TORONTO — Agnico Eagle Mines Ltd. has signed a deal to increase its stake in Wallbridge Mining Co. Ltd. to nearly 20 per cent.
Under the agreement, Agnico Eagle is paying $22.4 million or 9.2 cents per Wallbridge share for a total of about 244 million shares.
The investment increases its stake in the junior company, which is developing several projects in Quebec’s Abitibi region, to 19.9 per cent on a partially diluted basis, up from 9.9 per cent.
The deal comes as alternative investment manager Waratah Capital Advisors Ltd. has also agreed to invest $33.5 million or 9.2 cents per share for about 364 million Wallbridge shares or a 19.9 per cent stake.
Wallbridge says the investments will provide the money it requires to advance its Fenelon project in Quebec through infill drilling and a pre-feasibility study, which it expects to deliver in late 2027 or early 2028.
The junior company also says it will ask its shareholders later this year to authorize a 20-for-one share consolidation and a name change to Sunday Lake Gold.
This report by The Canadian Press was first published May 20, 2026.
Read more:
