Agnico Eagle Mines Limited completed a private placement of 26 million common shares of Osisko Metals Incorporated on December 16, 2025, paying C$0.48 per share for a total consideration of C$12.48 million. The transaction lifts Agnico’s non‑diluted ownership of Osisko to 9.85 %, up from 6.71 % before the purchase, and raises the partially diluted stake to roughly 12.49 % if Osisko’s warrants are exercised.
The amended investor‑rights agreement that accompanies the placement gives Agnico the right to participate in any future equity financings and, subject to meeting specified ownership thresholds, the right to nominate one or two directors to Osisko’s board. These provisions position Agnico to influence strategic decisions and potentially secure a seat on the board as Osisko advances its portfolio of high‑grade projects.
Osisko Metals is advancing the Gaspé Copper project in Quebec, a high‑grade copper‑gold deposit that is expected to generate significant cash flow once production ramps up. In its most recent quarterly report, Osisko reported cash and cash equivalents of about C$401.4 million, revenue of C$4.4 million and cost of sales of C$3.0 million for Q3 2025, underscoring the project’s strong financial footing and the potential upside that Agnico is now positioned to share in.
Agnico Eagle’s own financials reinforce the strategic fit. The company posted record adjusted net income in Q3 2025, maintained a net cash position of C$2.2 billion, and received a Moody’s A3 rating upgrade with a stable outlook in August 2025. Coupled with a gold price that has surged above $4,000 per ounce, Agnico’s balance sheet and commodity exposure give it the capacity to support and benefit from Osisko’s development trajectory.
The investment signals Agnico’s continued focus on high‑grade exploration assets that complement its internal growth pipeline. By securing a larger stake and governance rights, Agnico gains a foothold in a promising copper‑gold project while preserving the flexibility to participate in future capital raises, positioning the company to capture upside as Osisko moves toward production and as commodity markets remain favorable.
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