AGNICO EAGLE ANNOUNCES ADDITIONAL INVESTMENT IN OSISKO METALS INCORPORATED

Rhea-AI Summary

Agnico Eagle (NYSE: AEM) acquired 26,000,000 common shares of Osisko Metals at C$0.48 per share for a total of C$12,480,000 via a non-brokered private placement on Dec 16, 2025.

Following the placement Agnico Eagle holds 67,210,000 Osisko common shares and 20,605,000 warrants, representing ~9.85% of Osisko on a non-diluted basis and ~12.49% on a partially-diluted basis (assuming warrant exercise). An amended investor rights agreement grants participation rights in equity financings and conditional board-nomination rights if ownership thresholds are met. An early warning report will be filed in accordance with securities laws.

Positive

• C$12.48M strategic equity investment in Osisko
• Ownership increased to 9.85% of Osisko on a non-diluted basis
• Investor rights include preemptive participation in future equity financings

Negative

• Board nomination rights are conditional and not currently exercisable
• Post-deal stake remains below a clear controlling threshold at 9.85%

Key Figures

Osisko shares acquired 26,000,000 shares Non-brokered private placement at C$0.48 per share

Placement price C$0.48 per share Osisko Metals private placement to Agnico Eagle

Total consideration C$12,480,000 Cost of Osisko Metals private placement

Osisko ownership before 41,210,000 shares Agnico Eagle holdings prior to this private placement

Osisko warrants held 20,605,000 warrants Common share purchase warrants in Osisko Metals

Osisko ownership after 67,210,000 shares Agnico Eagle holdings following private placement

Non-diluted ownership before 6.71% Osisko Metals non-diluted basis

Non-diluted ownership after 9.85% Osisko Metals non-diluted basis post-placement

Market Reality Check

$166.53 Last Close

Volume Volume 2,219,168 is in line with 20-day average 2,191,946 (relative volume 1.01x). normal

Technical Price 166.53 is trading above 200-day MA at 135.29, after a -1.11% daily move.

Peers on Argus

AEM fell 1.11% while key gold peers NEM, WPM, Barrick, FNV and KGC also declined between about -0.99% and -1.85%, pointing to sector-wide weakness rather than company-specific pressure.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Oct 29	Q3 2025 earnings	Positive	+3.7%	Record adjusted net income, strong free cash flow and debt reduction.
Oct 09	Equity investment	Positive	-4.6%	Strategic investment in Fuerte Metals via subscription receipts and warrants.
Sep 30	Earnings notice	Neutral	+1.1%	Scheduling and access details for Q3 2025 results and conference call.
Sep 29	Asset divestiture	Neutral	+2.0%	Sale of entire Royal Road Minerals stake to refocus on core projects.
Sep 09	Equity investment	Positive	+0.1%	Additional Maple Gold Mines investment with units including warrants.

Pattern Detected

News around strategic investments, divestments and earnings has generally seen aligned price reactions, with one notable divergence on a prior investment announcement.

Recent Company History

Over the last few months, Agnico Eagle reported record adjusted net income of $1,085 million in Q3 2025 with strong free cash flow and debt reduction, which was followed by a positive price reaction. The company has repeatedly adjusted its external investment portfolio, adding stakes in Fuerte Metals and Maple Gold Mines while disposing of its Royal Road Minerals position. These actions, along with routine earnings call notices, show an ongoing pattern of portfolio optimization and strategic equity investing that today’s Osisko Metals investment fits into.

Market Pulse Summary

This announcement adds another strategic equity position for Agnico Eagle, increasing its stake and warrant exposure to Osisko Metals while reinforcing previously negotiated investor rights. The move fits a broader pattern of portfolio management seen in recent investments and divestitures alongside strong operating and financial results. Investors may watch how ownership percentages evolve, how often these rights are exercised, and whether future filings or transactions further reshape the company’s external investment portfolio.

Key Terms

non-brokered private placement financial

"pursuant to a non-brokered private placement at a price of C$0.48"

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.

common share purchase warrants financial

"20,605,000 Common Share purchase warrants of Osisko (the "Warrants")"

A common share purchase warrant is a tradable right that lets its holder buy a company’s ordinary shares at a fixed price for a set period, like a coupon that can be redeemed later to buy stock at a predetermined rate. Investors care because warrants offer leverage on future upside—they can magnify gains if the share price rises above the set price—but they can also dilute existing shareholders if used, and they expire worthless if unused.

investor rights agreement financial

"Agnico Eagle and Osisko entered into an investor rights agreement"

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

"An early warning report will be filed by Agnico Eagle in accordance"

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.

