1. xS34t8N34gu wmoEi3j5 Mwn5 kbatvi3izk5 MEADOWBANK WATER LICENSE RENEWAL NWB 2AM MEA0815 Technical Meeting April 29-30, 2015 Baker Lake, NU Hutchinson Environmental Sciences Ltd.

2. Overviewgrz Our review generated 31 separate information requests and technical comments All have been resolved to the satisfaction of both the Kivalliq Inuit Association (KIA) and Agnico Eagle Mines (AEM) through: cspn3ifK5 net5yMs34g5 #!i4 WoExEd/sJi4 xml whmQ/sJi4 bfxl NmQ/sMs34g5 r?o3u wkw5 vgpctQ5 xml x[if wf s/C4bExi5, sKN: Sept Oct NovDec Jan 2015Feb The KIA’s initial submission r?o34 wkw5 vgpctQ5 yKo3u4 ttC4ymJu4 giyJ5 AEM’s responses in “NWB 2AM MEA0815: Response to NWB completeness reviews of the Type A water license renewal application” x[if wf s/C4bEx5 Mwnzk5, xed/sJ5 xeiq, kNKu wmoEp5 vtmoqi5, wmoEi3j5 Type A The KIA’s subsequent responses r?o34 wkw5 vgpctQ5 rs/siq A WebEx with AEM cEbsf5 xeoq5 Renewal Hearings kb34 vtm3Jx3i34

3. Overviewgrz Resolutions have been tracked in the Nunavut Water Board Excel spreadsheet titled “150114 2AM MEA0815 Preliminary AEM response to Technical Comments revised- ILAE” This spreadsheet is available on the public registry and is considered part of the public record We will also provide additional discussion on the Security held for Closure and Reclamation WoExEd/sJ5 vtmifi, WoExE/smzb cspm/sJ5, kNKu wmoEp5 vtmpqi ttC4ymJi, Nnsto4 “150114 2AM response to Technical Comments” b7N ttc34 cEbs/ug34 rguxi5l bf/sJ4N34Li rNs/5l xg34g4n5 s/C4bEx5 sfxEx3izk5, whm4n34ysDbsJ4N34g5, scsysJ4NDN34g5l

4. Overviewgrz Here we summarize the primary issues in each of five discussion topics identified by the Nunavut Water Board (NWB) during the Prehearings in January, 2015 These topics are: Freshwater Quantity Waste Disposal and Management Emergency and Spill Contingency Planning Monitoring Closure and Reclamation Planning Nw4oQx34ymJ5 whmQ/symJ5 sfx, boms2lt4 whmosDbsJ4n5, xeZsMs34g5 kNKu wmoEp5 vtmpqb, vtm3Jx3tlQ5 /kxE @)!%u whm4n34ysDbsJ4n5: by5 xqiq5 x4bfoEi34, xsMizl gxF3N34goEi34 xml fFJc34X5 X3N4ymi34 Cspn3i34 s/C4bEx5 sfx3iz, xeQx3izk5l X3N4ymi34

5. Guiding PrinciplesWoExk5 grjxAt5 Our review of the Renewal Application was guided by NWB’s water quality framework: to protect, manage and regulate freshwaters in Nunavut in a manner that will provide the optimum benefits for the residents of the territory in particular and Canadians in general The Nunavut Land Claims Agreement, and The Kivalliq Inuit Association’s interest in environmental protection Mwn5 kba34tbsix3izk5 sfx grjxAbsJ5 kNKu wmoEp5 vtmpqb ttC4ymJ5 WoExEix34bq5: uxiElQ5, xsMlQ5 xml xgZsiq5 moAtq5, kNKu WoExE/s5yx3lQ5 wvJ3ic3ix3mb kNKusk5 vNbusk5l gzFf5 xqDtz grjxAbsli, xml r?o3u wkw5 vgpctQ5, x?tj5 WoExq5 grjxAbslt4l

6. Guiding Principles WoExE/sJk5 grjxAt5 Our presentation accompanies our intervener submission to the NWB: “Kivalliq Inuit Association Intervener Submission for 2AM-MEA0815 Meadowbank Water License Renewal Application Public Hearing Process” Mwn5 kba34bsix3izk5 X3N4tlQ5 r?o3u wkw5 whmoscbsJ5, kNKu wmoEp5 vtmoqk5 whmosDt5 gi/sJ5 ttC4ymJ: r?o3u wkw5 vgpctQ5 whmoscbsiz ttC4ymJ34 NlNwfbo4 suz, 2AM- MEA0815 Meadowbank Water License Renewal, b7N Mwnj5 kbatbsizk5

