Cascadia Minerals up 22% on Agnico-Eagle financing news
Agnico-Eagle Mines Ltd. (AEM-TSX, AEM-NYSE) has announced a financing and strategic alliance with Yukon-focused Cascadia Minerals Ltd. [CAM-TSXV], a move that sent Cascadia shares up 22% in early trading Monday. Agnico has agreed to purchase 19.3 million units of Cascadia for 26 cents per unit or a total of $5.02 million under a non-brokered private placement. Each unit consists of one common share and one half of one common share purchase warrant. Each warrant entitles the holder to acquire one common share for 32 cents for two years following the date of issuance.
Agnico has also agreed to acquire 10 million units priced at 26 cents each for $2.6 million from several sellers that will be participating in an offering of flow-through units by Cascadia immediately prior to the unit purchases.
Agnico Eagle does not currently own any common shares or warrants in Cascadia. On closing of the private placement and unit purchases, Agnico expects to own 29.3 million common shares and 14.6 million warrants representing 14.2% of the issued and outstanding shares on a non-diluted basis and 19.90% on a partially diluted basis.
Cascadia shares advanced on the news, rising 21.9% or $0.045 to 25 cents. The shares previously traded in a 52-week range of 29 cents and $0.08.
Cascadia was in the news last year when the company and Granite Creek Copper Ltd. agreed to a merger aimed at creating a leading Yukon copper-gold exploration and development company.
Granite Creek was primarily engaged in copper and gold exploration and development of the Carmacks Project, located 34 kilometres northwest of Carmacks in central Yukon, and 40 kilometres from the past-producing Minto mine.
The road accessible Carmacks project holds a high-grade measured and indicated resource containing 651 million pounds of copper and 302,000 ounccs of gold (36.3 million tonnes grading 0.81% copper, 0.26 g/t gold and 3.23 g/t silver and 0.01% molybdenum, or 1.07% copper equivalent), with a 2023 preliminary economic assessment demonstrating positive economic potential.
Cascadia’s flagship Catch Property in the Yukon hosts a brand-new copper-gold porphyry discovery where the inaugural drill results returned broad intervals of mneralization, including 116.60 metres of 0.31% copper with 0.30 g/t gold. Catch exhibits extensive high-grade copper and gold mineralization across a 5.0 kilometre-long trend, with rock samples returning peak values of 3.88% copper, 1,065 g/t gold and 267 g/t silver.
On March 30, 2026, Cascadia said it had granted Agnico the right to earn up to a 51% interest in the Catch property. Once that option has been exercised, the companies will enter into a joint venture agreement governing the relationship of the parties in relation to the Catch property. Under the deal, Cascadia will act as operator and Agnico will have the right to earn an additional 29% interest in Catch.
Concurrently, with the execution of the Catch earn-in deal, Agnico and Cascadia and agreed to form a strategic alliance for the identification and advancement of projects in the Stikine Terrane in Yukon.
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