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Agnico Eagle Mines Announces Agreement With Goldsky Resources Relating To The Barsele Project
TORONTO, Jan. 28, 2026 /CNW/ - Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle") announced today that Agnico Sweden AB ("Agnico Sweden"), a
About this update from Agnico Eagle Mines Limited
[{"type":"text","content":" TORONTO, Jan. 28, 2026 /CNW/ - 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 entitl...