Stock Symbol: AEM (NYSE and TSX)
(All amounts expressed in Canadian dollars unless otherwise noted)
TORONTO, April 20, 2026 /PRNewswire/ - Agnico Eagle Mines Limited $(AEM)$ (TSX: AEM) ("Agnico Eagle" or the "Company") announced today a plan to complete a comprehensive consolidation of properties in the Central Lapland Greenstone Belt ("CLGB") of Northern Finland, pursuant to which Agnico Eagle has entered into definitive agreements in respect of three separate transactions: (i) the acquisition of all of the issued and outstanding shares of Rupert Resources Ltd. ("Rupert"); (ii) the acquisition of all of the issued and outstanding shares of Aurion Resources Ltd. ("Aurion"); and (iii) the acquisition of a 70% interest in Fingold Ventures Ltd. (the "Fingold JV") held by B2Gold Corp. ("B2Gold"), which together with the 30% interest held by Aurion, would result in Agnico Eagle owning a 100% ownership interest in the Fingold JV. The Company currently owns 13.9% of Rupert on a non-diluted basis and 9.9% of Aurion on a partially diluted basis.
-- Establishes Finland as a multi-asset, multi-decade regional platform
within Agnico Eagle's portfolio, with a pathway to become an
approximately 500,000-ounce annual gold production hub within the next
decade
-- Provides the financial, technical and on-the-ground resources to develop
the highly prospective Ikkari gold project ("Ikkari"), leveraging Agnico
Eagle's proven management, exploration, permitting, mine building and
operating expertise
-- Creates significant value through optimized project development,
including an extension of the Ikkari open pit onto the Fingold JV area,
which is expected to capture additional gold ounces in the mine plan on
both sides of the property boundary
-- Consolidates an approximate 2,492 km(2) regional land position within the
under-explored Central Lapland Greenstone Belt, unlocking significant
exploration potential with robust targets across all stages of
exploration
-- Integrating Ikkari into the Company's established Finland platform
delivers unique operating, development and construction synergies
estimated at up to $500 million, over and above the value benefit that is
expected to be realized by eliminating the property boundary constraint
Agnico Eagle's President and Chief Executive Officer, Mr. Ammar Al-Joundi commented: "These transactions deliver on our long--standing regional strategy and build on our more than 20 years of best-in-class operating experience in Finland to establish another multi--asset, multi--decade platform in our portfolio within a world--class gold belt. By consolidating the highly prospective and under--explored Central Lapland Greenstone Belt, we are bringing together our long--life Kittila mine, the Ikkari gold project, unconstrained by property boundaries, and a district--scale land position with clearly defined targets across all stages of exploration. Supported by a proven local team with the technical, operating and exploration expertise to execute, this consolidation positions us to accelerate development, capture unique synergies, drive project--level value and unlock substantial long--term exploration upside for our shareholders. This approach mirrors how we have successfully built value across our Canadian platforms and represents an important next chapter for our Finland business".
Agnico Eagle's Executive Vice President Exploration, Mr. Guy Gosselin commented: "Through these transactions, we have consolidated a regional land position of approximately 2,492 km(2) in the most prospective exploration belt in the Nordic region. This district hosts multiple high quality gold opportunities, ranging from near deposit resource growth to largely untested regional targets, as well as highly prospective Cu-Ni-PGE targets within the lateral extension of the geological formation hosting nearby world-class Cu-Ni PGE deposits. The scale of the mineralized trends, combined with the elimination of property boundaries, provide a strong foundation for disciplined, multi--year exploration aimed at expanding resources and delivering new discoveries."
Strategic Rationale
The proposed consolidation of the CLGB aligns with Agnico Eagle's long--standing strategy of regional consolidation in premier mining jurisdictions. Upon closing of these transactions, Agnico Eagle will own in addition to the Kittila mine, the Ikkari gold project, along with a large, highly prospective land package totalling approximately 2,492 km(2).
