Agnico Eagle Mines has made an additional investment in Maple Gold Mines, acquiring another 33,821,842 common shares at C$0.085 each, for nearly C$2.87m ($2.1m).

This transaction has increased Agnico Eagle’s stake in Maple Gold Mines to nearly 19.9% on a non-diluted basis, up from a stake of around 11.97%, constituting 40,852,415 common shares.

Agnico Eagle now holds a total of 74,674,257 common shares in Maple Gold Mines.

Under an investor rights agreement dated 13 October 2020, Agnico Eagle is entitled to certain rights within Maple Gold Mines, provided it maintains specific ownership thresholds.

These rights include the ability to participate in equity financings to maintain its pro rata ownership, the option to acquire up to a 19.9% ownership interest and the right to nominate one person to Maple’s board of directors.

Agnico Eagle has stated that the acquisition of the common shares is for investment purposes.

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The company has also indicated that, depending on market conditions and other factors, it may consider further increasing or decreasing its investment in Maple Gold Mines through the acquisition or disposal of shares or other securities.

Additionally, a conveyance and option agreement was entered into on 20 June 2024, which, upon fulfilment of certain conditions, will terminate the existing joint venture agreement dated 2 February 2021.

Following this, Maple Gold Mines will secure full ownership of the Douay Gold Project and Joutel Gold Project, while granting Agnico Eagle a 1% net smelter return royalty on the projects.

Agnico Eagle will retain options to acquire a 50% ownership interest in these projects.