Agnico Eagle Mines (AEM) said Tuesday that its wholly owned subsidiary, Agnico Eagle Limited, has agreed to sell its Delta Project mining claims and precious metal project and Helm Bay gold project to Vizsla Copper for around 32 million Canadian dollars ($23.2 million) in shares plus royalties and potential milestone payments.

Under the deal, Agnico will receive 22.52 million shares of Vizsla at closing, plus 2.9 million shares following receipt of shareholder approval and 3.04 million warrants, each exercisable at a price of CA$1.95 for a period of two years from the date of issuance, the companies said.

Agnico will also receive a 2% net smelter return royalty on Delta and a 3% on Helm Bay, with Vizsla Copper able to purchase 50% of each return for CA$5 million, the companies said.

Agnico is also eligible to receive several milestone payments valued at CA$5 million and CA$10 million, the companies said.

The deal, subject to closing conditions, is expected to close in Q4 2026.