AGNICO EAGLE ANNOUNCES AGREEMENT WITH GOLDSKY RESOURCES CORP. RELATING TO THE BARSELE PROJECT

Rhea-AI Summary

Agnico Eagle (NYSE: AEM) agreed to sell its remaining 55% interest in Gunnarn Mining AB to Goldsky Resources for US$20,000,000 cash, the issuance of 75,509,577 Goldsky shares (C$2.64 per share VWAP) and a 2% net smelter return royalty on the Barsele project.

Closing is expected on or prior to June 30, 2026, subject to TSXV and Goldsky shareholder approvals; Agnico Eagle will own ~32.5% of Goldsky on a non-diluted basis after the transaction.

Positive

• US$20.0M proceeds from divestiture
• 75.5M Goldsky shares received valued at C$2.64 each
• Retention of 2% NSR royalty on Barsele
• Agnico holds ~32.5% ownership of Goldsky post-closing

Negative

• Transaction subject to TSXV and shareholder approvals, creating closing risk
• 75.5M new shares increase Goldsky share count, diluting existing shareholders
• Agnico's divestiture removes its direct operational control of Barsele

Key Figures

Cash consideration: US$20,000,000 Share consideration: 75,509,577 Common Shares Royalty rate: 2% net smelter return royalty +5 more

8 metrics

Cash consideration US$20,000,000 Paid by Goldsky for 55% of Gunnarn Mining AB

Share consideration 75,509,577 Common Shares Goldsky shares issued to Agnico Sweden

Royalty rate 2% net smelter return royalty Ongoing royalty on the Barsele project

Implied share value C$2.64 per Common Share 20-day volume-weighted average price used for consideration

Interest sold 55% of Gunnarn Mining AB Remaining stake in Barsele project vehicle sold to Goldsky

Closing deadline On or prior to June 30, 2026 Expected closing date for the Transaction

Pre-deal ownership 7,353,291 shares (4.1%) Agnico stake in Goldsky before Agreement

Post-deal ownership 82,862,868 shares (32.5%) Agnico stake in Goldsky after Agreement execution

Market Reality Check

Price: $216.16 Vol: Volume 3,078,562 is 17% a...

normal vol

$216.16 Last Close

Volume Volume 3,078,562 is 17% above the 20-day average of 2,631,962, indicating elevated interest ahead of this portfolio transaction. normal

Technical Price at 216.16 is trading above the 200-day MA of 146.83 and 147.18% above the 52-week low, but 3.26% below the 52-week high.

Peers on Argus

AEM gained 0.35% with modestly elevated volume, while large peers like NEM (+2.1...

AEM gained 0.35% with modestly elevated volume, while large peers like NEM (+2.19%), WPM (+0.93%), and FNV (+0.74%) also traded higher. One peer, KGC, declined (-0.6%). With no peers in the momentum scanner and mixed magnitudes, the move appears more stock-specific than a broad gold-sector rotation.

Historical Context

5 past events · Latest: Jan 08 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 08	Earnings call notice	Neutral	+2.4%	Announced timing for Q4 and full-year 2025 results and conference call.
Dec 16	Strategic investment	Positive	+0.6%	Additional investment in Osisko Metals via private placement with rights agreement.
Oct 29	Earnings results	Positive	+3.7%	Record Q3 2025 adjusted net income and strong free cash flow with debt reduction.
Oct 09	Strategic investment	Positive	-4.6%	Investment in Fuerte Metals via subscription receipts and warrants with rights agreement.
Sep 30	Earnings call notice	Neutral	+1.1%	Scheduled release date and call for Q3 2025 financial results.

Pattern Detected

In the past six months, AEM news has usually led to modest positive price moves, with only one notable divergence where a strategic investment coincided with a short-term decline.

Recent Company History

Over the last six months, Agnico Eagle has combined strong operations with active portfolio management. In Q3 2025, it reported record adjusted net income of $1,085 million and robust free cash flow, reinforcing a strong balance sheet. Since then, it has added positions in Osisko Metals and Fuerte Metals and exited holdings like Royal Road and Orla Mining. Today’s Barsele agreement fits this pattern of reallocating capital while retaining upside exposure through equity stakes and rights agreements.

Market Pulse Summary

This announcement details a portfolio rebalancing in which Agnico Eagle exchanges its remaining 55% ...

Analysis

This announcement details a portfolio rebalancing in which Agnico Eagle exchanges its remaining 55% of Gunnarn Mining AB for US$20,000,000, 75,509,577 Goldsky shares valued at C$2.64 each, and a 2% net smelter return royalty. The company’s stake in Goldsky rises to 32.5% with enhanced investor rights, echoing prior strategic investments and dispositions. Investors may watch for closing by June 30, 2026, future Goldsky financings, and how this transaction interacts with Agnico’s internal project pipeline and capital allocation priorities.