7. whmosDbsymJ5 xeymo34g5 Resolved Issues Tracking Issues and their Resolutions whmosDbs/Exc34g5 Ns5y34g3iq5 xml xeh34bsiq5

8. 1) Freshwater Quantity by5 xqiq Specific comments from the KIA: KIA-01, 01B, 23 Issues Our primary concern regarding freshwater quantity was the increase in volume requested by AEM AEM proposed a new maximum freshwater quantity of 9,119,652m 3 whmQ/symJ5 ttC4ymiq5 r?o3u wkw5 vgpctQfi: KIA- 01, 01B, 23 whmosDt4n5 yKo34 whmosDbsJ34 by5 bEsaqg5 xqiq5 xgZstlQ5, x[if wf s/C4bExi5 - x[if wf s/C4bEx5 xgDx34g5 wm3u4 xqtQJu4 9,119,652m3

9. 1) by5 xqiz freshwater Quantity Resolutions Implementation of a staged annual water usage in the water license to limit unnecessary excess freshwater consumption AEM provided further documentation to demonstrate no negative impacts to Third Portage Lake from the additional freshwater use WoExEd/sJ5  wm3j5 xgZsixo34g5 srsbm5 Mwnu ttC4ymJ5, cq34bw/Exo5 xg3iqk5  x[if wf s/C4bEx5 ttC4ymJi4 giyymJ5, wms2 xg3ix3izi4, by3u s/C4bExFs2 nixi xto4 Third Portage Lake-u4

10. 2) x4bfpEo34 xml xsMiz Waste Disposal and Management Specific comments from the KIA: KIA-20, 22, 27 Issues Seepage from the tailings storage facility was reaching the receiving environment This concern was raised in light of the 2013 seepage detected at AEM’s ST-16 monitoring station and subsequent elevated cyanide concentrations in Lake NP-2 sfx scsyE/sMs34g5, r?o3u wkw5 vgoctQfi5: KIA-20, 22, 27 whmQ/sJ5 scsyE/sMs34g5  cui34 x4bfi5 f4g5 by3k5  bmN cui34 whmQ/sMs34g34 gn3NMs34Lil srsu @)!#u, csp/sMs34Lil x[if wf s/C4bEx5 cspn3Fzi xeymJi NlNwfbo4 AEM’s ST-16-u, by3ul slExN34gu4 xqo34gu4 by3u NP-2 Lake-u

11. 2) x4bf5 wQbsiq xml xsMiz Waste Disposal and Management Resolution AEM will update the Freshet Action Plan, a subsection in the Water Management Plan, within 60 days of the license issuance Specifically documented changes of the Freshet Action Plan will include: Increased tailings beaches on RF-1 and RF-2 in 2015; Documenting installation of fines filters on RF-1 and RF-2, completed as part of the mitigation response to the initial seepage; WoExEd/sJ5  x[if wf s/C4bEx5 WoExE/s?oxJi4 gn34t6yb3ix5, s?i X3NAbsymJi Freshet Action Plan-u, ^) s2l5 Nwn5 xqZsizi5  Sfxl ttC4ymJ5 xMa34bsiq5, wMos34ymlQ5l sfx:  x4bfc3F5 xqo34Xoxiq5, sfNi x4bfi RF-1 xml RF-2, bfx srsu @)!%u xqoMs3mb;  ttC4ymlQ5 riXJi4 x4bfi4 iDu4g5 nlm34nst5 wo/siq5, x4bfi NlNwfbo5 RF-1 xml RF-2, bfxl cspn3iz Wxi4ymJ5 cuiz cspnZstlA;

