SCHEDULE: Agnico Eagle Discloses 8.71% Stake in Perpetua Resources

Agnico Eagle Mines Limited has disclosed a beneficial ownership of 8.71% in Perpetua Resources Corp., including shares issuable from warrants.

Summary

• Agnico Eagle Mines Limited reported beneficial ownership of 10,866,965 common shares of Perpetua Resources Corp.
• This ownership represents 8.71% of Perpetua Resources Corp.'s common shares outstanding as of October 31, 2025.
• The reported amount includes 2,861,229 common shares issuable upon the exercise of certain warrants held by Agnico Eagle.
• Agnico Eagle holds sole voting power and sole dispositive power over all 10,866,965 shares.
• The filing certifies that the securities were not acquired or held for the purpose of changing or influencing the control of Perpetua Resources Corp.

Sentiment

Score: 7

Explanation: The disclosure of a substantial stake by a major mining company like Agnico Eagle in Perpetua Resources is generally a positive signal, indicating confidence or strategic interest in Perpetua's assets.

Positives

• A major gold producer like Agnico Eagle Mines Limited holding a significant stake (8.71%) in Perpetua Resources Corp. can be seen as a vote of confidence in Perpetua's assets or strategy.
• The inclusion of warrants suggests a prior strategic investment or partnership, potentially providing long-term support and a pathway for increased ownership.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding future operations or financial performance of either Agnico Eagle Mines Limited or Perpetua Resources Corp.

Management Comments

• Chris Vollmershausen, Executive Vice President, Legal, General Counsel & Corporate Secretary of Agnico Eagle Mines Limited, certified that the securities were not acquired or held for the purpose of changing or influencing the control of the issuer.

Industry Context

Agnico Eagle Mines Limited, a prominent Canadian gold producer, disclosing a significant stake in Perpetua Resources Corp., a junior mining company, suggests a strategic interest in Perpetua's projects. This could indicate a belief in the long-term value of Perpetua's assets or a potential future partnership or acquisition. Such investments by major players can provide validation and capital to smaller exploration and development companies.

Stakeholder Impact

• Shareholders of Perpetua Resources Corp. may view Agnico Eagle's significant stake as a positive endorsement, potentially leading to increased investor confidence and share price stability or appreciation.
• Management of Perpetua Resources Corp. could see this as a strategic alignment or validation of their project, potentially opening doors for future collaboration or financing.

Key Dates

Recommendation

While Agnico Eagle's significant stake in Perpetua Resources is a positive signal, a Schedule 13G filing primarily discloses ownership and does not provide enough operational or financial detail to warrant a 'buy' or 'sell' recommendation. It suggests a strategic interest that could lead to future developments, making 'hold' a prudent stance for existing investors awaiting further clarity.

Keywords

Agnico Eagle Mines, Perpetua Resources, beneficial ownership, Schedule 13G, common shares, warrants, mining investment, gold mining, equity stake