AGNICO EAGLE ANNOUNCES ADDITIONAL INVESTMENT IN FORAN MINING CORPORATION

AGNICO EAGLE ANNOUNCES ADDITIONAL INVESTMENT IN FORAN MINING CORPORATION

Stock Symbol: AEM (NYSE and TSX)

Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle") announced today that it has agreed to subscribe for 30,000,000 voting common shares ("Common Shares") of Foran Mining Corporation ("Foran") in a non-brokered private placement at a price of C$3.00 per Common Share for total consideration of C$90,000,000 (the "Private Placement"). The Private Placement is expected to close in two tranches. The closing of each tranche remains subject to certain closing conditions, including approval of the Toronto Stock Exchange, and closing of the second tranche is also subject to approval by the shareholders of Foran. Closing of the first tranche is expected to occur on or about May 28, 2025 and the second tranche is expected to close as soon as practicable following receipt of shareholder approval.

Agnico Eagle currently owns 39,125,448 Common Shares, representing approximately 9.9% of the issued and outstanding Common Shares on an undiluted basis. On closing of the first tranche of the Private Placement, Agnico Eagle is expected to own 64,454,767 Common Shares, which will represent approximately 13.1% of the issued and outstanding Common Shares on an undiluted basis (assuming that Foran issues an additional 73,173,590 Common Shares in connection with the first tranche of the concurrent private placements). On closing of the second tranche of the Private Placement, Agnico Eagle is expected to own 69,125,448 Common Shares, which will represent approximately 13.5% of the issued and outstanding Common Shares on an undiluted basis (assuming that Foran issues an additional 13,493,077 Common Shares in connection with the second tranche of the concurrent private placements).

Agnico Eagle and Foran are party to an investor rights agreement dated August 8, 2024 (the "Existing Agnico IRA"), pursuant to which Agnico Eagle is entitled to certain rights, provided Agnico Eagle maintains certain ownership thresholds, including: (a) the right to participate in certain equity financings by Foran to acquire up to the greater of: (i) 19.99% of the Common Shares being offered in the equity financing, or (ii) such number of Common Shares that would permit Agnico Eagle to maintain its pro rata ownership interest in Foran; (b) the right to top-up its holdings in relation to dilutive issuances by Foran in order to maintain its pro rata ownership interest in Foran; and (c) the right to nominate one person to the board of directors of Foran.

On the closing of the first tranche of the Private Placement, the Existing Agnico IRA will be amended and restated in order to, among other things: (a) amend the participation and top-up rights to permit Agnico Eagle to participate in equity financings and top-up its holdings in relation to dilutive issuances in order to maintain its pro rata ownership interest in Foran at the time of such financing or acquire up to a 19.99% ownership interest in Foran; and (b) amend the nomination right to permit Agnico Eagle to nominate an additional individual to the board of directors of Foran if the size of the board is increased to 10 or more directors.

In addition, Agnico Eagle is announcing a previously reported follow-on investment in Azimut Exploration Inc. ("Azimut"). On September 28, 2023 , Agnico Eagle acquired an additional 2,197,300 common shares ("Azimut Shares") of Azimut at C$1.05 per Azimut Share (the "Share Purchases") for total consideration of C$2,307,165 from several sellers that participated in an offering of flow-through Azimut Shares undertaken by Azimut at such time (as more particularly described in Azimut's news release dated September 28, 2023 ). Prior to the Share Purchases, Agnico Eagle owned 8,003,425 Azimut Shares, representing approximately 10.06% of the issued and outstanding Azimut Shares on a undiluted basis at such time. Following the Share Purchases, Agnico Eagle owned 10,200,725 Azimut Shares, representing approximately 12% of the issued and outstanding Azimut Shares on a undiluted basis at such time.

Agnico Eagle is acquiring the Common Shares, and acquired the Azimut Shares for investment purposes. Depending on market conditions and other factors, Agnico Eagle may, from time to time, acquire additional Common Shares, Azimut Shares or other securities of Foran or Azimut, or dispose of some or all of the Common Shares, Azimut Shares or other securities of Foran or Azimut it owns at such time.