12. 2) x4bf5 xml xsMiz Waste Disposal and Management The Freshet Action Plan will also include: Commence capping of the North Cell in the Tailings Storage Facility as part of progressive reclamation to stem the seepage at its source; Install thermistors in the Rock Storage Facility between the Tailings Storage Facility and Lake NP-2 in conjunction with closure assessments; o AEM will consider installation of piezometers in the RSF as part of the adaptive management if thermistor data indicates insufficient freeze back to cut off flow between the Tailings Storage Facility and Lake NP-2; ttC4ymJi X3NAbsymJi s?i Freshet-u, sfx wMscbsJ5: riXJi4 vt34h3F5 x4bf5, yu4b3lQ5 cudNQ5 xml sfxEx3izk5 X3N4ymix3mb; sN3i3j5 cspnst5 woymlQ5 s/ci4 vt34h3F4i, x4bf5 xml by34 NP-2, xfizi, bfx sfxExizk5 cspnZsymmb; x[if wf s/C4bEx5 woyjx34g5 Xgooi4 sdmwnDbsJ4N34gi4 cspnDti4, wolQ5 s/ci4 vt34hwF4u, scmwlxo34Xb cspmix3mb, xml sN3iz xNlxo34X5 wuAbsJ4N3mb, bfx cuJbsJ4N3mb x4bfi4 slExN34go4i4, s/ci4 vt34hwF4u xml by3u NP-2u;

13. 2) x4bf5 xml xsMiz Waste Disposal and Management The Freshet Action Plan will also include: Drain water from the Tailings Storage Facility North Cell to the TSF South Cell in 2015; Continue the current monitoring plan as stated in the Freshet Action Plan until: o Five years of consecutive water quality results in Lake NP-2 meet Canadian Council of Ministers of the Environment criteria for key parameters (free cyanide, nickel, copper); and o Five years of consecutive water quality results for total and weak acid dissociable cyanide are below accepted method detection limits (0.005 mg/L). WoExk5 X3NAbsymJk5 xto4 Freshet-u, sfx WoExE/six5: wmw/3lA riXJi4 x4bfc3F4 wMzi5, fFb3lA x4bfc3F4j5 scxigu, srsu @)!%u; WoExEgwN3lQ5 WoEx5 X3N4ymJ5, trlA: bom5 srs5 Wxivzb, wm34 cspnZsb3li by3u xto4u NP-2-u, cspnZsif5l NmlQ5 v?mgcf5 x?toEpzb moZwi4, slExN34g5l, nF4lw5l, cspn3lQ5 wm3u; bomk5 srsk5 cspn34b3lQ5 wmw5 gdN34gcqmzb, cyanide-u4, bfx cspniq5 wm3i Nnsto4 (0.005 mg/L).

14. 2) x4bf5 xml xsMiz Waste Disposal and Management The Freshet Action Plan will also include: Submission of monitoring results specific to the Freshet Action Plan as part of the Annual Reports to the Nunavut Water Board Continue the current mitigation strategy of pumping seepage back to the Tailings Storage Facility and regular (weekly during the open water season, monthly outside of the open water season) inspections. WoExk5 X3N4ymJ5 xto4 Freshet-u sfx WoExE/six34g5: cspnZsymJ5 ttC4ymJ5 gilQ5, kNKu wmoEp5 vtmpqk5, bfx Mwnu4 vmpsmb, WoExc34Lt4l xeQx34b3i3j5 wmw5 nlmwiq5, nlmwg5l ulvZsb3lt4 xml fFlQ5, riXJi4 xbfk5 GnNbwo xfizi, xs/uH bmfxl cspnZsb3lt4.

15. 3) gxF3N34goEi3j5 xml fFJc3i3j5 X3N4ymi34 Emergency and Spill Contingency Planning Specific comments from the KIA: KIA-20, 22, 27 Issues Ensure AEM adequately Characterizes spills, Monitors and mitigates their environmental impacts, and Follows up with anomalous instrumentation readings scsyE/sif5 ttC4ymJ5 s?i: KIA- 20, 22, 27 xW34htQ/sif5  x[if wf s/C4bEx5 WoExc3lt4  wobElQ5 fFif5,  cspn3lQ5 xml seQx34b3lQ5 x?tj5 x4gwif5, xml  cspn3b3lQ5 NlZsJ5 cspn3ifi5

