Five Years Unused. Twelve Months to a Bid.

C$57.2 million comes with a right Agnico Eagle Mines Limited says it has no present intention of using.

That is the clause worth reading twice in the 24 August Radisson Mining Resources subscription agreement. Agnico has agreed to take 53,420,000 units at C$1.07, for 10.45% undiluted and 14.90% partially diluted on closing, expected around 2 September. Attached is the right to nominate one director to Radisson's board, disclaimed in the same sentence that grants it.

Agnico held the same kind of right at Rupert Resources, under an investor rights agreement dated 11 February 2020.

It sat unused for five years.

On 1 April 2025, alongside a C$11.7 million subscription, Agnico exercised it and designated Carol Plummer as its nominee to the Rupert board. Twelve months later it bid for the whole company. The arrangement closed on 16 June 2026, valuing Rupert at C$2,871 million on a 100% fully diluted basis, a 67% premium, with contingent value rights paying up to C$3.00 a share on top.

Six years from that agreement to control.

Now weigh what Agnico is buying into at Radisson. O'Brien holds indicated resources of 0.63 Moz at 5.59 g/t and inferred of 1.69 Moz at 5.08 g/t, effective 31 January 2026. No mineral reserve. No mining permit. No mine.

Its most recent economic study, a July 2025 PEA, showed a C$532 million after-tax NPV at 5% and a 48% IRR. That was built on a 1.51 Moz resource and a US$2,550 gold price. Contained ounces are 54% higher now, on 66,387 metres of new drilling and a lower cut-off. Gold traded near US$4,650 on 24 August.

Agnico is not paying for that study. It is paying to be inside the file before the study is rewritten.

The rest of the agreement is what junior boards should actually price. Participation rights to 14.9% partially diluted, a separate top-up right, and restrictions on Radisson disposing of, encumbering or streaming its mineral properties through to 31 December 2028, then a sixty-day advance notice right after that.

Agnico's own filings call these strategic toehold positions and state that it reviews them periodically. Orla Mining shows the other ending: backed since 2017, held through to intermediate producer, then the entire 11.3% sold for C$560,538,188 in September 2025.

At least twenty juniors have had one of these opened or increased on their register in three years.

The cheque is the cheapest capital on the table. The clause that costs you is the one nobody intends to use yet.

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