Proxy Advisors Back Agnico Eagle's $2.9B Rupert Resources Takeover

TORONTO, ON – May 28, 2026 – Agnico Eagle Mines Limited's ambitious plan to acquire Rupert Resources Ltd. has received a major boost, clearing a critical hurdle on its path to completion. Two influential independent proxy advisory firms, including the widely followed Institutional Shareholder Services Inc. (ISS), have recommended that Rupert Resources shareholders vote in favor of the C$2.9 billion acquisition. This endorsement is seen by market watchers as a pivotal moment that significantly increases the likelihood of the deal's approval.

The recommendation comes ahead of a special meeting of securityholders scheduled for June 9, 2026, where shareholders will vote on the arrangement. The board of directors for Rupert Resources has also unanimously recommended a 'FOR' vote, urging securityholders to submit their proxies before the deadline of 10:30 a.m. Toronto time on June 5, 2026.

A Strategic Play for a Finnish Gold Empire

This acquisition is far more than a simple transaction; it is the cornerstone of a sweeping, multi-deal strategy by Agnico Eagle to consolidate a district-scale gold camp in Northern Finland's highly prospective Central Lapland Greenstone Belt (CLGB). The takeover of Rupert Resources is part of a larger, approximately $3 billion regional investment that also includes acquiring Aurion Resources and B2Gold's 70% interest in the nearby Fingold JV. When finalized, this series of transactions will give Agnico Eagle dominant control over a contiguous land package spanning roughly 2,492 square kilometers.

Agnico Eagle's vision is to create a multi-asset, 'hub-and-spoke' operation centered around its existing Kittilä mine, which is already Europe's largest primary gold producer. By integrating Rupert's flagship Ikkari project and other regional assets, the company aims to establish a new production hub capable of producing approximately 500,000 ounces of gold annually within the next decade.

This strategy allows Agnico Eagle to leverage its two decades of operational experience, established infrastructure, and deep technical expertise in Finland. The company anticipates unlocking significant synergies, potentially reaching C$500 million, through optimized project development. A key part of this plan involves the potential to extend the planned open pit at the Ikkari project onto the adjacent Fingold ground, a move expected to capture additional gold ounces and streamline operations.

Deconstructing the C$2.9 Billion Offer

For Rupert Resources shareholders, the deal offers a combination of immediate value and long-term upside. Under the terms of the arrangement, each Rupert share will be exchanged for upfront consideration of 0.0401 of a common share of Agnico Eagle. At the time the deal was announced, this represented a value of approximately C$12.00 per Rupert share, a substantial 67% premium to the stock's closing price on April 17, 2026.

In addition to the immediate share-based payment, shareholders will receive a Contingent Value Right (CVR) that could provide up to an additional C$3.00 in cash per share over a 10-year term. The payment of the CVR is tied to the achievement of specific, ambitious milestones for the Ikkari project and surrounding properties:

• C$1.00 upon the public announcement of at least 5 million ounces of gold in mineral reserves.
• C$1.00 upon reaching commercial production and a combined total of 7.5 million ounces of gold in reserves and production.
• C$1.00 upon reaching commercial production and a combined total of 10 million ounces of gold in reserves and production.

This structure effectively de-risks the investment for Rupert shareholders by providing them with an immediate premium and ownership in a major, diversified producer, while allowing them to retain financial exposure to the future success of the assets they helped discover and advance. The transaction's fairness was supported by independent valuations, including one from Origin, which pegged the fair market value of Rupert shares between C$9.00 and C$12.50, placing the offer at the upper end of the valuation range.

Ikkari Project: The Engine of Future Growth

The centerpiece of the acquisition is Rupert's Ikkari project, a world-class gold deposit located just 50 kilometers from Agnico Eagle's Kittilä mine. Ikkari is an advanced-stage project with an impressive probable mineral reserve of 3.5 million ounces of gold (from 52.0 million tonnes grading 2.1 grams per tonne gold), making it one of the most significant recent discoveries in the region.

Under Agnico Eagle's ownership, the development of Ikkari is expected to accelerate significantly. The major miner has outlined plans to invest approximately C$20 million in drilling at Ikkari over the first 18 months post-acquisition, with a broader regional exploration budget of C$60 million to C$100 million over the next three years. The company's deep financial resources and technical capabilities provide a clear and well-funded path to production for the project.

Agnico Eagle is targeting the completion of an updated internal mine evaluation for Ikkari by the end of 2027. The successful development and integration of the project is fundamental to the company's long-term strategy of establishing Finland as a multi-decade cornerstone of its global portfolio. With strong support from proxy advisors and major shareholders, the upcoming vote is poised to be the final step in launching a new chapter for gold mining in the Central Lapland Greenstone Belt.