16. 3) gxF3N34goEi34 xml fFJc34X5 X3N4ymi34 Emergency and Spill Contingency Planning Resolution The license wording will be amended to characterize seepages as spills within the associated plans AEM also provided further documentation demonstrating adequate protection of the environment in the event of an emergency or spill by clarifying the emergency and spill monitoring as well as the associated adaptive response framework WoExEd/sJ5  Mwn5 ttC4ymiz xeQx34b3lA, cui5 grc34tbslt4 fFi3u4  x[if wf s/C4bEx5 ttC4ymJi4 NlNw34ylt4 ck34 x?tl4b34 uxiE/six3mz5, gxF3N34gco3i34X5 xml fFJco3i34X5 hNgwN3i4, bmfxl cspnZsb3lt4, WoExEb3lQ5l

17. 4) cspn3i34Monitoring Specific comments from the KIA: KIA-2, 3, 4, 5, 6, 7, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 21, 24, 26 and 28 Issues The majority of issues raised on behalf of the KIA focused on ensuring adequate assessment of mine related impacts to the aquatic environment Comments focused on AEMs Aquatic Effects and Core Receiving Environment Monitoring Programs scsyE/sif5 ttC4ymJ5, r?o34 wkw5 vgoctQfi5: KIA-2, 3, 4, 5, 6, 7, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 21, 24, 26 and 28 xW34ht4nsMs34g5  xuhi34n5 xW34ht4nsMs34g5 r?o3u wkw5 vgpctQfi5, s/C4bEx3is2 x4g3iq5 x?tu4 xml wm3j5 x4g3i5 whmQ/slxMs34g5  xW34htQ/sMs3uJ5 x[if wf s/C4bEx5 cspn3iz5 wmoEi3u4 x?tu4l WJto5, xml cspn3iz

18. 4) cspn3i34 Monitoring Specific concerns included: Specific water and sediment quality monitoring results Monitored parameters including o Biological indicators, o The suite of assessed chemical parameters, and o Water quality detection limits Modelling results and comparisons to measured values, Data quality objectives to ensure accuracy of reported data, Water license wording for clarity and precision, sfx whmQ/slxMs34g5:  wmw5 xml wms2 xlxig5 cspnZsb3mzb  sfxl cspnZsb3mz  smJl4b5,  slExNDN34gl4b5 xml  wmw5 nlmwiz xqiz  cspnZsif5 grylQ5 xml xtQqiq5 grylQ5,  ttC4ymJ5 cspnZsif5 Nmmzb grylQ5 xeQx34b3lQ5l,  Mwns2 ttC4ymiz xeQx34b3lA gryN3ix3m5

19. 4) cspn3i34 Monitoring Specific concerns also included: Conditions requiring the collection of water quality samples at depth, Requirements to discuss elevated water and sediment chemistry results in the body of reports, Photographic records of preconstruction conditions, A reference site for Wally Lake, The capacity to statistically detect changes in the receiving environment. sfx whmltQ/sMsg5: wtJu wmw5 cspnZsJ5 ck34 cwpnZsic34X5, wm3u cspnZsif5 nlmwg5 ck34 vmQ/sb3ix34X5, bmn scsyE/sviExo4, cspn3F5 xtos34b3lQ5 cspnctNQ5 ckwiq5 gry/six3mb, by34 xto4 Wally Lake, Niiz grylA, cspn34bsizl, f[FsJ5 xMa34Xoxb3iz grylA, ck34 xMa3Jx3tQmz5

20. 4) cspn3i34 Monitoring Resolution These issues have been resolved through: Reporting framework changes, Commitments to implement adaptive management, Commitments to improve data quality, achieve lower method detection limits and meet hold time requirements, Inclusion of key parameters in the water quality analysis suite, Providing additional supporting information for decisions made regarding statistical analysis WoExEd/sJ5  WoExEd/sJ5 WoExE/sJ5 sfkN:  cspnZsif5 WoExl scsyE/sb3iq5,  xMa34Xoxb3iz5 xeQx34b3iz5l WoEx5, xsMiq5l,  cspnZsb3i5 ttC4ymiq5 Ns5y34g3lQ5 homzb, nlmwi5l grylQ5 WoExEb3lQ5l, xml WoExq5 Nm4gu4 WoExE5yx3lQ5,  wm3i4 cspnZsJ5 xuh5 grylQ5 xeQx34b3lQ5l xeQxCzb,  cspn3if5 xeQx34b3lQ5 wLx3i34nu4, xml cspnZsif5 ck34 WoExE/smzb grc3li

