Agnico Eagle Mines Limited increased its stake in Maple Gold Mines Ltd. to 12.98% non‑diluted and 13.73% diluted by purchasing 662,780 common shares for C$1,623,811, or C$2.45 per share. The transaction was completed on February 17, 2026, and raises Agnico’s ownership from 12.90% to 12.98% non‑diluted, a modest but strategically significant increase.
The purchase comes on the heels of Agnico’s record Q4 2025 results, in which the company posted revenue of $11.9 billion, earnings per share of $2.70, and free cash flow that topped $2.9 billion. Those results, driven by strong gold production and disciplined cost management, give Agnico a robust cash position that underpins its ability to invest in junior miners.
Maple Gold Mines recently closed a flow‑through offering that raised $12 million through a brokered LIFE offering and an additional $4 million through a private placement. Proceeds are earmarked for Canadian exploration, including the Douay gold project in Quebec’s Abitibi Greenstone Belt and the Joutel gold complex. The offering also provided a pool of shares from which Agnico purchased its stake.
By acquiring a minority position, Agnico gains early access to Maple’s exploration pipeline and the right to participate in future equity financings, including the ability to maintain pro‑rata ownership or acquire up to a 19.9% interest. The investor‑rights agreement, dated October 13, 2020, also allows Agnico to nominate a director under certain conditions, giving it a seat at the table for strategic decisions.
Despite the investment, Agnico remains mindful of rising production costs. Its all‑in sustaining cost rose to C$1,517 per ounce in Q4 2025, a 15% year‑over‑year increase, and the company forecasts 2026 AISC to range between C$1,400 and C$1,550 per ounce. The stake in Maple is therefore a calculated move to diversify its portfolio while maintaining a strong balance sheet.
The announcement was well received by investors, reflecting confidence in Agnico’s strategy to build a pipeline of high‑quality projects and to maintain a strong cash position. The company’s recent earnings release, which saw a 5.63% pre‑market rise, underscored the market’s positive view of its financial health and growth prospects.
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