Separate early warning reports in respect of the Foran investment and the Azimut investment will be filed by Agnico Eagle today. To obtain a copy of either early warning report, please contact:

Agnico Eagle Mines Limited
c/o Investor Relations
145 King Street East , Suite 400
Toronto, Ontario M5C 2Y7
Telephone: 416-947-1212
Email: investor.relations@agnicoeagle.com

Agnico Eagle's head office is located at 145 King Street East, Suite 400, Toronto, Ontario M5C 2Y7. Foran's head office is located at 409 Granville Street, Suite 904, Vancouver, British Columbia V6C 1Y2. Azimut's head office is located at 110 De la Barre Street , Suite 224, Longueuil, Quebec J4K 1A3.

About Agnico Eagle

Agnico Eagle is a Canadian based and led senior gold mining company and the third largest gold producer in the world, producing precious metals from operations in Canada , Australia , Finland and Mexico , with a pipeline of high-quality exploration and development projects. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading sustainability practices. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.

Forward-Looking Statements

The information in this news release has been prepared as at May 14, 2025 . Certain statements in this news release, referred to herein as "forward-looking statements", constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" under the provisions of Canadian provincial securities laws. These statements can be identified by the use of words such as "may", "will" or similar terms.

Forward-looking statements in this news release include, without limitation, statements relating to the expected closing of the Private Placement (including the expected closing date of each tranche), the ability to satisfy closing conditions in respect of the Private Place (including obtaining approval of the Toronto Stock Exchange and the shareholders of the Foran), Agnico Eagle's expected ownership interest in Foran upon closing of each tranche of the Private Placement, the expected number of securities to be issued in each tranche of the Private Placement and Agnico Eagle's acquisition or disposition of securities of Foran or Azimut in the future.

Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Agnico Eagle as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Other than as required by law, Agnico Eagle does not intend, and does not assume any obligation, to update these forward-looking statements.

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SOURCE Agnico Eagle Mines Limited

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Agnico Eagle Mines Limited

Agnico Eagle Mines Limited

Agnico Eagle Mines is a gold miner operating mines in Canada, Mexico, and Finland. It also owns 50% of the Canadian Malartic mine. Agnico operated just one mine, LaRonde, as recently as 2008 before bringing its other mines on line in rapid succession in the following years. The company produced more than 1.7 million gold ounces in 2020. Agnico Eagle is focused on increasing gold production in lower-risk jurisdictions.

Basin Energy Ltd  Acquires Extensive Uranium and Rare Earth Portfolio

Basin Energy Ltd Acquires Extensive Uranium and Rare Earth Portfolio

Perth, Australia (ABN Newswire) - Basin Energy Limited (ASX:BSN) (OTCMKTS:BSNEF) is pleased to announce that it has entered into a binding agreement to acquire 100% of the issued capital of NeoDys Limited ("NeoDys"), a privately held critical minerals explorer with a dominant landholding in the Mount Isa region of northwest Queensland.

Key Highlights

- Binding agreement to acquire the largest prospective uranium and rare earth packages in Queensland, adjacent to Paladin Energy Limited's (ASX:PDN) Valhalla uranium deposit and Red Metal Limited's (ASX:RDM) Sybella rare earth discovery [1*]

- Early stage exploration supports three distinct, drill-ready exploration models, each amenable to low-cost shallow drilling:

o AEM geophysical survey previously reported identified extensive paleochannel network adjacent to the Sybella uranium "hot" granite.

o Significant hard rock granite rare earth element potential, analogous to Red Metal's Sybella discovery. Recent auger drill sampling returned numerous significant results including 5 m @ 1,951 ppm TREO with 578 ppm Nd+Pr oxide, incl. 3 m @ 705 ppm Nd+Pr oxide.

o District-scale sediment-hosted ionic clay rare earth potential with $150,000 Queensland Government funding in place to fastrack drilling. Soil sampling completed with numerous samped returning >600 ppm TREO with a maximum of 653 ppm TREO.

