AGNICO EAGLE ANNOUNCES INVESTMENT IN CADILLAC MINES CORPORATION

Rhea-AI Summary

Agnico Eagle (NYSE/TSX: AEM) agreed 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 via a private placement. Closing is conditional on Cadillac’s IPO and is expected on or about August 5, 2026.

Agnico Eagle’s stake is expected to increase from 9.70% to about 11.09% of Cadillac’s common shares on a non-diluted basis after the IPO and concurrent issuances. Agnico Eagle holds participation rights to maintain its pro rata ownership and will be subject to a 180‑day lock-up on its Cadillac securities following the IPO closing.

Positive

• C$60,002,400 strategic investment in Cadillac Mines via private placement
• Ownership in Cadillac expected to rise from 9.70% to about 11.09%
• Pre-existing rights to participate in financings help maintain pro rata ownership
• Transaction aligned with strategy to hold positions in high geological potential assets

Negative

• 180-day lock-up restricts Agnico Eagle from selling or hedging Cadillac shares post-IPO
• Private placement closing is conditional on successful completion of Cadillac’s IPO
• Capital commitment of C$60,002,400 concentrates additional exposure in a single investee

News Market Reaction – AEM

+0.43%

+0.43% Session close to close

In the Jul 24 session, AEM gained 0.43%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

Recent transaction history included a 3.46% reaction after Rupert Resources court approval. Against ...

Analysis

Recent transaction history included a 3.46% reaction after Rupert Resources court approval. Against that backdrop, the Cadillac investment added a strategic-transaction reference; low short positioning was a risk context, while IPO conditions and lock-up terms warrant attention.

Key Figures

Shares acquired: 8,696,000 common shares Subscription price: C$6.90 per share Total consideration: C$60,002,400.00 +4 more

7 metrics

Shares acquired 8,696,000 common shares Cadillac private placement

Subscription price C$6.90 per share Cadillac private placement

Total consideration C$60,002,400.00 Cadillac private placement

Expected closing August 5, 2026 Subject to closing conditions

Prior Cadillac ownership 22,821,028 shares; approximately 9.70% Before the subscription agreement

Post-closing Cadillac ownership 31,517,028 shares; approximately 11.09% After the IPO and concurrent security issuances

Lock-up period 180 days Following the IPO closing date

Historical Context

5 past events · Latest: Jul 02 (Negative)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jul 02	Mine wall movement	Negative	-0.6%	Barnat pit movement suspended mining and reduced expected Canadian Malartic production.
Jun 29	Results release notice	Neutral	-2.2%	Second-quarter results release and conference call dates were announced for late July.
Jun 16	Arrangement closing	Positive	+2.3%	Agnico Eagle completed its arrangement to acquire remaining Rupert Resources shares.
Jun 11	Court approval	Positive	+3.5%	Final court approval cleared the Rupert Resources arrangement for expected completion.
Jun 09	Arrangement approval	Positive	+1.1%	Rupert securityholders approved the arrangement and conditional CVR listing approval was received.

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

Pattern Detected

AEM's recent strategic transaction announcements were followed by positive reactions, while a routine results notice diverged.

Key Terms

subscription agreement, private placement, non-diluted basis, lock-up agreement, +1 more

5 terms

subscription agreement financial

"entered into a subscription agreement dated July 23, 2026"

A subscription agreement is a legal contract in which an investor agrees to buy a specific number of a company’s shares or other securities under set terms, including price, payment method and conditions for closing the sale. It matters to investors because it legally locks in their purchase and the company’s obligations, determines ownership percentage and any investor rights, and can include conditions or promises that affect future control or returns—like signing a detailed purchase order for equity.

private placement financial

"for total consideration of C$60,002,400.00(the "Private Placement")"

A private placement is a sale of securities directly to a selected group of investors, typically institutions or accredited investors, instead of through a public offering. It lets a company raise money faster and with fewer regulatory steps; for existing shareholders it matters because the newly issued shares, often sold at a discount, increase the share count and can dilute their ownership.

non-diluted basis financial

"on a non-diluted basis"

Non-diluted basis describes ownership percentages or per-share figures calculated using only the company’s currently outstanding shares, ignoring any potential future shares from options, warrants, convertibles or planned issuances. Investors use it to see the present snapshot of claims or earnings per share as if the pie’s size won’t change; it’s like measuring each person’s slice today without accounting for guests who might later get slices.

lock-up agreement regulatory

"will enter into a lock-up agreement in favour of the underwriters"

A lock-up agreement is a contract that prevents company insiders and early investors from selling their shares for a fixed period after a stock sale, often after an initial public offering. It matters to investors because it temporarily limits the number of shares that can hit the market, which can keep the share price steadier; when the lock-up ends, a sudden increase in available shares can create extra volatility, revealing insiders’ confidence or lack thereof.

early warning report regulatory

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

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. How Rhea-AI works. Not financial advice.