Key Terms

net smelter return royalty, volume-weighted average price, tsx venture exchange, investor rights agreement, +1 more

5 terms

net smelter return royalty financial

"the grant of a 2% net smelter return royalty to Agnico Sweden on the Barsele project"

A net smelter return (NSR) royalty is a contractual right to receive a percentage of the revenue from minerals sold after they are processed and refined, with common deductions for transportation and refining fees. Investors care because an NSR provides a predictable slice of mining project income without owning the mine, so it affects expected cash flow, risk exposure to commodity prices, and the valuation of both the royalty and the operating project—similar to collecting a portion of rent after paying building maintenance costs.

volume-weighted average price financial

"being the volume-weighted average price of the Common Shares for the 20-day period"

Volume-weighted average price (VWAP) is the average price of a stock over a specific time period where each trade is weighted by the number of shares traded, so larger trades influence the average more than small ones. Investors and traders use VWAP as a reference point to judge whether trades are happening at relatively good or poor prices—like checking the average price paid for an item at a market where bulk purchases count more than single-item buys.

tsx venture exchange regulatory

"including approval of the TSX Venture Exchange and the shareholders of Goldsky"

A junior stock exchange in Canada where smaller, early-stage companies list shares to raise capital and gain public visibility. Think of it as a farmers’ market for young businesses: it offers investors a chance to buy into fast-growing but higher-risk ventures, with looser listing rules and typically lower liquidity than major exchanges. It matters because performance and financing on this exchange can signal growth prospects or risk for investors.

investor rights agreement financial

"Agnico Eagle and Goldsky are party to an investor rights agreement dated July 31, 2024"

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 with applicable securities laws"

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, Jan. 28, 2026 /PRNewswire/ - Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle") announced today that Agnico Sweden AB ("Agnico Sweden"), a wholly-owned subsidiary of Agnico Eagle, and Goldsky Resources Corp. ("Goldsky") have entered into a share purchase agreement (the "Agreement"), pursuant to which Goldsky agreed to purchase the 55% of Gunnarn Mining AB that it did not already own from Agnico Sweden in exchange for cash consideration of US$20,000,000, the issuance of 75,509,577 common shares ("Common Shares") of Goldsky, and the grant of a 2% net smelter return royalty to Agnico Sweden on the Barsele project (the "Transaction"). The Common Shares to be issued by Goldsky were ascribed a value of C$2.64 per Common Share, being the volume-weighted average price of the Common Shares for the 20-day period prior to entering into the Agreement. Closing of the Transaction is expected to occur on or prior to June 30, 2026 and is subject to certain closing conditions, including approval of the TSX Venture Exchange and the shareholders of Goldsky.

The Transaction reflects the Company's ongoing portfolio optimization efforts. Over the last 10 years, Agnico Sweden's exploration program at the Barsele project was successful at expanding its mineral resources. As additional exploration work and studies are required to advance the project toward development, the Company believes the Barsele project will benefit from being Goldsky's primary focus, while it retains exposure to future upside. Divesting its direct interest in the Barsele project aligns with the Company's prioritization of its high-quality internal project pipeline, which is expected to drive the next phase of growth.

Prior to execution of the Agreement, Agnico Eagle owned 7,353,291 Common Shares, representing approximately 4.1% of the issued and outstanding Common Shares on a non-diluted basis. Following execution of the Agreement, Agnico Eagle beneficially owned 82,862,868 Common Shares, representing approximately 32.5% of the issued and outstanding Common Shares on a non-diluted basis.

Agnico Eagle and Goldsky are party to an investor rights agreement dated July 31, 2024. On closing of the Transaction, Agnico Eagle and Goldsky will enter into an amended and restated investor rights agreement, pursuant to which Agnico Eagle will be entitled to certain rights (subject to maintaining 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 its pro rata ownership interest in Goldsky at the time of such financing or acquire up to a 19.99% ownership interest in Goldsky; (b) the right (which Agnico Eagle has no present intention of exercising) to nominate between one and three individuals (and in the case of an increase in the size of the board of directors of Goldsky to ten or more directors, between two and four individuals) to the board of directors of Goldsky; and (c) demand registration and piggy-back registration rights in respect of the potential sale of Common Shares by Agnico Eagle.

Agnico Eagle, through its wholly-owned subsidiary Agnico Sweden, is acquiring the Common Shares as partial consideration in connection with the Transaction. Depending on market conditions, strategic priorities and other factors, Agnico Eagle may, from time to time, acquire additional Common Shares or other securities of Goldsky or dispose of some or all of the Common Shares or other securities of Goldsky 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. Goldsky's head office is located at 2991 Dundas Street, Toronto, Ontario M6P 1Z4.

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. The Company 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 January 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 expected closing of the Transaction (including the expected closing date), the ability to satisfy closing conditions in respect of the Transaction (including obtaining approval of the TSX Venture Exchange and the shareholders of Goldsky) and Agnico Eagle's acquisition or disposition of securities of Goldsky 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 AEM announce about the Barsele project on January 28, 2026?

AEM agreed to sell its remaining 55% interest for cash, shares and a royalty. According to the company, the consideration is US$20,000,000, 75,509,577 Goldsky shares and a 2% NSR on Barsele.

What are the specific financial terms of the AEM and Goldsky transaction (AEM)?

The deal includes US$20 million cash, 75,509,577 common shares and a 2% NSR. According to the company, the shares were valued at C$2.64 each (20-day VWAP).

When will the AEM–Goldsky Barsele transaction close and what approvals are required?

Closing is expected on or before June 30, 2026, subject to regulatory and shareholder approvals. According to the company, the TSX Venture Exchange and Goldsky shareholder approvals are required.

How will the transaction change AEM's ownership stake in Goldsky (AEM)?

AEM will beneficially own about 32.5% of Goldsky after the transaction. According to the company, ownership rises from ~4.1% pre-transaction to ~32.5% post-transaction on a non-diluted basis.

What governance and investor rights will AEM hold in Goldsky after the deal (AEM)?

AEM will have participation, top-up and certain nomination rights subject to ownership thresholds. According to the company, rights include financing participation and potential board nomination rights up to three directors.