AI-generated analysis. Not financial advice.

Stock Symbol:                                                                       AEM (NYSE and TSX)

TORONTO, Dec. 16, 2025 /PRNewswire/ - Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle") announced today that it has acquired 26,000,000 common shares (the "Common Shares") of Osisko Metals Incorporated ("Osisko") pursuant to a non-brokered private placement at a price of C$0.48 per Common Share for total consideration of C$12,480,000 (the "Private Placement").

Agnico Eagle acquired the Common Shares as part of its strategy of acquiring strategic positions in prospective opportunities with high geological potential. Agnico Eagle continues to focus on its portfolio of high-quality internal growth projects, and complements its pipeline of projects with its practice of strategic equity investments in projects with high geological potential.

Prior to the Private Placement, Agnico Eagle owned 41,210,000 Common Shares and 20,605,000 Common Share purchase warrants of Osisko (the "Warrants"), representing approximately 6.71% of the issued and outstanding Common Shares on a non-diluted basis and approximately 9.73% of the issued and outstanding Common Shares on a partially-diluted basis (assuming exercise of the Warrants). Following the Private Placement, Agnico Eagle owns 67,210,000 Common Shares and 20,605,000 Warrants, representing approximately 9.85% of the issued and outstanding Common Shares on a non-diluted basis and approximately 12.49% of the Common Shares on a partially-diluted basis (assuming exercise of the Warrants), in each case after giving effect to all other security issuances completed by Osisko concurrently with the Private Placement.

In connection with its initial investment in Osisko, Agnico Eagle and Osisko entered into an investor rights agreement. On closing of the Private Placement, Agnico Eagle and Osisko entered into an amended and restated investor rights agreement, pursuant to which Agnico Eagle is entitled to certain rights (subject to maintaining or achieving, as applicable, certain ownership thresholds), including: (a) the right to participate in equity financings and top-up its holdings in relation to dilutive issuances in order to maintain certain ownership thresholds in Osisko; and (b) the right (which Agnico Eagle has no present ability of exercising) to nominate between one and two individuals to the board of directors of Osisko upon achieving certain ownership thresholds and depending on the size of the board of directors of Osisko.

Depending on market conditions, strategic priorities and other factors, Agnico Eagle may, from time to time, acquire additional Common Shares or other securities of Osisko or dispose of some or all of the Common Shares or other securities of Osisko that it owns at such time.

An 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:

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

Agnico Eagle's head office is located at 145 King Street East, Suite 400, Toronto, Ontario M5C 2Y7. Osisko's head office is located at 155 University Avenue, Suite 1440, Toronto, Ontario M5H 3B7.

About Agnico Eagle

Canadian-based and led, Agnico Eagle is Canada's largest mining company and the second largest gold producer in the world. It produces precious metals from operations in Canada, Australia, Finland and Mexico and has a pipeline of high-quality exploration and development projects. 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 December 16, 2025. 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 Agnico Eagle's acquisition or disposition of securities of Osisko 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.

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SOURCE Agnico Eagle Mines Limited

FAQ

What did Agnico Eagle (AEM) buy from Osisko Metals on Dec 16, 2025?

Agnico Eagle purchased 26,000,000 Osisko common shares at C$0.48 per share for C$12.48M in a non-brokered private placement.

How much of Osisko does Agnico Eagle (AEM) own after the Dec 16, 2025 placement?

After the placement Agnico Eagle owns 67,210,000 common shares, ~9.85% non-diluted and ~12.49% partially-diluted (assuming warrant exercise).

Does Agnico Eagle (AEM) have board rights at Osisko after the investment?

Under an amended investor rights agreement Agnico Eagle has conditional rights to nominate one to two directors if certain ownership thresholds are achieved, but it has no present ability to exercise that right.

Will Agnico Eagle (AEM) file regulatory disclosures after the Osisko purchase?

Yes. An early warning report will be filed by Agnico Eagle in accordance with applicable securities laws.

Can Agnico Eagle (AEM) increase or sell its Osisko stake after Dec 16, 2025?

Yes. Agnico Eagle may acquire additional or dispose of Osisko securities from time to time depending on market conditions and strategy.