AGNICO EAGLE MINES LTD

Agnico Eagle completed its acquisition of 100% of O3 Mining on March 18, 2025, through an amalgamation with its subsidiary Agnico Eagle Abitibi Acquisition Corp.; O3 is now a wholly owned subsidiary. Other O3 shareholders receive C$1.67 in cash per share, and remaining warrants can be exercised for C$1.67 in cash. O3 shares are expected to be delisted from the TSX Venture Exchange around March 20, 2025. This completes the offer announced in December 2024.

business combination

Agnico Eagle agreed on Dec 12, 2024 to make an all-cash takeover offer of C$1.67 per share for O3 Mining, valued at about C$204 million on a fully diluted in-the-money basis. The offer was recommended by O3's board and special committee, and holders of about 22% of O3 shares agreed to tender. O3's main asset is the Marban Alliance property near Val d'Or, Quebec, next to Agnico's Canadian Malartic complex (acquired in full via the Yamana deal). The offer was to be open until Jan 23, 2025 and needs at least two-thirds of the shares not held by Agnico. Agnico already held 906,238 shares (~0.8%), 270,000 warrants and a C$10 million convertible debenture of O3. The filing also bundles a Dec 19, 2024 notice that the offer was launched. For a shareholder, this is a new cash outlay for a nearby project that Agnico says it could integrate with Canadian Malartic.

business combination

Agnico reported Q4 and full-year 2023 results alongside an exploration update. 2023 gold production was a record 3,439,654 ounces, at the top of the 3.24-3.44 million guidance, and free cash flow was $947.4 million. Year-end 2023 gold reserves rose 10.5% to 53.8 million ounces, helped by an initial East Gouldie reserve and the acquisition of the remaining 50% of Canadian Malartic. Q4 had a net loss of $381.0 million including $667 million of impairments at Macassa and Pinos Altos. Guidance for 2024 is 3.35-3.55 million ounces, with capital spending of about $1.65 billion. This delivers on the earlier reserve-growth targets and the Odyssey South and East Gouldie plans.

drilling result

Finland's Supreme Administrative Court on Oct 27, 2023 confirmed the 2020 environmental permits for the Kittila mine, restoring its operating rate to 2 million tonnes per year. This resolves the permit appeal that began when the Vaasa Administrative Court partly granted appeals in July 2022 and Agnico appealed in August 2022; no further appeals are available. The company now expects about 30,000 extra ounces in Q4 2023 and 2023 gold production near the upper end of its 3.24-3.44 million ounce guidance.

regulatory community update

Agnico Eagle completed the Yamana deal on March 31, 2023: it now owns 100% of the Canadian Malartic mine (previously 50%), 100% of the Wasamac project in Quebec, and several exploration properties in Ontario and Manitoba. Pan American Silver acquired all Yamana shares as part of the same arrangement. This resolves the Yamana/Pan American thread from Nov 2022. The release says 2023 guidance, which assumed 50% ownership for three months and 100% for nine, matches the actual completion date. The release does not restate the US$1.0B cash or 36,089,907 share terms, which were set out earlier.

business combination

Gold Fields terminated its agreement with Yamana, so the Pan American/Agnico arrangement agreement with Yamana is now effective on the terms announced earlier that day. The Nov 21 Yamana shareholder meeting is cancelled, and Yamana will pay Gold Fields a US$300 million termination fee, of which Pan American will fund US$150 million in cash. This resolves the competing-bid contest in Agnico's favour; the Agnico/Pan American deal itself still has to close.

business combination

Yamana signed the arrangement agreement for the Pan American/Agnico offer of Nov 4 and its board unanimously recommended shareholders vote against the Gold Fields deal at the Nov 21, 2022 meeting. Gold Fields waived its right to match but had not yet terminated its agreement, so the Pan American/Agnico agreement takes effect only if the Gold Fields deal fails the vote or Gold Fields terminates, in which case Yamana owes Gold Fields a US$300 million termination fee. This continues the Yamana bid, which is still conditional.

