Agnico Eagle (TSX: AEM) has sold off their interest in a gold project in Sweden. Goldsky Resources (TSXV: GSKR) this morning revealed it has entered into a definitive agreement to acquire the remaining 55% interest in the Barsele Gold project that Agnico held.
The acquisition will see Goldsky consolidate 100% ownership in the project, ending a joint venture that previously existed on the property. The transaction will see Goldsky pay US$20 million in cash for the interest, while also issuing 75.5 million common shares, valued at an estimated US$200 million.
Post-transaction, Agnico is expected to own a 32.5% interest in Goldsky. An investor rights agreement is expected to be entered into that includes participation, top up and board nomination rights.
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A 2% net smelter return royalty is also being applied to the property, which can be repurchased for US$50 million at any time prior to the two years following commercial production at Barsele. A 2% NSR payable to Orex Minerals also exists on the property, which can be re-acquired for US$5.0 million in cash.
The Barsele project, found 600 kilometres to the north of Stockholm, covers 25,000 hectares within the Fennoscandian Shield. The project currently boasts a resource estimate of 320,781 indicated ounces of gold at 1.27 g/t, and 1.83 million inferred ounces of gold grading 1.98 g/t.
“The acquisition of the remaining 55% interest in the Barsele project from Agnico is a transformational milestone in Goldsky’s history and future growth. We now have 100% control of what we believe has the potential to become a tier one gold project in a world class mining jurisdiction in Sweden,” commented Russell Bradford, CEO of Goldsky.
The transaction is currently expected to close in Q2 2026.
Goldsky Resources last traded at $3.59 on the TSX Venture.
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