one:
produce
more gold

AEM has one of the most robust gold production growth profiles of any intermediate or senior gold producer. We are targeting a 2010 gold production of 1.0 million to 1.1 million ounces, up more than 100% from 2009 levels, as all six of our gold mines will be in commercial production. With the Meadowbank start-up in early 2010, and the Goldex, LaRonde extension and Creston Mascota expansions coming on-stream in 2011, AEM is on course to achieve average gold production of over 1.3 million ounces, annually, from 2011 to 2014, with total cash costs of approximately $400 per ounce. Three more internal expansion projects are expected to contribute to additional production growth by 2015. Studies are under way which could potentially increase AEM’s gold production to more than 1.5 million ounces of gold per year.

two:
grow gold
reserves

AEM has a strong record of growing gold reserves, having increased reserves per share almost fivefold over the past 11 years. From 18.4 million ounces at year-end 2009, gold mineral reserves are targeted to grow to between 20 million and 21 million ounces by year-end 2010. Our primary exploration targets are on our Kittila, Pinos Altos, and Meadowbank properties. The LaRonde operation is currently a 4.9-million-ounce gold reserve, and we see the potential for these other deposits to reach this size as well. For 2010, our largest-ever exploration budget of $76 million will be weighted towards resource exploration (discovery) and resource-to-reserve conversion.

three:
acquire small,
think big

We plan to continue our successful acquisition strategy. We take a conservative approach, seeking out early-stage opportunities in regions of low political risk that are well matched to our skills and abilities and can significantly strengthen the business. This is the strategy used for our Kittila, Pinos Altos and Meadowbank acquisitions, for which we paid a total of $784 million for what has become a combined 11.1 million ounces in gold reserves and an additional 7.3 million ounces in resources.

four:
be a low-cost
leader

Low-cost production is a competitive advantage that positions AEM to deliver value at every stage of the gold cycle and has allowed the payment of consecutive annual dividends since 1981. From 2010 to year-end 2014, we are projecting total cash costs of approximately $400 per ounce of gold produced, a level we expect will place us in the lowest cost quartile in the industry over the long term.

five:
maintain a
solid financial
profile

AEM ended the year with $164 million in cash and cash equivalents and $165 million available under its credit facilities. In March 2010, the Company further strengthened the balance sheet by issuing $600 million in a series of bonds, with proceeds used to repay bank debt. A strong balance sheet gives us the financial flexibility to carry out our growth plans and act quickly on opportunities. In 2010, capital expenditures are expected to total approximately $478 million and decline to approximately $178 million in 2011. Through 2011, AEM expects to be self-funding as significant internal cash flow is generated from its expanding mines.