business combination

Agnico Eagle and Pan American Silver jointly delivered a binding offer to Yamana Gold: Pan American would buy all Yamana shares, and Yamana would sell its Canadian assets, including the Canadian Malartic mine, to Agnico. Agnico would put in US$1.0 billion in cash and issue 36,089,907 of its own shares, which would give it 100% of Canadian Malartic (it now holds 50%, the stake from the 2014 Osisko deal with Yamana). The release says no Agnico shareholder vote is needed and that Yamana's board judged the offer a 'Superior Proposal' versus an existing Gold Fields agreement dated May 31, 2022, subject to Gold Fields' right to match. For shareholders this means new cash outlay and new share issuance (dilution) in exchange for full control of the mine.

business combination

Agnico Eagle received TSX approval for a share buyback (normal course issuer bid) running May 4, 2022 to May 3, 2023, allowing purchases for cancellation of up to the lesser of 5% of shares or US$500 million. Based on the April 28 price of $55.85, that is 8,952,551 shares, about 1.96% of the 455,706,160 shares outstanding. It will be funded from existing cash, and the company may suspend it at any time. This is the first buyback seen in the history, and the first post-merger share count.

security holder rights change

Agnico Eagle completed the merger with Kirkland Lake Gold on Feb 8, 2022, resolving the pending deal. It issued about 209,274,263 shares to former Kirkland holders at 0.7935 Agnico share per Kirkland share, giving a combined market cap of about US$22.4 billion. The company keeps the Agnico Eagle name and AEM listing, and operations now include Australia. Sean Boyd becomes Executive Chair, Anthony Makuch CEO and Ammar Al-Joundi President, with a reconstituted 13-member board. Kirkland shares are being delisted. Existing Agnico shareholders are now diluted into the larger company, as set out at announcement.

business combination

Agnico shareholders approved the share issuance for the Kirkland Lake Gold merger with about 99.86% of votes cast (170,255,128 for, 234,645 against; 69.62% turnout), and Kirkland shareholders also approved at their meeting the same day. This clears the shareholder-vote conditions. Closing still needs the final Ontario court order, Australian FIRB approval and other customary conditions, and is now expected in Q1 2022.

business combination

Agnico Eagle filed the formal documents for the Kirkland Lake Gold merger: the material change report, the merger agreement dated Sept 28, 2021, and forms of support and voting agreements with certain directors and officers of each company. Conditions include a two-thirds Kirkland shareholder vote, a simple-majority Agnico shareholder vote on the share issuance, court approval, Canadian and Australian competition/foreign investment approvals, TSX/NYSE listing approval, and dissent rights not exceeding 5% of Kirkland shares. Either side owes a US$450 million termination fee and US$20 million expense reimbursement in certain circumstances if the deal fails, and each may keep paying quarterly dividends at existing rates. This continues the merger announced Sept 28.

business combination

Agnico Eagle announced a merger of equals with Kirkland Lake Gold: Kirkland shareholders get 0.7935 of an Agnico share per Kirkland share, and the combined company keeps the Agnico Eagle name. After closing, existing Agnico holders would own about 54% and Kirkland holders about 46%, so current Agnico shareholders are diluted to that share of a larger company. The release says it is expected to close in December 2021 or Q1 2022, gives combined reserves of 48 million ounces, and projects synergies of $0.8B over 5 years and $2B over 10 years (pre-tax). Both boards approved it unanimously; the Agnico share issuance needs an Agnico shareholder vote. This builds on the Kirkland Lake project (Upper Beaver) already held by Agnico.

business combination

Agnico Eagle said that under a Mexican government COVID-19 decree suspending non-essential businesses (mining counts as non-essential) until April 30, 2020, its Mexico operations (Pinos Altos, Creston Mascota and La India) are going on care and maintenance and Mexico exploration is suspended. It also reports a Kittila (Finland) employee testing positive on March 28, with underground work paused 72 hours and resumed March 31 while the mill kept running from stockpiles, Nunavut running at reduced staffing, and the Abitibi mines on care and maintenance until April 13, 2020 as ordered by Quebec. The company expects a timely restart once the decree is lifted; the filing gives no production or financial impact figures and does not change the 2019-era guidance in the context.

regulatory community update

Agnico Eagle says the Amaruq satellite deposit reached commercial production on September 30, 2019, in line with the original schedule, following the February 2017 Board approval. This resolves the Amaruq development thread. Dewatering was about a month later than expected and the Meadowbank mill was shut down in mid-September, due to restart around October 14. As a result, Meadowbank Complex 2019 guidance falls to 200,000 ounces from 230,000, while company-wide 2019 guidance of 1.75 million ounces is unchanged. The CEO says the company aims for net free cash flow in the second half of 2019, which could reduce net debt and potentially increase the dividend.

