Agnico Eagle Mines Expands Investment in Foran Mining Corporation to Strengthen Stake

Agnico Eagle Mines Announces Additional Investment in Foran Mining Corporation

On May 14, 2025, Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM), a prominent entity in the gold mining sector, revealed its plans to enhance its investment in Foran Mining Corporation. The company has agreed to purchase 30 million voting common shares in a non-brokered private placement, priced at CAD 3.00 per share, totaling an investment amount of CAD 90 million.

The private placement is set to be executed in two tranches. Completion of each tranche is contingent on specific conditions, including obtaining the necessary approvals from the Toronto Stock Exchange and Foran's shareholders. The first tranche is expected to be completed around May 28, 2025, with the second tranche following shortly after shareholder approval.

Upon closing the first tranche, which will also involve a significant number of new share issuances by Foran, Agnico Eagle is expected to increase its ownership from the current 39,125,448 common shares—representing about 9.9% of Foran’s total shares—to 64,454,767 shares, equating to roughly 13.1%. Following the second tranche, Agnico's stake may grow to 69,125,448 shares, constituting about 13.5% of the outstanding common shares.

Furthermore, this investment aligns with Agnico Eagle's rights under an existing investor rights agreement established on August 8, 2024, which entitles them to participate in new equity financings by Foran. This gives Agnico the ability to maintain or even increase its stake whenever dilutions occur due to new issuances of shares.

Alongside this notable investment in Foran, Agnico Eagle also disclosed a recent increase in its stake in Azimut Exploration Inc. On September 28, 2023, the company acquired an additional 2,197,300 common shares at CAD 1.05 each, increasing its ownership from approximately 10.06% to 12% of Azimut’s total outstanding shares. Such strategic investments indicate Agnico Eagle's intent to fortify its presence in the mining industry and enhance its portfolio through further investments in companies that show promise.

Agnico Eagle Mines is recognized as one of the leading gold producers globally, with operational sites in Canada, Australia, Finland, and Mexico. Established in 1957, Agnico Eagle has maintained a strong record of creating shareholder value, having declared dividends consistently since 1983. The current investment in Foran is part of Agnico Eagle's broader strategy to foster partnerships and capitalize on growth opportunities within the mining sector.

As market conditions evolve, Agnico Eagle Mines Limited may continue to adjust its investment strategies, seeking additional acquisitions of shares or other securities from Foran or Azimut as well as exploring opportunities for divestitures where feasible. This ongoing commitment to investment and operational growth is indicative of Agnico's robust approach to sustaining its leadership within the competitive global mining landscape.

For further details about this private placement and the accompanying arrangements, early warning reports will be filed by Agnico Eagle and will be available for public access. Interested parties can obtain a copy of the reports through Agnico Eagle Mines Limited's offices or their investor relations channels.