ADDITIONAL INVESTMENT IN CANADA NICKEL COMPANY INC. BY AVENIR MINERALS LIMITED

Rhea-AI Summary

Agnico Eagle Mines (NYSE/TSX: AEM) reported that its wholly owned subsidiary Avenir Minerals invested C$1,000,000.50 in Canada Nickel Company via a non-brokered private placement, acquiring 666,667 units at C$1.50 per unit. Each unit includes one common share and half a warrant, with each whole warrant exercisable at C$2.25 for 36 months.

Following the financing and concurrent issuances by Canada Nickel, Avenir now controls 22,467,926 shares and 8,293,962 warrants, representing about 8.68% non-diluted and 11.52% partially diluted ownership. An existing investor rights agreement provides participation and board nomination rights at specified ownership thresholds.

Positive

• C$1,000,000.50 strategic investment in Canada Nickel private placement
• Post-transaction holding of 22,467,926 shares and 8,293,962 warrants in Canada Nickel
• Investor rights agreement allows participation to maintain up to 15.6% partially diluted ownership
• Warrants exercisable at C$2.25 for 36 months, providing leveraged upside exposure

Negative

• Ownership decreased from 12.0% to 8.68% non-diluted since December 29, 2023 due to dilutive issuances
• Partially diluted interest at 11.52% currently below the 15.6% level referenced in investor rights agreement

News Explained

Despite completing the additional investment, Avenir’s Canada Nickel ownership fell from 8.91% to 8.68% on a non-diluted basis and from 11.78% to 11.52% on a partially diluted basis because of concurrent issuances.

Market Context

NEM was down 3.3% in the current peer context, while AEM's pre-headline close was up 0.65%, showing ...

Analysis

NEM was down 3.3% in the current peer context, while AEM's pre-headline close was up 0.65%, showing divergence around this announcement. The C$1,000,000.50 placement is paired with warrant exposure and lower post-transaction ownership percentages.

Key Figures

Units acquired: 666,667 units Unit price: C$1.50 per Unit Total consideration: C$1,000,000.50 +5 more

8 metrics

Units acquired 666,667 units Canada Nickel private placement

Unit price C$1.50 per Unit Canada Nickel private placement

Total consideration C$1,000,000.50 Canada Nickel private placement

Warrant exercise price C$2.25 per Common Share Each Warrant

Warrant term 36 months Following the Private Placement closing date

Pre-placement ownership 8.91% non-diluted; 11.78% partially-diluted Immediately prior to the Private Placement

Post-placement ownership 8.68% non-diluted; 11.52% partially-diluted Following the Private Placement

Prior ownership disclosure 12.0% non-diluted; 15.6% partially-diluted December 29, 2023 early warning report

Historical Context

5 past events · Latest: Aug 24 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Aug 24	Radisson investment	Positive	+0.8%	Agnico announced a strategic private placement investment in Radisson Mining Resources.
Jul 29	Q2 earnings report	Positive	+4.4%	Record free cash flow and shareholder returns accompanied strong second-quarter operating results.
Jul 24	Cadillac investment	Positive	+0.4%	Agnico agreed to acquire shares through a private placement tied to an IPO.
Jul 02	Barnat pit disruption	Negative	-0.6%	Rock movement suspended mining and reduced expected Canadian Malartic production in later periods.
Jun 29	Q2 results notice	Neutral	-2.2%	The company scheduled second-quarter results and a conference call for late July.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

AEM's prior four substantive announcements aligned with the subsequent 24-hour direction, while the results notice was the lone divergence.

Key Terms

non-brokered private placement, investor rights agreement, early warning report, partially-diluted basis, +1 more

5 terms

non-brokered private placement financial

"pursuant to a non-brokered private placement"

A non-brokered private placement is when a company raises money by selling securities (such as shares or bonds) directly to a small group of chosen investors without using a broker or dealer as a middleman. For investors it matters because it can provide faster, lower-cost access to new investment opportunities but may bring higher risk, less liquidity and potential dilution of existing holdings compared with public offerings.

investor rights agreement regulatory

"party to an investor rights agreement dated December 29, 2023"

A legally binding contract between a company and its investors that spells out investors’ core protections and privileges—such as voting rights, how and when shares can be sold, information access, and steps for resolving disputes. Think of it like a rulebook or homeowner association agreement for ownership: it clarifies who gets a say, how value can be realized, and what protections exist if things go wrong, making investment risks and expectations clearer for shareholders.