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Stock Symbol: AEM (NYSE and TSX)

TORONTO, July 24, 2026 /PRNewswire/ -- Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle") announced today that it has entered into a subscription agreement dated July 23, 2026 (the "Subscription Agreement") with Cadillac Mines Corporation ("Cadillac"), pursuant to which Agnico Eagle agreed to acquire 8,696,000 common shares of Cadillac ("Common Shares") at a price of C$6.90 per Common Share for total consideration of C$60,002,400.00(the "Private Placement"). The Private Placement is subject to certain closing conditions, including the closing of Cadillac's initial public offering of Common Shares (the "IPO") pursuant to Cadillac's 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 entering into the Subscription Agreement, Agnico Eagle owned 22,821,028 Common Shares, representing approximately 9.70% of the issued and outstanding Common Shares on a non-diluted basis. On closing of the Private Placement, Agnico Eagle is expected to own 31,517,028 Common Shares, representing approximately 11.09% of the issued and outstanding Common Shares on a non-diluted basis after giving effect to the IPO (assuming the issuance of all Common Shares qualified thereunder) and all other security issuances completed by Cadillac concurrently with the Private Placement.

Pursuant to a subscription agreement dated July 25, 2023 between Agnico Eagle and Cadillac, Agnico Eagle is entitled to certain rights, including the right to participate in equity financings in order to maintain its pro rata ownership interest in Cadillac at the time of such financing.

On closing of the IPO, Agnico Eagle will enter into a lock-up agreement in favour of the underwriters of the IPO, pursuant to which it will agree that it will not, directly or indirectly, without the prior written consent of the underwriters: (a) offer, sell, pledge or otherwise dispose of any Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares (collectively, the "Locked-Up Securities"); (b) make any short sale, engage in any hedging or enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Locked-Up Securities; or (c) agree to or publicly announce any intention to do any of the foregoing, in each case, for a period of 180 days following the closing date of the IPO, subject to certain limited exceptions.

Agnico Eagle is acquiring the Common Shares 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, Agnico Eagle may, from time to time, acquire additional Common Shares or other securities of Cadillac or dispose of some or all of the Common Shares or other securities of Cadillac 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:

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

Agnico Eagle's head office is located at 145 King Street East, Suite 400, Toronto, Ontario M5C 2Y7. Cadillac's head office is located at 123 Front Street West, Suite 905, Toronto, Ontario M5J 2M2.

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 July 24, 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 Agnico Eagle's acquisition of Common Shares pursuant to the Private Placement and expected ownership interest in Cadillac, the closing of the Private Placement and IPO and the agreements to be entered into in connection therewith, and Agnico Eagle's acquisition or disposition of securities of Cadillac 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) announce about its investment in Cadillac Mines on July 24, 2026?

Agnico Eagle announced a private placement to buy 8,696,000 Cadillac Mines shares at C$6.90 each, totaling C$60,002,400. According to Agnico Eagle, the investment is part of its strategy to acquire strategic positions in assets with high geological potential.

How will Agnico Eagle’s ownership in Cadillac Mines change after the private placement and IPO?

Agnico Eagle expects its ownership to increase from about 9.70% to roughly 11.09% of Cadillac’s common shares on a non-diluted basis. According to Agnico Eagle, this assumes completion of the IPO and all concurrent Cadillac security issuances.

What are the key terms and conditions of Agnico Eagle’s C$60 million investment in Cadillac Mines (AEM)?

Agnico Eagle agreed to buy 8,696,000 Cadillac shares at C$6.90 for total consideration of C$60,002,400. According to Agnico Eagle, closing is subject to specific conditions, including successful completion of Cadillac’s initial public offering of common shares.

When is Agnico Eagle’s private placement in Cadillac Mines expected to close?

The private placement is expected to close on or about August 5, 2026, subject to conditions. According to Agnico Eagle, a key condition is the closing of Cadillac Mines’ initial public offering of common shares under its final long form base PREP prospectus.

Does Agnico Eagle (AEM) have lock-up restrictions on its Cadillac Mines shares after the IPO?

Yes. Agnico Eagle will enter a 180-day lock-up after the IPO, limiting sales and hedging of its Cadillac securities. According to Agnico Eagle, any such transactions during this period require prior written consent from the IPO underwriters, subject to limited exceptions.

Can Agnico Eagle increase its stake in Cadillac Mines after this private placement?

Agnico Eagle holds rights to participate in future equity financings to maintain its pro rata stake. According to Agnico Eagle, it may also buy or sell Cadillac securities over time depending on market conditions, strategic priorities, and other factors.