21. 5) sfxiz xml xeQx3izk5 X3N4ymi34 Closure and Reclamation Planning Specific comments from the KIA: KIA-8, 29, 30, 31 Issues The KIA’s commitment to the land extends beyond the post closure phase of mine life Was adequate monitoring was in place to confirm No long-term mine related impacts to the aquatic environment, and Potentially acid generating rock and the Tailings Storage Facility would be successfully capped. whmltQ/sMs34 ttC4ymJig5 r?o3u wkw5 vgpctQf5 ttC4bqi: KIA-8, 29, 30, 31 whmQ/sMs34g5  r?o34 wkw5 vgpctQ5 kNu4 vmiz5, s/C4b3Fs2 sfxizb szbk5 brio4  cspnZsic5yx3lt4 xml Nmiq5 holt4  s/C4bEx5 sfx3iz cq3lA, wms2 x4g3iz NmicExc34g34 xml  s/Cw5 slExN3io5 sx/4ymJ5 xe5yx34b3lQ5 xml x4bf5 sfxXb yu5yx3lQ5

22. 5) sfx3iz xml xeQx3izb X3N4ymi34 Closure and Reclamation Planning Resolution AEM committed to continue Adequate monitoring, Work with the Research Institute in Mines and Environment and consultants, ensuring design controls for acid rock drainage, encapsulation and freeze control strategies will be effective and use up to date scientific knowledge, Submission of specific details in the final reclamation and closure plan one year prior to closure outlining control of water pollution sources to protect nearby waterbodies and groundwater WoExEd/sJ5  x[if wf s/C4bEx5 xkx34h3lt4 WoExEgwN3oQ5 sfx  Nm4gu4 cspn34gwN3o5,  WoEctc3lt4 cspn34ti4, cspn34Xgi4l, s/Cw5 slExNgcDN34g5 cspn5yx3lQ5, ns/sb34g5l mg/sb34g5l hNgwNw5 WoExE5yx3lQ5 xml bmfiz xgZs?oxJ5 xg3lQ5,  yKo3u srsu s/C4bEx5 sfxizk5 ttC4ymJ5 molQ5 cspn3lQ5l, nlmwi34 wqCqmz5 cspN34b3ix3m5

23. rao34X34 Conclusion The KIA has no outstanding issues at this time We have provided this summary for public record to ensure AEM follows through with all commitments and agreed to changes prior to renewal of the Meadowbank Water License Specific wording for all commitments can be found in our submission to the NWB r?o34 wkw5 vgpctQ5 whmltcqo34g5 mN bmfx ttC4ymJ5 whmltQ/sJ5 WoExEd/sJ5l, mod/sJ5 s/C4bExi5 xml WoExE/Exo5 WoExElQ5, bmfx Mwnu xbix3mb, xS34t8N34gu Mwn5 wmoEi3j5 kbatbsix34tlA bfx ttC4ymJ5 cEbs/f5l cspQx34bsJ4N34g5 xml kNKu wmoEp5 vtmpqb ttC4Fzi5

24. SECURITY rNs/5 gdymJ5 Ensuring a fair distribution of liability s/C4bEx5 sfx3iz Nmd2lA

25. Security rNs/5 gdymJ5 The KIA is in agreement with the financial security management cost recommendation of $86,519,614 which represents the current liability We request that total reclamation liability for the Meadowbank Mine Project is held under two instruments: Kivalliq Inuit Association Commercial Land Lease; and The Water License, to be held by the Minister of AANDC r?o3u wkw5 vgpctQ5 xqctc34g5 rNs/5 gdymiqi4 bfx s/C4bExi5 WJ5, $86,519,614 bfxl vmQ/six34g5 s/C4bEx5 sfxizi xeh3izk5, xS34t8N34gu mDi4 WoExEJtc3lx3ix34g4: r?o3u wkw5 vgpctQ5 kNu4 xg3izi4 tAux3mb, xg3izk5 rNs/i4 gdymJbsJ5; xml wmoEi3j5 Mwn5 tAu/six34g34, v?mgcfi wkoEpi5 uigzi5