early warning report regulatory

"filed an early warning report disclosing that it owned"

An early warning report is a regulatory filing that publicly discloses when an investor or insider has taken a large or potentially influential position in a company's shares or plans significant actions with those shares. It matters to investors because it flags possible shifts in control, takeover attempts, or concentrated influence—like a neighborhood notice that someone is buying several houses on the block—helping readers reassess risk, valuation, and trading strategy.

partially-diluted basis financial

"on a partially-diluted basis"

A partially-diluted basis is a way of counting a company’s shares that includes currently outstanding shares plus certain likely additional shares from things like vested options, warrants, and convertible securities, but excludes more speculative or unissued items. For investors it gives a more realistic view of ownership stakes and per-share figures — like earnings per share — by showing dilution that is probable today, much as counting people with purchased tickets (but not those who might buy later) gives a clearer sense of how full a theater really is.

common share purchase warrant financial

"one-half of one common share purchase warrant"

A common share purchase warrant is a tradable contract that gives its holder the right, but not the obligation, to buy a company’s common stock at a specified price within a set period. Think of it like a coupon for future shares: if the stock rises above the coupon price it can boost returns for the holder, but when used it increases the number of outstanding shares and can reduce each existing shareholder’s ownership and affect the company’s cash position.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Stock Symbol:

AEM (NYSE and TSX)

TORONTO, Aug. 28, 2026 /PRNewswire/ -- Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle") announced today that Avenir Minerals Limited ("Avenir"), a wholly-owned subsidiary of Agnico Eagle, acquired 666,667 units ("Units") of Canada Nickel Company Inc. ("Canada Nickel") at a price of C$1.50 per Unit for total consideration of C$1,000,000.50 pursuant to a non-brokered private placement (the "Private Placement"). Each Unit is comprised of one common share of Canada Nickel (a "Common Share") and one-half of one common share purchase warrant of Canada Nickel (each whole common share purchase warrant, a "Warrant"). Each Warrant entitles the holder to acquire one Common Share at a price of C$2.25 for a period of 36 months following the closing date of the Private Placement.

On December 29, 2023, Agnico Eagle filed an early warning report disclosing that it owned Common Shares and Warrants representing approximately 12.0% and 15.6% of the then-issued and outstanding Common Shares on a non-diluted basis and partially-diluted basis, respectively. Thereafter, Canada Nickel completed certain dilutive securities issuances.

Immediately prior to the Private Placement, Avenir, together with its joint actor, Agnico Eagle, beneficially owned, or exercised control or direction over, 21,801,259 Common Shares and 7,960,629 Warrants, representing approximately 8.91% of the issued and outstanding Common Shares on a non-diluted basis and 11.78% of the issued and outstanding Common Shares on a partially-diluted basis (assuming the exercise of the Warrants beneficially owned, or over which control or direction is exercised, by Avenir at such time). Following the Private Placement, Avenir beneficially owns, or exercises control or direction over, 22,467,926 Common Shares and 8,293,962 Warrants, representing approximately 8.68% of the issued and outstanding Common Shares on a non-diluted basis and approximately 11.52% of the issued and outstanding Common Shares on a partially-diluted basis (assuming the exercise of the Warrants beneficially owned, or over which control or direction is exercised, by Avenir at such time), in each case, after giving effect to all other security issuances completed by Canada Nickel concurrently with the Private Placement.

Agnico Eagle and Canada Nickel are party to an investor rights agreement dated December 29, 2023, pursuant to which Agnico Eagle is entitled to certain rights, provided it maintains, directly or indirectly, certain ownership thresholds in Canada Nickel, including: (a) the right to participate in certain equity offerings and top-up its holdings in relation to dilutive issuances in order to maintain or acquire up to the greater of Agnico Eagle's then-current ownership interest and an ownership interest of 15.6% (on a partially-diluted basis) in Canada Nickel; and (b) the right (which Agnico Eagle has no present intention of exercising) to nominate one person to the board of directors of Canada Nickel.

