Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to reflect on the key takeaways and investing themes from the news out Monday April 20^th that Agnico Eagle Mines Limited (TSX: AEM) NYSE: AEM) is acquiring both Rupert Resources Ltd (TSX: RUP, OTCQX: RUPRF, FSE:R05) and Aurion Resources Ltd. (TSXV: AU) (OTCQX: AIRRF).  Agnico Eagle is consolidating these projects to the expand its exploration and development footprint in the Central Lapland Greenstone Belt in Finland (“CLGB”).

We discuss the dynamics of consolidating area plays, the Tier 1 jurisdiction of Finland, the valuations the companies are receiving, the timing of the transaction after years of negotiations and posturing from all companies, and what this means for future acquisitions from senior producers in the gold sector.

Agnico Eagle has agreed to acquire all of the outstanding common shares of Rupert Resources it does not already own by way of plan of arrangement, where each Rupert Share will be exchanged for: (i) upfront consideration of 0.0401 of a common share of Agnico Eagle, representing approximately C$12.00 based on the five-day volume weighted average trading price per Agnico Share as at April 17, 2026 (the “Share Consideration”); and (ii) contingent consideration of up to C$3.00, in the form of a contingent value right (“CVR” and together with the Share Consideration, the “Consideration”), that is payable in cash upon certain milestones being achieved over the 10 year term of the CVR.

Agnico Eagle Mines Limited has agreed to acquire all of the issued and outstanding common shares of Aurion Resources. Aurion has assembled a large, contiguous land position of approximately 761 km² within the CLGB, including its joint venture properties with B2Gold Corp. (the “Fingold JV”; 30% Aurion/70% B2Gold), Kinross Gold and KoBold Metals in Finland. These properties provide significant exploration upside across multiple targets, with over 20 discoveries since 2016.

• Aurion shareholders to receive all-cash consideration of C$2.60 per Aurion Share
• Purchase price represents premium of approximately 46% to the closing price as of April 17, 2026

* In full disclosure, some companies mentioned by Erik in this interview, are positions held in his personal portfolio, and also may be site sponsors of The Hedgeless Horseman website at the time of this recording.]

Click here to follow Erik’s analysis over at The Hedgeless Horseman website

For more market commentary & interview summaries, subscribe to our Substacks:

The KE Report: https://kereport.substack.com/

Shad’s resource market commentary: https://excelsiorprosperity.substack.com/

Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned, and companies profiled may be sponsors of the KE Report.