26. SecurityrNs/5 gdymJ5 KIA initially proposed equal distribution of security (50:50) between the Minister of AANDC. After receipt of AANDC’s letter of April 8/15 to NWB, KIA intends to hold $78,834,710.00 under the KIA lease, for three reasons: 1. No security management agreement has been reached to resolve the double-bonding issue. r?o3u wkw5 vgpctQ5 yKo3u4 WJmMs34g5 rNs/5 xg3iq5 xF4lt4 G%):%)H xFctc3lt4 v?mgcf5 wkoEpqi4 uigu4. kNKu wmoEi3j5 vtmp5 ttcsyxZi4Xb v?mgcf5 wkoEpzi5, r?o3u wkw5 vgpctQ5 tAuxoC/4g5 rNs/i4 &*,*#$,&!), sfx tAuxDtQlQ5: !. rNs/5 xsMiq5 xqDtcqm5, rNs/5 tusJi4 mDi4 tAux34Xb.

27. SecurityrNs/5 gdymJ5 2. The KIA’s mandate requires the use of security for purposes above and beyond the reclamation of the affected water resource. It is the KIA’s responsibility to ensure adequate restoration to the standard required by applicable regulations and the Production Lease. r?o3u wkw5 vgpctQ5 WoExqi ttC4ymJi sc34ymJ34, rNs/5 gdymJ5 xgZsiq5 xgZsJ4N3mb s/C4bEx5 sfxizk5, xyqk5l wmoEi3j5. r?o3u wkw5 vgpctQ5 WoExE/Exc3mJ4, s/C4bEx5 sfx3iz5 WoExE/s/Exc3mb moZw5 molQ5 xml xbic3mb kNs2 xg3izk5 W?oxi3j5.

28. SecurityrNs/5 gdymJ5 3. The Meadowbank Project is fully on Inuit Owned Land. The KIA requires sufficient funds to ensure all obligations respecting the environment are met. The KIA is concerned funds held by the Minister need not apply to the entire Production Lease, only that portion which applies directly to the water resource; and funds held by the Minister may be insufficient for remediation if used for compensation. xS34t8N34g34 s/C4bExF4 wkw5 Nuiz5 kNu WoExE/sm5. r?o3u wkw5 vgpctQ5 rNs/q5 NmQxc34g5, x?toEi34 WoExq5 NmQxc3mb. r?o3u wkw5 vgpctQ5 whmltc34g5 rNs/5 tAuxZsJ5 uigu5, xgZsqQNExc3mb W?oxi3j5 s/C4bEx34gi5, ryxio wmoEi3j5 xgDN34mb xeymXb; xml rNs/5 tAuxZsJ5 NmqQNExc3mb kNs2 xeh3izk5.

29. SecurityrNs/5 gdymJ5 Compensation and security are considered separate issues by the KIA and are addressed through different processes The KIA acknowledge security can be reduced through progressive closure and reclamation Successful reclamation decreases the potential liability of AEM, the KIA and AANDC Security amendments generally require a full amendment to the Water Licence with attendant hearings. The KIA and AANDC have discussed a process to amend security through a streamlined hearings process such as a teleconference and seek guidance from the Nunavut Water Board rNsi4 xroi34 xml gdymiq5 vmQiq5l xtQqmb, bmN r?o3u wkw5 vgpctQ5 gry/z5, xml vmQ/siq5 xtQqmb rNs/5 xg5yx3uq5 vmQ/sJ4N34g34, s/C4bExF4 sfx34Xox5yx3lA xml kN bsgMszk5 xeXox5yx3lA, s/C4bExF4 sfx34X5 s/C4bEx5 sfxXb kN xehZs5yx3iz vmQ/s5yxc/34g34, s/C4bExi5, r?o3u wkw5 vgoctQfi5, xml v?mgcfi5 rNs/5 gdymJ5 vmQ/siq5 xMa34Xb, bwm wmoei3j5 Mwn5 xMa34tbs/Exc34g34, vtmt5yb34lt4. rNs/5 gd34ymJ5 vmQ/siq5 xMaExc34Xb, r?o34 wkw5 vgpctQ5 xml wkoEp5 v?mgcfi, WoEctQ4lt4 xehwN/34g5, vtmb3lt4l xeymJu4, xml wvJ34tQlQ5 kNKu wmoEi3j5 vtmpq5

