Agnico Eagle sells entire Orla stake in C$560m transaction


Orla, which recently acquired the Musselwhite mine, is now an intermediate producer.
Dual-listed Agnico Eagle Mines has completed the sale of its 11.3% stake in Orla Mining, netting C$560.5-million in a transaction executed through the TSX at C$14.75 a share.
Agnico Eagle president and CEO Ammar Al-Joundi said the divestment reflected the company’s disciplined capital allocation approach. "Our investment in Orla has been mutually beneficial for both companies. With Orla's success in evolving into an established intermediate producer and in the context of the current gold market, we believe it is the right time to monetise our investment. This demonstrates our commitment to disciplined capital allocation and allows us to redeploy capital to our strategic priorities," he said, acknowledging Orla’s management and board for creating significant shareholder value.
Prior to the disposition, Agnico Eagle controlled 38 002 589 Orla shares, representing 11.3% of the company’s issued and outstanding stock. Following the sale, Agnico Eagle holds no beneficial ownership or control over Orla shares.
The Canadian gold miner has historically used strategic toehold positions to complement its internal growth projects, targeting assets with strong geological potential. Agnico Eagle had been a supportive investor in Orla since its establishment in 2017, helping the junior exploration company transition into a midtier producer with a capable management team.
Orla Mining’s president and COO, Jason Simpson, thanked Agnico Eagle for its support over the years. "Since our modest beginnings in 2017 as a junior exploration company, Orla has been fortunate to count cornerstone shareholders like Agnico Eagle among our strongest supporters. Thanks, in no small part, to Agnico Eagle's technical expertise and financial backing, we have now grown into a midtier gold producer. This mutually beneficial next step allows Orla to broaden our investor base and enhance long-term liquidity," he said.
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