- Additional Valhalla-style uranium targets with multiple untested radiometric anomalies, in proximity to Valhalla, Skal and Odin deposits which host a combined 116 Mlbs U3O8 [2*]

- The Company has received firm commitments from institutional and sophisticated investors to raise $1.25 million at $0.025 per share, representing a 9% premium to 20 day VWAP.

- With the oversubscribed placement along with the Queensland grant, Basin Energy is fully funded to test these drill-ready high priority targets, enabling the Company to fast-track multiple uranium and rare earth drill programs.

- Detailed targeting and drill planning is underway with exploration planned to commence in Q4 2025 to test shallow, high priority targets via aircore and reverse circulation drilling.

Managing Director, Pete Moorhouse commented:

"This acquisition propels Basin into Australia's uranium and rare earth exploration landscape. These projects deliver exceptional geology, strategic scale and compelling upside across two of the most critical mineral sectors of the energy transition. With drill-ready targets and a low-cost structure, this portfolio is primed to deliver value for shareholders. Over the next 6 months, Basin Energy will be drilling the first holes on three district-scale opportunities for uranium and rare earth deposits in Northwest Queensland.

The Company is delighted with the strong interest in the capital raising. On behalf of the Board, I welcome our new shareholders, and thank existing shareholders for their continued support at an exciting time of development for the Company. We will be holding a webinar to walk through the projects on 28th August and encourage people to log in and learn more about this opportunity."

Overview

This acquisition provides Basin with a commanding position over one of Australia's emerging and underexplored provinces for uranium and rare earth elements ("REE"), leveraging the recent Sybella rare earth discovery by Red Metal Limited (ASX:RDM) and the prospectivity of the adjacent Barkly Tableland.

Basin now holds 5,958 km2 of exploration tenure in the Mount Isa district of northwest Queensland. The projects provide compelling walk-up drill targets that can be rapidly and cost-effectively tested using air core and reverse circulation (RC) drilling. NeoDys have an existing Queensland Government Collaborative Exploration Initiative funding agreement for $150,000, available for Basin to support upcoming drilling programs.

The drill-ready, district scale targets include:

- Paleochannel roll front uranium (1*)

- Sediment and ionic clay hosted rare earth elements (2*)

- Hard rock, granite hosted rare earth elements (3*)

In addition to these three district-scale targets, the project area contains multiple shear-hosted Valhallastyle uranium targets defined for immediate assessment.

The primary model is based on mineralisation sourced from the various granites of the Sybella Batholith ("the Sybella"), a large north-south trending igneous body containing zones enriched in rare earth elements. This includes the Red Metal (ASX:RDM) Sybella Discovery with a recent JORC inferred resource estimate of 4.795 Bt at 302 ppm NdPr, 28 ppm DyTb (200 ppm NdPr cut-off) or 209 Mt at 377 ppm NdPr, 34 ppm DyTb (360 ppm NdPr cut-off) [1*]. The Sybella granites are also uranium rich, potentially being the source of Paladin Energy's (ASX:PDN) Valhalla deposits[2*] .

Terms of the Share Placement

The Company has received firm commitments to raise $1.25 million, by way of a two-tranche share placement ("Placement") of 50 million shares at an issue price of $0.025 per share. The Placement price represents the Company's last market close price, and a 9.1% premium to the 20-day VWAP.

Tranche two will be subject to a general meeting, to be called shortly and expected in early October.

The offer was significantly oversubscribed, with proceeds to be allocated as follows:

- Air core drilling on the Barkly Tablelands uranium and REE targets

- RC drilling at the Newmans Bore granite-hosted REE target

- Mapping and sampling of the West Valhalla Radiometric targets

- General working capital.

The Placement was managed internally and was not subject to broker fees.

To view the full announcement, please visit:
https://abnnewswire.net/lnk/3833C16P



About Basin Energy Ltd:

Basin Energy Ltd (ASX:BSN) (OTCMKTS:BSNEF) is a green energy metals exploration and development company with an interest in three highly prospective projects positioned in the southeast corner and margins of the world-renowned Athabasca Basin in Canada and has recently acquired a significant portfolio of Green Energy Metals exploration assets located in Scandinavia.



Source:
Basin Energy Ltd

News Provided by ABN Newswire via QuoteMedia

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