30. Meadowbank Security Deposit rNs/5 gdymJ5 xSt8N34g2 sfxizk5 xg34g4n5 The KIA agrees with the final reclamation cost estimate of $86,519,614. The KIA has identified that the reclamation costs estimates as related to land and water based components should be split 90% and 10%, respectively, based on the breakdown in the following slide. A summary of this financial breakdown is: 1) Land based direct costs : $56,503,981 2) Land based indirect costs : $ 22,330,729 3) Total Land Costs: $ 78,834,710 4) Water Based direct costs: $ 5,203,711 5) Water Based indirect costs: $ 2,481,193 6) Total Water Costs: $ 7,684,904 r?o3u wkw5 vgpctQ5 Nm4n34g5 rNs/5 *^,%!(,^!$, xg34gnsmb, xS34t8N34g2 x?b kN xeh3izk5 sfxX5. r?o3u wkw5 vgpctQ5 wob34yymJ5 rNs/5 xg3iqi4 xS34t8N34g34 sfx3izk5, kNw5l wmw5l xeh3izk5, xF4g3lQ5 rNs/5 ()% xml !)%, bwm rNs/5 xg3iq5 sfkz xF4gic3lt4. rNs/5 xF4g3iq5 WoExk5 sfkz: !. kNk5 %^,%)#,(*! @. kNk5 x4g3icDN34g5 @@,##),&@( #. kNk5 vtlQ5 xg34g4n5 &*,*#$,&!) $. wm3k5 by3k5li5 xg34g4n5 %,@)#,&!! %. wm3k5 xg3icDN34g5 @,$*!,!(# ^. wm3k5 vtlQ5 xg34gn5 &,^*$,()$

31. Meadowbank Security Deposit Summary of Security Cost Estimate Cost ItemSub-TotalComponent Direct Costs Open Pit 5,400Water Surface and Groundwater Managemnt 5,198,311Water Sub-Total Water Related Costs (10% of Direct Costs)5,203,711 Tailings Storage Facility 38,716,200Land Portage Waste Rock Facility 6,004,827Land Buildings, Equipment and Infrastructure 10,574,770Land Chemicals and Contaiminated Soil Management 1,208,184Land Sub-Total Land Related Costs (90% of Direct Costs)56,503,981 Sub-Total Direct Costs $61,707,692 Indirect Costs Mobilization /Demobilization4,762,500 Post Closure Monitoring and Maintenance2,972,373 Post Abandonment Interim Care & Maintenance1,650,126 Engineering (5%)3,085,385 Project Management (5% of direct costs)3,085,385 Contingency (15% of direct costs)9,256,154 Sub-Total InDirect Costs $24,811,922 Total Land Related Costs (90% of InDirect Costs) $22,330,729 Total Water Related Costs (10% of InDirect Costs) $2,481,193 GRAND TOTAL$86,519,614

32. Meadowbank Security Deposit xS34t8N34g2 sfx3izk5 rNs/5 gdymJ5 The KIA does not wish to over-bond on this project, however, the KIA is required to hold adequate security to protect its interests. This protection will be based on the following provisions within the Production Lease: 1) AEM must deposit a Reclamation Security Deposit with the KIA. The final amount is based on the AEM’s Reclamation Plan. 2) The Reclamation Security Deposit can be accessed by the KIA if AEM breaches any material term, covenant or condition of the Lease pertaining to its obligations relating to the environment or abandonment of the Meadowbank Project, and fails to remedy such breach within the time permitted under the Lease. 3) If the KIA draws on the Reclamation Security Deposit, AEM must, within five (5) business days ‘ receipt of written notice from the KIA, increase the Reclamation Security Deposit by the amount that was drawn on by the KIA. 4) If at any time the Reclamation Plan identifies an increase in costs for reclamation of the Project, AEM must, within five (5) business days ‘ receipt of written notice from the KIA, increase the Reclamation Security Deposit by the amount of such increase in costs. r?o3u wkw5 vgpctQ5 rNs/i4 xg3iqk5 cqsthxqg5, ryxio xuxfcDmJ5 xyq5 rNs/34gix3mb. rNs/5 xuxfif5 xgDN34g5 sfkz, kNj5 xg34gx3mb s/C4bEx5: !. x[if wf sC4bEx5 giyym/Exo5 rNs/i4 sfx3izk5 xg34g4n5 kNs2 xeh3izk5, bfx r?o3u wkw5 vgpctQk5 tAu/slt4. ryxi rNs/5 xuhiq5, NmQxc34g5 kNs2 xeh3izk5. @. kNs2 xeh3izk5 rNs/5 gdymJ5, r?o3u wkw5 vgpctQ5 xgDN34bq5 cfAux34, x[if wf s/C4bEx5 ydu5y4Xb xqDti4, kNs2 xg3izk5 xqDti4, Nwn5 moZwi4l ydu5y4Xb, xS34t8N34g3l emZsX5 xml yduizk5 xeQxqXb s/C4bEx5. Mwn5 moQxcMEg34. #. r?o3u wkw5 vgpctQ5 rNs/i4 gdymJi4 tAyQx34Xb, x[if wf s/C4bEx5 ttCExc34g5 rNs/i4 gAyJtu4 ttcu4 gilQ5 r?o3u wkw5 vgpctQfk5. rNs/5l xqoEx3lQ5, r?o3u wkw5 vgpctQ5 ttC4bqi4 xqoExizi4. $. rNs/5 xj/sQx34g5 r?o3u wkw5 vgpctQfi5 kNs2 xeh3izk5 xS34t8N34g34 sfxX5, xqoEx3iz, ttCsys/Exo4 x[if wf s/C4bExi5 G%H s2l5 WxictNQ5.

