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Major players back Osisko's capital raise for Gaspé copper

Gaspe mine rehabilitation project

Gaspe mine rehabilitation project

4th December 2025

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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Toronto-listed Osisko Metals has lined up a C$32.5-million private placement backed by major industry players, including Hudbay Minerals, Agnico Eagle Mines, Franco-Nevada and a strategic institutional investor, to accelerate work at its Gaspé copper project in Québec.

The non-brokered placement will see the company issue about 67.7-million common shares at C$0.48 each. Hudbay will emerge as a new significant shareholder, subscribing for C$14-million worth of shares, while Agnico Eagle intends to invest C$12.48-million under an existing participation right. Franco-Nevada will contribute C$2-million and an unnamed institutional investor C$4-million.

CEO Robert Wares said the participation of these groups reflected confidence in the potential scale of Gaspé. “We are pleased to welcome Hudbay Minerals as a new significant shareholder of Osisko Metals. We also appreciate the continued participation of Agnico Eagle and two of our existing principal and strategic shareholders,” he said. “We view the participation in the private placement by these investors as support for the potential of the Gaspé Copper project.”

Following completion of the financing, Hudbay is expected to hold 29.17-million shares, or 4.3%, of Osisko Metals on a non-diluted basis. Agnico Eagle will own or control 87.82-million shares, representing about 12.5% on a partially diluted basis.

Osisko Metals and Hudbay will also enter an investor rights agreement that grants Hudbay top-up rights and participation in future equity offerings once its stake reaches 9.9%, as well as conditional board representation.

Proceeds will be used to advance drilling, permitting and technical studies at Gaspé, described by the company as the largest undeveloped copper resource in eastern North America, and for general corporate purposes.

The placement is expected to close by December 16, subject to TSX approval and final documentation.

 

Edited by Creamer Media Reporter

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