Cascadia Announces Strategic Exploration Alliance, Earn-In
Agreement and Equity Investment with Agnico Eagle
March 30, 2026
March 30, 2026 – Vancouver, BC – Cascadia Minerals Ltd.
(“Cascadia”) (TSX-V:CAM) (OTCQB:CAMNF) is pleased to announce
that it has entered into a strategic alliance agreement (the
“Strategic Alliance Agreement”) with Agnico Eagle Mines Limited
(“Agnico Eagle”) (TSX: AEM) (NYSE: AEM), pursuant to which the
parties have established a multi-year strategic alliance (the
“Strategic Alliance”) for the identification and advancement of
gold-copper exploration properties in Yukon’s Stikine Terrane.
Cascadia and Agnico Eagle have also entered into an earn-in
agreement (the “Catch Earn-In Agreement”), under which Agnico
Eagle may earn an interest in Cascadia’s Catch Property (the
“Catch Earn-In”). Concurrently with the entering into of these
agreements, Agnico Eagle has agreed to acquire securities
representing an ownership interest in Cascadia of approximately
19.90% on a partially-diluted basis. Unless otherwise indicated,
all dollar amounts are stated in Canadian dollars.
Highlights
- The Strategic Alliance will focus on gold
and copper exploration in Yukon’s Stikine Terrane, which extends
into Yukon from British Columbia’s Golden Triangle and is a
highly prospective and underexplored target area for gold-copper
porphyry mineralization;
- A minimum of $500,000 per year of
generative exploration will be funded by Agnico Eagle through the
Strategic Alliance;
- Cascadia’s Macks, Milner, Byng and Mars
properties, as well as 2,834 claims recently staked by Cascadia,
will be explored as part of the Strategic Alliance;
- The Catch Earn-In Agreement provides
Agnico Eagle with the right to earn up to an 80% interest in
Cascadia’s Catch Property by funding $30 million in work
expenditures over a six-year period;
- Up to $5 million in exploration funded by
Agnico Eagle is planned for the 2026 field season under the
Strategic Alliance and the Catch Earn-In; and
- Equity issuances for an aggregate of $8.9
million, including a $7.6 million equity investment by Agnico
Eagle for 19.90% ownership interest in Cascadia (on a
partially-diluted basis) will provide Cascadia with additional
working capital and support the acceleration of exploration at
Cascadia’s 100%-owned Carmacks Property, which Cascadia will
continue to advance in parallel with the Strategic Alliance.
Cascadia’s Chief Executive Officer, Graham Downs, commented: “We
are delighted to partner with Agnico Eagle to explore the Stikine
Terrane in Yukon, which we believe offers the potential for
significant new discoveries. The Strategic Alliance will allow us
to capitalize on our first-mover status in Yukon’s Stikine
Terrane while advancing our flagship Carmacks Property. With a
recently completed staking program, Cascadia now controls over
800 km2 of highly prospective ground which will be explored
through the Strategic Alliance. Agnico Eagle’s equity investment
will provide us with additional working capital and allow for
work at Carmacks to be accelerated, while the Strategic Alliance
and Catch Earn-In will allow our Stikine Terrane projects to be
advanced with minimal dilution to Cascadia shareholders.”
https://wp-cascadiaminerals-2023.s3.ca-central-1.amazonaws.com/media/2026/03/2026.03.30-Figure-1-Strategic-Alliance-Property-Map.pdf
https://wp-cascadiaminerals-2023.s3.ca-central-1.amazonaws.com/media/2026/03/2026.03.30-Figure-1-Strategic-Alliance-Property-Map.pdf
Strategic Alliance
Under the terms of the Strategic Alliance Agreement, Agnico Eagle
will provide annual funding over an initial three-year period for
generative exploration work performed by Cascadia, as operator,
within the Stikine Terrane in Yukon (the “Exploration Area”).
Following initial work, projects within the Exploration Area may
be designated by either party (each such project, a “Designated
Project”) to be the subject of further exploration under an
earn-in agreement. Each such earn-in agreement will provide
Agnico Eagle with the right to earn a 51% interest in the
Designated Project by funding work expenditures of $3 million
over a three-year period. Upon any exercise by Agnico Eagle of
its right to earn an interest in a Designated Project, Cascadia
and Agnico Eagle will enter into a joint venture agreement which
will provide, among other things, Agnico Eagle with the right to
earn an additional 29% interest in such Designated Project (for a
total interest of 80%) by funding work expenditures of $12
million over a further three-year period.
Funding for staking and other acquisitions on behalf of the
Strategic Alliance will be provided by Agnico Eagle outside of
Agnico Eagle’s annual commitment to fund generative exploration.
Cascadia will act as the initial operator of the Strategic
Alliance and any Designated Project.
Cascadia recently staked 2,834 new claims in Yukon’s Stikine
Terrane which will be explored by the Strategic Alliance. These
new claims comprise expansions of Cascadia’s Macks, Milner, Byng
and Mars properties, as well as four new properties, Bunker Hill,
Hilo, Hyde and Mustard. The Catch Property is subject to a
separate earn-in agreement which is described below.
Catch Earn-In Agreement
The Catch Earn-In Agreement provides Agnico Eagle with the right
to earn a 51% interest in Cascadia’s Catch Property by funding
exploration expenditures totaling $10 million over a three-year
period, with a minimum of $1 million in expenditures committed to
be spent by December 31, 2027.