Rupert's primary asset is its 100%--owned Ikkari gold project, a high--quality, advanced exploration and development project with a large mineral resource and mineral reserve base, including 3.5 million ounces of gold in probable mineral reserves (52.0 million tonnes grading 2.1 grams per tonne ("g/t") gold). The project also offers significant geologic potential and exploration upside across an approximately 1,253 km(2) land package, with growth opportunities ranging from early-stage targets, zones with initial mineral resources, and the past-producing Pahtavaara gold mine where several known zones remain open. The land package also includes areas prospective for critical minerals in the same rock formations hosting nearby world-class Cu-Ni PGE deposits.
Aurion has assembled a large, contiguous land position of approximately 761 km(2) within the CLGB, including the land held by the Fingold JV with B2Gold. The consolidated property provides significant exploration upside across multiple targets and is supported by encouraging exploration results, including a number of discoveries such as Kaasresselka, Helmi, Kutuvuoma and Vuoma. Aurion and the Fingold JV have continuously demonstrated strong potential in this under-explored part of the CLGB. All known gold occurrences remain open for growth, having only been explored from surface to less than 300 metres depth, and some display alteration and mineralization similar to Ikkari, the major gold deposit in the district.
Figure 1. Map of claims to be consolidated by Agnico Eagle with proposed transactions
These transactions are expected to substantially enhance the scale, growth and longevity of the Company's Finland platform, which the Company believes has the potential to evolve into a world-class multi--decade gold production hub producing approximately 500,000 ounces annually in one of the most geologically prospective and politically stable regions in the world. The Company brings financial strength, technical depth, government relations and on--the--ground capability to optimize and advance Ikkari, leveraging its proven local expertise across exploration, permitting, mine building and operations.
The integration of Ikkari with the Company's existing Kittila operating platform is expected to generate operating and development synergies of up to $500 million. Additionally, the elimination of property boundary constraints creates a clear pathway to incremental project--level value through a larger open pit extending onto the Fingold JV property that is expected to capture additional gold ounces in the mine plan and extend mine life.
The Company first made a strategic investment in Rupert in February 2020 and, over the past six years, has developed a strong technical understanding of Ikkari and its long--term development potential. With enhanced technical and financial capacity, Agnico Eagle is well positioned to execute a comprehensive exploration and development program and accelerate value creation across the district.
Finland Platform -- Kittila Mine, the Ikkari Gold Project, Expanded Exploration Upside
-- The Kittila mine is the largest primary gold mine in Europe, hosting a
large mineral reserve and mineral resource base, including 3.3 million
ounces of gold in probable mineral reserves (24.8 million tonnes grading
4.17 grams per tonne gold). Commercial production was achieved in 2009
and the mine was subsequently expanded to a 2 million tonnes per annum
operation in 2020. In 2025, Kittila produced 217,379 ounces of gold and
generated strong free cash flow
-- Ikkari is located 50 kilometres from Kittila. A pre-feasibility study was
completed by Rupert in February 2025, envisioning an open pit and
underground operation utilizing conventional processing with average
annual gold production of 227,000 ounces of gold over the first 10 years
of mine life
-- Ikkari has a large mineral reserve and mineral resource base --
probable mineral reserves of 3.5 million ounces of gold (52.0
million tonnes at 2.10 g/t) from indicated mineral resources of
4.1 million ounces of gold (58.4 million tonnes at 2.18 g/t)
(inclusive of mineral reserves)
-- Land consolidation with the Fingold JV creates additional value,
allowing for the optimal development of Ikkari, with an
unconstrained open pit and optimal positioning of infrastructure
-- Agnico Eagle plans to continue a drill program at Ikkari for
infill and condemnation drilling and to test step-out targets as
well as some selected regional priority targets, with an
approximately $20 million drilling program planned over the first
18 months, along with the completion of an updated internal
evaluation for the optimized mine design targeted by the end of
2027
-- The consolidated land package of approximately 2,492 km(2) has
significant potential for mineral resource expansion and new discoveries.
