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M&A / Property

Agnico Eagle to sell Barsele interest to Goldsky

By The Northwire Desk — AI Analysis Jan 28, 2026 · 17:30 AEM · 302.41 Agnico Eagle Mines Limited
AEM · Price

Executive Summary

  • Agnico Eagle Mines Ltd. (via Agnico Sweden AB) entered into a share purchase agreement to divest its remaining 55% interest in Gunnarn Mining AB, which holds the Barsele project, to Goldsky Resources Corp.
  • The transaction consideration consists of $20 million USD in cash, approximately 75.5 million Goldsky common shares valued at $2.64 CAD per share, and a 2% net smelter return royalty on the Barsele project.
  • Following the transaction, Agnico Eagle will increase its ownership in Goldsky to approximately 32.5% and secure significant investor rights, including board nomination rights and financing participation, as part of a broader portfolio optimization strategy.

Key Details

  • Transaction Structure: Share purchase agreement for Agnico Sweden's remaining 55% stake in Gunnarn Mining AB (Barsele project).
  • Consideration: $20 million USD cash; 75,509,577 common shares of Goldsky Resources Corp.; 2% net smelter return (NSR) royalty on the Barsele project.
  • Share Valuation: Goldsky shares ascribed a value of $2.64 CAD per share, based on the 20-day volume-weighted average price (VWAP) prior to the agreement.
  • Post-Transaction Ownership: Agnico Eagle's beneficial ownership in Goldsky increases from ~4.1% (7,353,291 shares) to ~32.5% (82,862,868 shares) on a non-diluted basis.
  • Investor Rights Agreement: An amended and restated agreement effective upon closing grants Agnico Eagle:
  • Right to participate in equity financings and top-up holdings to maintain pro rata ownership or acquire up to 19.99% interest.
  • Right to nominate 1-3 directors to Goldsky's board (or 2-4 if the board expands to 10 or more).
  • Demand and piggy-back registration rights for potential share sales.
  • Closing Conditions & Timeline: Expected on or before June 30, 2026; subject to TSX Venture Exchange approval and Goldsky shareholder approval.
  • Strategic Rationale: Portfolio optimization to divest direct Barsele interest, allowing Goldsky to focus on advancing the project while Agnico retains significant upside exposure and aligns with its prioritization of high-quality internal project pipelines.
  • Regulatory Filings: An early warning report will be filed by Agnico Eagle in accordance with applicable securities laws.
Read the original news release →

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