09:24 AM EDT, 10/09/2025 (MT Newswires) -- Agnico Eagle Mines Limited ( AEM ) announced Thursday that it has acquired 5 million subscription receipts issued by a wholly-owned subsidiary of Fuerte Metals Corporation ( FUEMF ) , pursuant to a brokered private placement, at a price of C$1.65 each for total consideration of C$8.25 million.

AEM in a statement said the investment in Fuerte is consistent with its historical practice of strategic equity investments in projects with "high geological potential".

Upon satisfaction of the escrow release conditions set out in an indenture, each subscription receipt will automatically convert into one unit of Fuerte. Each Unit will be comprised of one common share in the capital of Fuerte and one common share purchase warrant. Each Warrant will entitle the holder to acquire one common share at a price of C$2.50 for a period of five years from the date of issue. One of the escrow release conditions is the completion of the acquisition of certain properties by Fuerte, and in connection with such acquisition, Fuerte intends to issue, as partial consideration therefor, up to 33,572,115 common shares. or securities convertible into common shares.

Prior to the private placement, Agnico Eagle owned 5,171,310 common shares, representing approximately 8.43% of the issued and outstanding common shares on a non-diluted basis. Following the Private Placement and satisfaction of the escrow release conditions (including the issuance of securities of Fuerte in connection with the transaction), Agnico Eagle is expected to own 10,171,310 common shares and 5 million warrants, representing approximately 8.12% of the issued and outstanding common shares on a non-diluted basis and approximately 11.65% of the common shares on a partially-diluted basis (assuming exercise of the Warrants held by Agnico Eagle at such time).