33. Meadowbank Security Deposit xS34t8N34g2 sfx3izk5 rNs/5 gdymJ5 5) The Reclamation Security Deposit must be in a form and content acceptable to the KIA. In the normal course, the KIA would require a Letter of Credit, which will ensure it may be accessed by the KIA regardless of AEM’s financial circumstances. 6) Upon receipt of confirmation from all regulatory bodies governing the Meadowbank Project that AEM has fulfilled all project closure and reclamation requirements, the KIA will release the Reclamation Security Deposit to AEM. %. xS34t8N34g34 xfx34X5 kNs2 xeh3izk5, rNs/5 gdymJ5 xo/Jaiq5 NmQxc34g5 r?o3u wkw5 vgpctQfk5. ryxi x2dbsZJ4g34 rNs/oEJi ttctA5, xml wkw5 vgpctQ5 ttcsybC/34g5 rNs/bDNDtu4, s/C4bExi5. ^. rNs/5 bfx xN4bwoJbsmb, x[if wf s/C4bEx5 ryxi giviC/34bq5 s/C4bExk5, xml s/C4bEx5 ttcsyx34ymN/34g5 xS34t8N34g2 svx3iz Nm4m5, tusJl4bi5 WoEcbsJi5. rNs/5 gi/soC/34g5 x[if wf s/C4bExk5, bfx Ns5ysmbsMs3mb sfx5yx3izk5 s/C4bEx5.

34. Security rNs/5 gdymJ5 The KIA further confirm that the KIA and AEM executed a Water Compensation Amending Agreement This includes compensation in relation to the following changes to the Meadowbank Project: Expanded Portage tailings storage facility; Expanded Portage waste rock storage facility; Airport runway expansion; r?o4u wkw5 vgpctQ5 grymg5 xehwym2lt4l, WoEctQm34LQ5 x[if wf s/C4bEx5, wm34 wmoEi3j5l xro/siz hNgwN3j5 cmN xqDttA5 WoExE/ymm5 rNs/5 xgExc34g5 xS34t8N34gu wmoEis2 xMa34Xoxizk5, bmN xeymm5, sfxl xMaEx3izk5: x4bfc3F4 xqoExiz xS34t8N34gu; s/Cw5 xgqo34g5 gdFz xqoExizk5; ub3F4 xqoExizk5;

35. Security rNs/5 gdymJ5 This also includes compensation in relation to: Vault dyke addition; Loss of Vault Lake with Vault open pit; Addition of the Vault waste rock storage facility; and Inclusion of additional funds for environmental monitoring costs. rNs/5 xg3iq5 sfkzl X3NAbsymJ5: wms2 nSuFz xwoExiz Vault s/C4b3F4u bys2 Vault xg34Xoxizk5 xml s/C4bFzk5; rNs/5 wM/sbExc34g5 x?ts2 cson3izk5.

36. QUESTIONS? xW34ht4n5 V