Agnico Eagle to Invest $14.8 Million in Scout Discoveries

01:21 PM EDT, 09/18/2026 (MT Newswires) -- Agnico Eagle Mines (AEM) agreed to invest $14.8 million in Scout Discoveries for a 14.9% stake and will enter an earn-in agreement covering Scout's Idaho projects once the investment closes. Scout said Friday that Agnico Eagle may earn up to 70% of the Elk City project by funding $60 million in exploration over eight years. The structure includes $20 million over five years for an initial 51% interest and an additional $40 million over three years to reach 70%. Agnico Eagle also has an option to enter a similar earn-in at the Muldoon project, where funding $10 million over five years would secure 51%, and an additional $20 million over three years would bring its interest to 70% Initial exploration programs across the projects total about $9.4 million through 2027, Scout said. Separately, Electrum Group, Scout's largest shareholder, agreed to invest $10.2 million in a private placement at $1.50 a share to raise its fully diluted stake to 30% from 27%. Proceeds will be used for exploration at Cuddy Mountain, Speed Goat and additional precious and base metal projects, Scout said. Price: 199.50, Change: -1.87, Percent Change: -0.93