production update

Agnico Eagle offered to buy all of Alexandria Minerals for about C$26 million at C$0.05 per share, in cash or Agnico shares (0.000819355 shares per Alexandria share). Alexandria's board has deemed it a superior proposal to an existing deal with Chantrell Ventures, which Alexandria would have to terminate with a C$875,000 fee. The deal would add 14,819 hectares along the Cadillac-Larder Lake break in the Val d'Or camp, including the Akasaba property, near Agnico's Goldex mine. This builds on the Akasaba West purchase from 2014. Agnico already holds 28.8 million Alexandria shares (5.6%). The offer has no financing or due diligence condition, and the deal is still pending Chantrell's right to match.

business combination

Agnico Eagle says its Meliadine mine in Nunavut reached commercial production on May 14, 2019, ahead of the original schedule and below the initial capital budget. This resolves the long-running Meliadine build question (Board approved construction in February 2017). Pre-commercial production was 47,281 ounces against guidance of 60,000, and construction costs after crediting pre-commercial gold sales are below the 2017 guidance of $900 million, with a capital update due with Q2 results. 2019 Meliadine output guidance is unchanged at about 230,000 ounces at total cash costs of $612 per ounce, and Amaruq is said to be on schedule for commercial production in Q3 2019.

production update

Agnico Eagle agreed to sell 5,003,412 new common shares directly to one US institutional investor at US$43.97 each, about US$220 million, expected to close around March 31, 2017. Proceeds are for general corporate purposes; this adds shares, so existing holders' stakes are diluted by this issue. The CEO says it adds financial flexibility for growth projects.

asset acquisition disposition

Agnico Eagle filed, as exhibits, its note purchase agreement dated June 30, 2016 for US$350 million of senior notes: US$100M at 4.54% due 2023, US$200M at 4.84% due 2026 and US$50M at 4.94% due 2028, guaranteed by subsidiaries. It also filed amendments to its credit agreements with The Bank of Nova Scotia. The text shown is the agreement's contents and does not describe how the money is used.

debt financing

Agnico Eagle raised its Amaruq inferred gold resource 35% to 2.0 million ounces (9.7 million tonnes at 6.47 g/t) as of June 30, 2015, up from 1.5 million ounces at the end of 2014. This follows the February 2015 initial estimate, with another update planned for mid-February 2016. Building a satellite mine at Amaruq still needs Board approval, and an all-weather road application and baseline studies are under way.

resource reserve update

Agnico Eagle filed its updated Meliadine technical report, the study the earlier context said was due in late 2014/early 2015. It covers only the 3.3 million ounces of proven and probable reserves, with about 9 years of mine life, initial capital of about $911 million and an after-tax return of about 10.3% at $1,300 gold. Whether to build the mine is still subject to Board approval, with about $64 million of 2015 spending planned; the environmental project certificate was issued February 26, 2015, and the company is working on a water licence application.

resource reserve update

Agnico Eagle completed its purchase of Cayden Resources, which is now a wholly owned subsidiary. Cayden holders received 0.09 of an Agnico share plus C$0.01 in cash per Cayden share, and Agnico plans a $15 million exploration program in 2015 at Cayden's El Barqueno gold project in Mexico. The filing does not state the total price or number of Agnico shares issued.

business combination

Agnico Eagle finished its 2014 Amaruq drilling in mid-October: 144 holes (31,598 metres) and a $10 million field program. The Whale Tail zone is now about 1.2 kilometres long and more than 350 metres deep. The initial resource estimate, previously expected by year-end 2014, is now expected in early 2015, and winter drilling is planned to start in March 2015. The company says grades are roughly two to three times the 2.9 g/t gold mined at Meadowbank so far in 2014.

drilling progress report

Agnico Eagle renamed the IVR discovery near Meadowbank as the Amaruq project and reported its best drill results so far, including 6.1 g/t gold over 55.6 metres at 278 metres depth. It also reports new targets (Boulder Field, Mammoth, Whale Fin), 142 holes drilled to mid-September 2014, and about $9 million of 2014 exploration spending. An initial resource estimate is expected by year-end 2014, and the company is studying how Amaruq could fit into Meadowbank's plan and possibly link with Meliadine. This continues the IVR work, which was planned at a second phase of 20,000 m and is now described as a 25,000-metre program.

