Reserve grade remains highest among North American peers and increases at key operations
In 2015, Agnico Eagle’s gold reserves decreased marginally by 5%. Several of our key properties reported increases in their average reserve grade in 2015: LaRonde from 5.20 to 5.31 g/t gold; Canadian Malartic from 1.06 to 1.08 g/t gold; Goldex from 1.49 to 1.61 g/t gold; and La India from 0.85 to 0.90 g/t gold.

Our year-end proven and probable mineral reserves, net of 2015 production, totalled 19.1 million ounces gold. This is a decrease of 0.9 million ounces of gold and is largely due to mine depletion (1,671,340 ounces of payable gold production from 1,910,000 ounces of in-situ gold mined) partially offset by the successful conversion of measured and indicated mineral resources to mineral reserves at several operations. The slight decrease in our average grade to 2.37 g/t from 2.40 g/t is the result of a reduction in the cut-off grades at each operation because of a slight increase of the assumed gold price when converted to local currencies.

Our goal is to maintain gold reserves at approximately 10 to 15 times Agnico Eagle’s annual gold production rate and we are currently within this range.

Proven and Probable Gold Mineral Reserves by Mine