Agnico Eagle Takes 10.45% Stake in Radisson Mining For $57 Million

  • The financing gives Radisson capital to move O’Brien underground while giving Agnico Eagle contractual influence over future financings and certain property-level transactions.

Agnico Eagle Mines (TSX: AEM) is committing $57.16 million to Radisson Mining Resources (TSXV: RDS), but the transaction reaches beyond a passive equity placement. If it closes as planned, the senior gold producer will gain participation rights in future financings, board nomination rights, and contractual protections around certain transactions involving Radisson’s mineral properties through the end of 2028.

Agnico agreed to buy 53.42 million Radisson units at $1.07 each, a 6% premium to Radisson’s August 21 closing price and a 19% premium to its 20-day volume-weighted average price. Each unit includes one common share and one-half warrant. The 26.71 million warrants carry a $1.39 exercise price and a 60-month term.

On closing, Agnico is expected to own 10.45% of Radisson on a non-diluted basis, rising to 14.90% on a partially diluted basis if its warrants are exercised. The financing remains subject to TSX Venture approval and is expected to close around September 2.

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The accompanying investor rights agreement is the more strategic part of the deal. Agnico will have the right, subject to ownership thresholds, to nominate a director, with provisions for additional representation under specified board-size conditions. It can also participate in certain future equity financings to maintain or increase its stake up to 14.9% on a partially diluted basis.

Through December 31, 2028, specified transactions involving Radisson’s mineral properties will also face agreed restrictions covering dispositions and certain royalty, stream, offtake, and secured financing arrangements. After that date, Agnico receives a 60-day advance notice right while maintaining at least a 5% partially diluted stake. Those provisions explicitly exclude change-of-control transactions.

Radisson said the proceeds will fund an advanced underground exploration program at its 100%-owned O’Brien Gold Project in Quebec’s Abitibi region, including an access ramp, underground and surface infrastructure, and water-management facilities. Its existing cash will continue funding the separate 140,000-metre surface drilling program.

O’Brien currently contains 0.63 million ounces of indicated resources and 1.69 million ounces of inferred resources. Radisson’s July 2025 preliminary economic assessment estimated $175 million of initial capital, a $532 million after-tax NPV at a 5% discount rate, and a 48% after-tax IRR.

The announcement comes after Agnico Eagle released its Q2 2026 financials, producing more than 855,000 ounces of gold, generating $1.34 billion in free cash flow, and posting all-in sustaining costs of $1,459 per ounce.

Information for this briefing was found via the sources and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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