VIZSLA COPPER TO ACQUIRE THE DELTA POLYMETALLIC VMS AND HELM BAY GOLD PROJECTS IN TRANSACTION WITH AGNICO EAGLE
Agnico Eagle acquires a roughly 20% stake in Vizsla through the sale of its Delta and Helm Bay Alaska assets.
Vizsla Copper Corp. has entered into a securities and asset purchase agreement with Agnico Eagle (USA) Limited to acquire 100% of the Delta polymetallic VMS project and the Helm Bay gold project in Alaska. The transaction is valued primarily through share issuance, with consideration deemed issued at C$1.26 per share for an aggregate value of approximately C$32,037,734.
The deal structure includes the following components: - 22,523,283 initial shares, representing about 19.99% of current outstanding shares. - 2,903,490 deferred shares, requiring disinterested shareholder approval; if approved, Agnico Eagle would hold about 22.0%. - 3,041,480 warrants exercisable at C$1.95 for two years. - A 2.0% NSR on Delta and a 3.0% NSR on Helm Bay, with Vizsla holding the right to buy back 50% of each NSR for C$5,000,000. - Contingent Delta milestone payments of up to C$20,000,000: C$5M on a resource estimate of at least 300,000 copper equivalent tonnes, C$5M on a feasibility study, and C$10M on commercial production.
Agnico Eagle receives board nomination rights, participation rights in certain future equity offerings, and registration rights. Agnico has also agreed to participate in the first post-agreement equity financing up to the lesser of C$5M or 10% of gross proceeds, provided the financing is at least C$30M and closes by December 31, 2026.
Closing is expected in Q4 2026, subject to TSXV approval and other conditions. The transaction is a Reviewable Transaction under TSXV Policy 5.3.
Delta is a central Alaska VMS project with a historical inferred resource estimate of 15.4 Mt averaging 0.6% Cu, 1.6% Pb, 3.8% Zn, 62 g/t Ag and 1.7 g/t Au. This is explicitly not a current mineral resource. Helm Bay is a southeast Alaska orogenic gold project with historical production below 10,000 oz Au and historical sampling averaging 10.4 g/t Au and 11.2 g/t Au.
Agnico Eagle, a major senior gold producer, has become Vizsla Copper Corp.’s largest shareholder with a first-time stake of approximately 19.99%. The transaction expands Vizsla’s Alaska footprint beyond Palmer, adding the Delta property, which holds a large polymetallic historical resource with district-scale exploration potential, and Helm Bay, an early-stage gold target near tidewater. The acquired assets are not current resources; the Delta estimate is historical, based on old polygonal methods and outdated metal prices, and the qualified person has not visited the properties or verified the historical data.
The deal is mostly non-cash on closing, which preserves the treasury, but it creates meaningful shareholder dilution: - Initial shares imply roughly 112.7M shares outstanding, versus 89.9M at FY2026. - The deemed issue price of C$1.26 is below the September 4 close of C$1.57. - Deferred shares could push Agnico to ~22%. - Warrants, future participation rights, and a likely C$30M+ financing add further potential dilution.
Vizsla currently has four drills active, with Palmer assays pending and a strong treasury. The immediate value of the transaction is primarily strategic validation and portfolio expansion rather than an independently verified new resource.
Vizsla Copper Corp. (VCU) is a Vancouver-based exploration and development company focused on copper, gold, and molybdenum. A spin-out of Vizsla Silver, the firm is backed by Inventa Capital Corp. Its flagship asset is the Palmer VMS Project in Southeast Alaska, which was acquired in December 2025 through Constantine Metal Resources.
An NI 43-101 resource statement released in January 2025 defined the Palmer deposit with the following intercepts:
- Indicated: 4.77 Mt at 1.69% Cu and 5.17% Zn, or about 178M lb Cu and 543M lb Zn.
- Inferred: 12.0 Mt at 0.57% Cu and 3.92% Zn, or about 152M lb Cu and 1.04B lb Zn.
Drilling at Palmer is scheduled to expand from 10,000m to approximately 12,250m in 2026. Notable results from 2026 holes include 49.2m at 4.7% CuEq.
The company also holds interests in several other projects. The Poplar Project in British Columbia features the Thira porphyry copper-molybdenum discovery, which has yielded long intercepts including 675.2m at 0.40% CuEq and 304.8m at 0.48% CuEq. At the Woodjam Project in BC, drilling at the Deerhorn deposit returned 266.0m at 0.97% Cu, including 48.5m at 3.32% Cu. The Copperview Project in BC is permitted for inaugural drilling, with the first program expected in the fall of 2026. Additionally, Vizsla has newly agreed to acquire the Delta and Helm Bay projects in Alaska.