Agnico Eagle Mines Limited has agreed to sell its remaining 55 % interest in Gunnarn Mining AB, the company’s holding in the Barsele gold project in Sweden, to Goldsky Resources Corp. The deal will be paid with $20 million in cash, 75,509,577 Goldsky common shares valued at C$2.64 each, and a 2 % net smelter return royalty on the Barsele project. After the transaction, Agnico’s ownership in Goldsky will rise to approximately 32.5 % on a non‑diluted basis, up from about 4.1 %.
The sale is part of Agnico’s portfolio‑optimization strategy, allowing the company to reduce exposure to a project that still requires significant exploration and development work while retaining upside through a royalty and a substantial equity stake. Goldsky, in turn, will gain full control of the Barsele project, positioning it as a leading Nordic gold developer and enabling it to accelerate development plans with a recent C$80 million capital raise.
The transaction is subject to approval by the TSX Venture Exchange and a shareholder meeting at Goldsky scheduled for March 2026. Because Agnico’s post‑transaction stake will exceed 30 %, it will be classified as a “control person” under TSX policies, requiring additional regulatory oversight.
Investors have responded positively to the announcement, viewing the deal as a prudent move that streamlines Agnico’s asset base and aligns capital with high‑grade projects. The transaction also signals confidence in Goldsky’s ability to develop the Barsele project, which has attracted significant interest from the mining community.
Ammar Al‑Joundi, Agnico’s President and CEO, emphasized that the company remains focused on execution and cost control to sustain operating margins in a rising gold price environment. He noted that the divestiture allows Agnico to reinvest in its internal pipeline while maintaining exposure to Barsele’s upside. Russell Bradford, Goldsky’s President and CEO, described the acquisition as a transformational milestone that gives the company 100 % control of a tier‑one gold project in a world‑class jurisdiction.
The deal underscores Agnico’s broader strategy of concentrating on core high‑grade assets and strengthening its financial position. By divesting a non‑core stake, Agnico frees capital that can be deployed to its internal projects, while the royalty and equity arrangement preserves a share of future upside. For Goldsky, the transaction consolidates its position in Sweden and provides a clear path to bring the Barsele project to production, potentially creating significant value for both companies.
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