drilling result

Agnico Eagle filed the formal business acquisition report for the Osisko deal completed June 16, 2014. Agnico issued 34,794,892 new shares and paid C$502,059,784.01 in cash, funded from its existing US$1.2 billion unsecured revolving credit facility, and will account for its interest by the equity method. This fills in the share count and funding that the earlier summary said were not stated. The report also gives Osisko's 2013 results: revenues of C$675.6 million and a net loss of C$455.1 million.

business combination

Agnico Eagle published updated reserves and resources for the Canadian Malartic mine, the 50% stake it gained with Yamana in the June 2014 Osisko deal. Proven and probable reserves are 8.94 million ounces of gold (263.2 million tonnes at 1.06 g/t), and measured and indicated resources are 10.80 million ounces. The figures reflect the combined Agnico and Yamana 50% interests in the mine, not Agnico's share alone. The 5% royalty to Osisko Gold Royalties cut reserves by about 60,000 ounces from Osisko's earlier estimate. The same filing lists a second release announcing a technical report on the mine, but its content is not included here.

resource reserve update

Agnico Eagle and Yamana Gold completed their joint acquisition of Osisko Mining, each now owning 50%, giving Agnico a half share of the Canadian Malartic mine in Quebec. Osisko holders received C$2.09 cash, 0.07264 of an Agnico share, 0.26471 of a Yamana share and 0.1 of a share of the new Osisko Gold Royalties per Osisko share. The partners will run Malartic through a joint committee and jointly explore the Kirkland Lake assets and continue exploration at Hammond Reef, Pandora and Wood-Pandora. Agnico will issue new shares as part of this; the total number is not stated.

business combination

Agnico-Eagle's board approved building the La India mine in Sonora, Mexico, the project it gained in the 2011 Grayd takeover. Construction cost is about $158 million, funded from operating cash flow, with commercial production expected in the second half of 2014, about 90,000 ounces of gold a year over roughly eight years. Initial probable reserves are 930,000 ounces (44.6 million tonnes at 0.65 g/t). The release says infill drilling is confirming model grades. Updated La India and Tarachi reserves and resources are expected in mid-February 2013.

production update

Agnico-Eagle completed the compulsory acquisition of the last 5,032,139 Grayd shares (about 5.23%), so it now owns all 96,261,039 Grayd shares. The remaining holders got the same terms as the offer. Agnico plans to delist Grayd from the TSX Venture Exchange and have it stop being a reporting issuer. This closes the Grayd deal; Grayd's La India project, about 70 km from Pinos Altos, is now part of Agnico.

business combination

Agnico-Eagle's Grayd offer expired with 91,228,900 shares (about 94.77% on a fully diluted basis) tendered and all conditions met. Agnico has taken up those shares, will pay by November 23, 2011, and plans to force out the remaining holders under British Columbia law, after which Grayd would be delisted. This resolves the open question of whether the bid would succeed.

business combination

Agnico-Eagle agreed (announced Sept 19, 2011) to offer C$2.80 per share for Grayd Resource Corporation, a deal valued at about C$275 million, with holders choosing cash or 0.04039 of an Agnico share plus $0.05, subject to proration. Cash is capped at about C$92 million and share issuance at about 2.7 million shares (about 1.4% of Agnico's fully diluted shares). Grayd's La India project is about 70 km from Pinos Altos, and the offer needs at least two thirds of Grayd shares tendered. Agnico also agreed to lend Grayd up to C$5 million.

business combination

Agnico-Eagle's board approved a 2011 quarterly dividend of $0.16 per share ($0.64 per year), a 256% increase, first payable March 15, 2011 to holders of record March 1, 2011. The company also forecast 2011 gold production of 1.13-1.23 million ounces, rising to about 1.5 million ounces by 2014. Kittila expansion and the Meliadine project are not yet in that plan.

dividend declaration

Agnico-Eagle reported on its 2010 exploration (press release dated Dec 15, 2010) and set a record $145 million exploration budget for 2011, up from $110 million in 2010. It expects year-end 2010 gold reserves of 20-21 million ounces, up from 18.4 million at the 2009 level. The release includes new drill results at Meliadine (acquired July 2010), Kittila and Goldex, and continues the 2009 exploration threads at Kittila.

drilling progress report