls that were previously done or documented manually to be completed and retained in electronic form. The Company continues to monitor whether remote work arrangements have adversely affected the Company's ability to maintain internal controls over financial reporting and disclosure controls and procedures. Despite the changes required by the current environment, there have been no significant changes in our internal controls during the quarter ended March 31, 2020 that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting.

Non-GAAP Financial Performance Measures

This MD&A presents certain financial performance measures, including adjusted net income, total cash costs per ounce of gold produced (on both a by-product and co-product basis), minesite costs per tonne and all-in sustaining costs per ounce of gold produced (on both a by-product and co-product basis), that are not recognized measures under IFRS. This data may not be comparable to data presented by other gold producers. Non-GAAP financial performance measures should be considered together with other data prepared in accordance with IFRS.

Adjusted Net Income

Adjusted net income is not a recognized measure under IFRS and this data may not be comparable to data presented by other gold producers. This measure is calculated by adjusting net (loss) income as recorded in the condensed interim consolidated statements of (loss) income for non-recurring, unusual and other items. The Company believes that this generally accepted industry measure allows the evaluation of the results of continuing operations and is useful in making comparisons between periods. Adjusted net income is intended to provide investors with information about the Company's continuing income generating capabilities.

14

AGNICO EAGLE MINES LIMITED
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Prepared in accordance with International Financial Reporting Standards)
For the Three Months Ended March 31, 2020

Management uses this measure to monitor and plan for the operating performance of the Company in conjunction with other data prepared in accordance with IFRS. The Company does not exclude stock-based compensation expense in its calculation of adjusted net income. Stock option expense for the three months ended March 31, 2020 was $6.6 million (three months ended March 31, 2019 — $6.2 million). In addition, the Company did not exclude payroll costs of approximately $1.2 million in its calculation of adjusted net income for the three months ended March 31, 2020 which are associated with mine site employees who were working remotely during the period of suspended operations due to COVID-19.