A three-year regional exploration program ranging between $60 and $100
million and including 100,000 to 175,000 metres of drilling, is planned
to unlock the full district scale potential of the consolidated land
position on the multiple regional targets. The program will be
periodically re-evaluated, success-driven and open to expansion
-- The main areas of interest for an initial three-year exploration program
are set out below
-- The Ikkari--Helmi gap area (resulting from the property boundary
between Rupert and the Fingold JV), offers significant potential
to enhance the Ikkari deposit through mineral resource growth and
improved flexibility for infrastructure positioning. The deeper
extension of Ikkari also remains largely untested due to the
property boundary, providing additional exploration upside
-- The broader Ikkari trend is an extensive mineralized corridor,
extending more than seven kilometres westward from the Helmi
deposit toward the Kutuvuoma gold deposit and beyond, and over
approximately 22 kilometres eastward along the Rajala geological
domain boundary, hosting the Heina South, Heina Central, Saitta,
and Mike occurrences through to the past producing Pahtavaara gold
mine
-- On Aurion's Risti property and the Fingold JV property, the
largely unexplored 15-kilometre long Kaaresselka--Vuoma trend
hosts two gold showings and a strong base of till anomalies, with
alteration and mineralization characteristics similar to Ikkari
-- The Area 51 target on Rupert's property hosts the thickest
ultramafic volcanites of 2.05 Ga in the CLGB, in the same rock
formations hosting other Cu-Ni-PGE deposits nearby
Figure 2. Geological map of the CLGB, with the consolidated property
Transaction Details
Rupert Transaction
Agnico Eagle and Rupert have entered into a definitive arrangement agreement (the "Rupert Arrangement Agreement") pursuant to which Agnico Eagle has agreed to acquire all of the outstanding common shares of Rupert (the "Rupert Shares"), other than the Rupert Shares held by Agnico Eagle, by way of plan of arrangement (the "Rupert Transaction").
Pursuant to the Rupert Transaction, each Rupert Share will be exchanged for: (i) upfront consideration comprised of 0.0401 of a common share of Agnico Eagle ("Agnico Shares"); and (ii) contingent consideration of up to $3.00, in the form of a contingent value right ("CVR") that is payable, in cash, upon Rupert's properties reaching specified milestones (set out in detail below). The aggregate upfront consideration on a 100% and fully diluted basis is valued at approximately $2,871 million on a fully-diluted basis, based on the five-day volume weighted average price of Agnico Shares on the Toronto Stock Exchange (the "TSX") as of April 17, 2026. The upfront consideration represents an approximately 67% premium to the closing price of the Rupert Shares on the TSX as of April 17, 2026, being the last trading day prior to announcement of the Rupert Transaction.
Each CVR will have a term of 10 years and will entitle the holder thereof to receive up to $3.00, in cash, upon certain milestones being reached. The applicable milestones relate to the properties to be acquired from Rupert on closing (the "Acquired Properties"); and the CVRs are payable as follows:
-- $1.00 upon the public announcement of at least 5 million ounces of gold
in mineral reserves on the Acquired Properties;
-- $1.00 upon both of the following having been publicly announced: (i) the
Acquired Properties reaching commercial production; and (ii) the Acquired
Properties reaching 7.5 million ounces of gold in aggregate mineral
reserves and production; and
-- $1.00 upon both of the following having been publicly announced: (i) the
Acquired Properties reaching commercial production; and (ii) the Acquired
Properties reaching 10 million ounces of gold in aggregate mineral
reserves and production
Completion of the Rupert Transaction is subject to customary conditions, including, among others, court approval and the approval of: (i) two-thirds of the votes cast by the holders of Rupert Shares present in person or represented by proxy at a special meeting of Rupert securityholders (the "Rupert Meeting") to be held to consider the Rupert Transaction; (ii) two-thirds of the votes cast by the holders of Rupert Shares, options to acquire Rupert Shares ("Rupert Options"), deferred share units of Rupert ("Rupert DSUs"), restricted share units of Rupert ("Rupert RSUs") and performance share units of Rupert ("Rupert PSUs"), voting together as a single class, with one vote for each Rupert Share, Rupert Option, Rupert DSU, Rupert RSU and Rupert PSU held; and (iii) Rupert Minority Approval, discussed below.
