Agnico Eagle Mines (TSX: AEM) is buying into one of the Abitibi’s more closely watched gold exploration stories, agreeing to take a roughly 10% position in Radisson Mining (TSXV: RDS) through a C$57.2 million strategic investment.
The non-brokered private placement has Agnico purchasing 53,420,000 units at C$1.07 apiece. Each unit pairs one common share with half a warrant exercisable at C$1.39 for 60 months, a structure that leaves the senior producer with 10.45% of Radisson on a non-diluted basis and 14.9% partially diluted. The warrants can be accelerated after two years if Radisson’s 20-day volume weighted average price tops C$1.85.
The proceeds are earmarked to fund an advanced underground exploration program at Radisson’s 100% owned O’Brien Gold Project, covering ramp development, underground and surface infrastructure, and water management facilities. Engineering and permitting work begins immediately.
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The company’s existing cash will keep a separate 140,000 metre surface drilling campaign running in parallel.
“We are very happy to welcome Agnico Eagle as a significant shareholder for the next stage of exploration and development at the O’Brien Gold Project,” said Matt Manson, Radisson’s president and chief executive officer.
Agnico is not settling for a passive stake. Under an investor rights agreement, it can nominate one director — two if the board expands to eight or more members — and holds pro-rata participation rights letting it maintain ownership up to 14.9%, along with top-up rights on dilutive issuances through Dec. 31, 2028. Radisson has also accepted restrictions on specified mineral property transactions, followed by a 60 day notice requirement so long as Agnico holds at least 5%. Change of control transactions are exempt.
O’Brien hosts indicated resources of 0.63 million ounces grading 5.59 grams per tonne gold and inferred resources of 1.69 million ounces at 5.08 g/t. A preliminary economic assessment released in July 2025 outlined an 11-year mine life.
Radisson Mining last traded at $1.01 on the TSX Venture.
