Agnico Eagle Mines Limited (NYSE: AEM) has entered into a subscription agreement to acquire 8,696,000 common shares of Cadillac Mines Corporation at C$6.90 per share, for total consideration of C$60,002,400, according to a press release dated July 24, 2026.

The transaction is contingent on the closing of Cadillac's initial public offering, which is based on a final long form base PREP prospectus dated July 23, 2026. The private placement is expected to close on or about August 5, 2026.

Prior to the agreement, Agnico Eagle held 22,821,028 common shares of Cadillac, representing approximately 9.70% of issued and outstanding shares on a non-diluted basis. Upon closing, Agnico Eagle's stake is expected to increase to 31,517,028 common shares, representing approximately 11.09% of issued and outstanding shares on a non-diluted basis, after giving effect to the IPO and other concurrent security issuances.

Under a 2023 subscription agreement, Agnico Eagle holds the right to participate in equity financings to maintain its pro rata ownership interest in Cadillac. Upon closing of the IPO, Agnico Eagle will enter into a 180-day lock-up agreement with the IPO underwriters restricting the sale, pledge, or hedging of its Cadillac shares, subject to limited exceptions.

Agnico Eagle stated the acquisition is part of its strategy of acquiring strategic positions in opportunities with high geological potential. The company noted it may acquire additional shares or dispose of its Cadillac holdings depending on market conditions and strategic priorities.