The Rupert Transaction will be a "business combination" under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions ("MI 61-101") as Agnico Eagle is a "related party" (as defined in MI 61-101) of Rupert by virtue of its approximately 13.9% current ownership of Rupert Shares (on a non-diluted basis). As a result, the Rupert Transaction will also require: (i) an independent formal valuation prepared in accordance with MI 61-101; and (ii) the approval of a simple majority of the votes cast by holders of Rupert Shares, excluding Agnico Eagle and votes attached to Rupert Shares held by other persons required to be excluded in accordance with MI 61-101, present in person or represented by proxy at the Rupert Meeting (the "Rupert Minority Approval").
Subject to the satisfaction of all conditions to closing set out in the Rupert Arrangement Agreement, it is anticipated that the Rupert Transaction will be completed early in the third quarter of 2026. Upon closing of the Rupert Transaction, it is expected that the Rupert Shares will be delisted from the TSX and that Rupert will cease to be a reporting issuer under applicable Canadian securities laws.
In connection with the Rupert Transaction, each of the directors and executive officers of Rupert, and certain Rupert shareholders, collectively representing 28.75% of the Rupert Shares, have entered into a voting support agreement with Agnico Eagle, pursuant to which each of them has agreed, among other things, to vote all of their Rupert Shares (including any Rupert Shares issued upon the exercise of any securities convertible, exercisable or exchangeable into Rupert Shares) in favour of the Rupert Transaction, subject to the terms of the voting support agreements.
None of the securities to be issued pursuant to the Rupert Transaction have been or will be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and any securities issued in connection with the Rupert Transaction are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a)(10) of the U.S. Securities Act and applicable exemptions under state securities laws. This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities.
Aurion Transaction
Agnico Eagle and Aurion have entered into a definitive arrangement agreement (the "Aurion Arrangement Agreement") pursuant to which Agnico Eagle has agreed to acquire all of the outstanding common shares of Aurion (the "Aurion Shares"), other than the Aurion Shares held by Agnico Eagle, by way of plan of arrangement (the "Aurion Transaction").
Pursuant to the Aurion Transaction, each Aurion Share will be acquired for $2.60 in cash (the "Aurion Consideration"), for an aggregate consideration of approximately $481 million on a 100% and fully-diluted basis. The Aurion Consideration represents approximately a 46% premium to the closing price of the Aurion Shares on the TSX Venture Exchange (the "TSXV") as of April 17, 2026, being the last trading day prior to announcement of the Aurion Transaction.
Completion of the Aurion Transaction is subject to customary conditions, including, among others, court approval and the approval of: (i) two--thirds of the votes cast by the holders of Aurion Shares present in person or represented by proxy at a special meeting of Aurion securityholders (the "Aurion Meeting") to be held to consider the Aurion Transaction; (ii) two-thirds of the votes cast by the holders of Aurion Shares and warrants to acquire Aurion Shares ("Aurion Warrants"), voting together as a single class, with one vote for each Aurion Share and Aurion Warrant; and (iii) Aurion Minority Approval, as discussed below.
The Aurion Transaction will be a "business combination" under MI 61-101 as Matti Talikka, the Chief Executive Officer of Aurion, is entitled to receive a "collateral benefit" (as defined in MI 61-101) in connection with the Aurion Transaction. As a result, the Aurion Transaction will also require the approval of a simple majority of the votes cast by holders of Aurion Shares, excluding Mr. Talikka and votes attached to Aurion Shares held by other persons required to be excluded in accordance with MI 61-101, present in person or represented by proxy at the Aurion Meeting (the "Aurion Minority Approval").
Subject to the satisfaction of all conditions to closing set out in the Aurion Arrangement Agreement, it is anticipated that the Aurion Transaction will be completed early in the third quarter of 2026. Upon closing of the Aurion Transaction, it is expected that the Aurion Shares will be delisted from the TSXV and that Aurion will cease to be a reporting issuer under applicable Canadian securities laws.
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