Agnico Eagle Mines Limited (AEM-TSX, AEM-NYSE) announced a financing and strategic alliance with Yukon Corporation CASCADIA MINERAL CO., LTD (Cam-TSXV), a move that sent Cascadia shares soaring 22% in early trading Monday. Agnico has agreed to purchase 19.3 million units of Cascadia for 26 cents per unit, or a total of $5.02 million, in a non-brokered private placement. Each unit consists of one common share and one-half of a common share purchase warrant. Each Warrant entitles the holder to acquire one common share for 32 cents for a period of two years after the date of issuance.
Agnico has also agreed to acquire 10 million units at 26 cents each for $2.6 million from several sellers who will participate in an offering of streaming units by Cascadia immediately prior to purchasing the units.
Agnico Eagle does not currently own any common stock or warrants in Cascadia. Upon closing of the private placement and purchase of units, Agnico expects to own 29.3 million common shares and 14.6 million warrants representing 14.2% of the issued and outstanding shares on a undiluted basis and 19.90% on a partially diluted basis.
Cascadia shares advanced on the news, rising 21.9%, or $0.045, to 25 cents. Shares previously traded in a 52-week range of 29 cents and $0.08.
Cascadia was in the news last year when the company and GRANITE CREEK COOPER LIMITED. It has approved a merger aimed at creating a leading copper and gold exploration and development company in the Yukon.
Granite Creek was primarily engaged in the copper and gold exploration and development of the Carmax Project, which is located 34 kilometers northwest of Carmax in central Yukon, and 40 kilometers from the previously producing Minto Mine.
The road-accessible Carmax Project contains a high-grade, measured and defined resource of 651 million pounds of copper and 302,000 ounces of gold (36.3 million tonnes grading 0.81% copper, 0.26 g/t gold, 3.23 g/t silver and 0.01% molybdenum, or 1.07% copper equivalent), with a 2023 preliminary economic assessment showing positive economic potential.
Leading Catch Property at Cascadia in the Yukon hosts a brand new copper and gold discovery, with inaugural drilling results showing extensive intervals of mineralization, including 116.60 meters of 0.31% copper with 0.30 g/t gold. Catch shows extensive high-grade copper and gold mineralization across a 5.0 km trend, with rock samples showing maximum values of 3.88% copper, 1,065 g/t gold, and 267 g/t silver.
On March 30, 2026, Cascadia said it granted Agnico the right to acquire up to a 51% interest in the Catch property. Once this option is exercised, the companies will enter into a joint venture agreement governing the relationship between the parties with respect to ownership of Catch. Under the deal, Cascadia will act as operator and Agnico will be entitled to an additional 29% interest in Catch.
In conjunction with the execution of the Catch transaction, Agnico and Cascadia have agreed to form a strategic alliance to identify and develop projects at the Stikine Terrane in the Yukon.
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