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  5. AEM: I am a large shareholder in this company having held it for more than 20 years. [Agnico Eagle Mines Limited]
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Q: I am a large shareholder in this company having held it for more than 20 years. With today's takeover by AEM it is my largest holding by far but with the CVR (contingent value right) holders of the shares would likely receive another 25% in cash for the shares over a 10 year period. Can you go over the deal and advise what would be the best course of action please? John
Asked by John on April 22, 2026
5i Research Answer:

AEM is offering 0.0401 shares for each RUP share, plus a CVR with a value of up to $3. AEM made three separate transactions to consolidate its Lapland holdings. The $3 will come from hitting three separate milestones (5M ounces, commercial production and 7.5M ounces, and 10M ounces). The annonced premium was 67%. AEM already owns 13.9% of RUP.  We like the deal for AEM and the offer is fair. We would not expect a third party to enter the bidding. We would be very comfortable taking AEM shares, but of course it is a mega-cap gold and will be very different than a junior. We would suggest taking shares and CVRs, and then re-examining whether one wants to seek out another junior within the space later, using AEM shares (keeping the CVRs) as currency if that ends up being the case. 

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