Avenir acquired the Common Shares and Warrants as part of its strategy of acquiring strategic positions in prospective opportunities with high geological potential. Depending on market conditions, strategic priorities and other factors, Avenir and Agnico Eagle may each, from time to time, acquire (directly or indirectly, through one or more of their respective affiliates) additional Common Shares, Warrants or other securities of Canada Nickel or dispose of some or all of the Common Shares, Warrants or other securities of Canada Nickel that it owns at such time.

An amended early warning report will be filed by Agnico Eagle in accordance with applicable securities laws. To obtain a copy of the early warning report, please contact:

Investor Relations
Agnico Eagle Mines Limited
145 King Street East, Suite 400
Toronto, Ontario M5C 2Y7
Telephone: 416-947-1212
Email: investor.relations@agnicoeagle.com

Each of Agnico Eagle's and Avenir's head office is located at 145 King Street East, Suite 400, Toronto, Ontario M5C 2Y7. Canada Nickel's head office is located at 130 King Street West, Suite 1900, Toronto, Ontario M5X 1E3.

About Agnico Eagle

Canadian-based and led, Agnico Eagle is Canada's largest mining company and the second largest gold producer in the world, operating mines in Canada, Australia, Finland and Mexico. Agnico Eagle is advancing a pipeline of high-quality development projects in these regions to support sustainable growth over the next decade. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading sustainability practices. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.

Forward-Looking Statements

The information in this news release has been prepared as at August 28, 2026. Certain statements in this news release, referred to herein as "forward-looking statements", 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. These statements can be identified by the use of words such as "may", "will" or similar terms.

Forward-looking statements in this news release include, without limitation, statements relating to the acquisition or disposition of securities of Canada Nickel by Avenir and/or Agnico Eagle in the future.

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. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Other than as required by law, Agnico Eagle does not intend, and does not assume any obligation, to update these forward-looking statements.

View original content:https://www.prnewswire.com/news-releases/additional-investment-in-canada-nickel-company-inc-by-avenir-minerals-limited-302862964.html

SOURCE Agnico Eagle Mines Limited

FAQ

What did Agnico Eagle Mines (AEM) announce about its new investment in Canada Nickel on August 28, 2026?

Agnico Eagle announced that subsidiary Avenir Minerals invested C$1,000,000.50 in Canada Nickel via a non-brokered private placement. According to Agnico Eagle, Avenir acquired 666,667 units at C$1.50 per unit, each unit including one share and half a warrant.

How many Canada Nickel shares and warrants does AEM now hold after the latest private placement?

After the private placement, Avenir controls 22,467,926 Canada Nickel shares and 8,293,962 warrants. According to Agnico Eagle, this represents approximately 8.68% of issued shares on a non-diluted basis and about 11.52% on a partially diluted basis, after concurrent issuances.

What are the terms of the Canada Nickel warrants held by Agnico Eagle (AEM)?

Each Canada Nickel warrant held by Avenir allows purchase of one common share at C$2.25. According to Agnico Eagle, the warrants are exercisable for 36 months from the private placement closing date, offering potential upside exposure if Canada Nickel’s share price rises.

How has Agnico Eagle’s ownership in Canada Nickel (for AEM investors) changed since December 2023?

Agnico Eagle previously reported holdings of about 12.0% non-diluted and 15.6% partially diluted on December 29, 2023. According to Agnico Eagle, after subsequent dilutive issuances and the new investment, ownership stands at roughly 8.68% non-diluted and 11.52% partially diluted.

What investor rights does Agnico Eagle (AEM) have in Canada Nickel under their agreement?

Agnico Eagle holds rights to participate in certain equity offerings and top up its Canada Nickel stake. According to Agnico Eagle, the agreement allows maintaining or acquiring up to the greater of its then-current interest and 15.6% on a partially diluted basis, plus one board nominee right.

Why did Avenir Minerals, a subsidiary of Agnico Eagle (AEM), acquire more Canada Nickel securities?

Avenir acquired additional Canada Nickel shares and warrants as part of a strategy to hold strategic positions. According to Agnico Eagle, the focus is on prospective opportunities with high geological potential, aligning with its broader exploration and growth priorities in the mining sector.

Will Agnico Eagle (AEM) buy or sell more Canada Nickel shares after this transaction?

Future transactions are possible but not committed. According to Agnico Eagle, Avenir and Agnico Eagle may buy more or sell some Canada Nickel shares, warrants, or other securities over time, depending on market conditions, strategic priorities, and other relevant factors.