Upon exercise by Agnico Eagle of its right to earn an interest in
the Catch Property, Cascadia and Agnico Eagle will enter into a
joint venture agreement which will provide Agnico Eagle with the
right to earn an additional 29% interest in the Catch Property
(for a total interest of 80%) by funding exploration expenditures
of $20 million over an additional three-year period. Cascadia
will act as the initial operator under the Catch Earn-In
Agreement. The exercise of Agnico Eagle’s right to earn an
interest in the Catch Property is subject to the acceptance of
the TSX Venture Exchange.
Equity Investment and Flow-Through Offering
Concurrent with the execution of the Strategic Alliance Agreement
and the Catch Earn-In Agreement, Agnico Eagle agreed to acquire
19,315,300 units of Cascadia (the “Subscribed Units”) at a price
of $0.26 per Subscribed Unit for total gross proceeds of
$5,021,978 pursuant to a non-brokered private placement (the
“Equity Investment”). Each Subscribed Unit will consist of one
common share of Cascadia (a “Common Share”) and one-half of one
Common Share purchase warrant (each whole Common Share purchase
warrant, a “Warrant”). Each Warrant will be exercisable into one
Common Share at a price of $0.32 per Warrant for twenty-four (24)
months following closing. The gross proceeds from the sale of the
Subscribed Units will be used for general working capital and to
fund exploration activities at the Carmacks Project.
In connection with its agreements with Agnico Eagle, Cascadia
will issue 10,000,000 critical minerals flow-through units (“CFT
Units”) to arms’ length subscribers (the “Flow-Through
Participants”) at a price of $0.384 per CFT Unit for total gross
proceeds of $3,840,000 (together with the Equity Investment, the
“Offering”). Each CFT Unit will consist of one flow-through
Common Share (a “CFT Share”) and one-half of one Warrant.
Cascadia understands that Agnico Eagle has agreed to acquire the
securities underlying the CFT Units from the Flow-Through
Participants.
The CFT Units (including the CFT Shares and Warrants underlying
the CFT Units) will qualify as “flow-through shares” within the
meaning of subsection 66(15) of the Income Tax Act (Canada) (the
“Tax Act”). The gross proceeds from the issuance and sale of the
CFT Units will be used for “Canadian exploration expenses” that
qualify as “flow-through critical mineral mining expenditures”,
as both terms are defined in the Tax Act (the “Qualifying
Expenditures”). The Qualifying Expenditures will be incurred in
connection with critical minerals exploration at the Carmacks
Property on or before December 31, 2027, and will be renounced to
the Flow-Through Participants with an effective date no later
than December 31, 2026, in an aggregate amount not less than the
gross proceeds raised from the issuance of the CFT Units.
No finders’ fees will be paid on any portion of the Offering.
Pursuant to applicable Canadian securities laws, all securities
of Cascadia issued as part of the Offering will be subject to a
hold period of four months plus one day from the date of closing
of the Offering. Following the closing of the Offering, Agnico
Eagle will own 29,315,300 Common Shares and 14,657,650 Warrants,
representing approximately 14.21% of the issued and outstanding
Common Shares on a non-diluted basis and approximately 19.90% of
the issued and outstanding Common Shares on a partially-diluted
basis (assuming the exercise of the Warrants held by Agnico Eagle
at such time).
The Offering is expected to close on or about April 17, 2026, and
is subject to acceptance of the TSX Venture Exchange.
Upon closing of the Offering, Cascadia and Agnico Eagle will
enter into an investor rights agreement pursuant to which Agnico
Eagle will be entitled to certain rights, including: (a) the
right to participate in equity financings or top-up its holding
in relation to dilutive issuances in order to maintain its pro
rataownership in Cascadia or acquire up to a 19.99% interest in
Cascadia, on a partially diluted basis; and (b) for so long as
Agnico Eagle holds an interest in Cascadia of at least 5.0% (i)
the right, but not the obligation, to nominate one person (and in
the case of an increase in the size of the board of directors of
Cascadia to eight or more directors, two persons), to the board
of directors of Cascadia, and (ii) a right of first offer over
any transfer by Cascadia of all or any portion of Cascadia’s
Carmacks Project.
About Cascadia
Cascadia’s flagship asset is the 180 km2 Carmacks Project,
located within central Yukon, Canada, 35 km southeast of the past
producing Minto Mine. The road-accessible Carmacks Project has a
Measured and Indicated Mineral Resource containing 651 Mlbs of
copper and 302 koz of gold (36.3 million tonnes grading 0.81%
copper, 0.26 g/t gold, 3.23 g/t silver and 0.01% molybdenum) or
1.07% copper equivalent. A 2023 preliminary economic assessment
demonstrated positive economic potential, with a $330.1 M
post-tax NPV (5%) and 38% after-tax IRR at US$4.25/lb copper and
US$2,000/oz gold. Planning is underway for a fully-funded 15,000
m diamond drill program commencing in spring 2026, focused on
expanding the existing resource at Carmacks.
Cascadia is also exploring the Stikine Terrane in Yukon for new
gold-copper porphyry discoveries through its Strategic Alliance
with Agnico Eagle. The Stikine Terrane extends into Yukon from
British Columbia’s Golden Triangle and is a highly prospective
target area for gold-copper porphyry mineralization. While the
expression of the Stikine Terrane in British Columbia has been
explored in detail – resulting in numerous discoveries – its
expression in Yukon is comparatively underexplored and not well
understood. Cascadia’s alliance with Agnico Eagle includes a
total of 9 properties, including the Catch Property, where
Cascadia confirmed a new porphyry discovery in 2023
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