Mining Co. Acquires Transformational District-Scale Project

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Goldsky Resources Corp. (GSKR:TSX.V) has entered into a definitive agreement to acquire the remaining 55% interest in the Barsele gold project in Sweden from Agnico Eagle Mines Ltd. (AEM:TSX; AEM:NYSE) Sweden AB, a wholly owned subsidiary of Agnico Eagle Mines Ltd., according to a January 28 release.

Under the January 28 agreement, Goldsky will consolidate full ownership of Barsele. This transaction will be completed through Goldsky's acquisition of Agnico Sweden's 55% stake in Gunnarn Mining AB. Gunnarn currently owns and operates Barsele under a joint venture agreement between Goldsky and Agnico Sweden, which will be terminated as part of the transaction.

The consideration for the transaction includes a cash payment of US$20 million and 75,509,577 common shares of Goldsky. Additionally, Goldsky will grant Agnico Sweden a 2% net smelter return royalty on Barsele. Upon closing, Goldsky will hold a 100% interest in Gunnarn.

"The acquisition of the remaining 55% interest in the Barsele project from Agnico is a transformational milestone in Goldsky's history and future growth," President and Chief Executive Officer Russell Bradford said. "We now have 100% control of what we believe has the potential to become a Tier 1 gold project in a world-class mining jurisdiction in Sweden. Under Agnico, the Barsele project has been developed using best practices in technical and environmental compliance, as well as community engagement, and, at Goldsky, we are committed to continue with these practices to ensure the Barsele project is developed responsibly for all our stakeholders as part of our vision to become the next major Nordic gold developer."

Following a successful CA$80 million fundraising in September 2025, Goldsky said it is well-resourced to significantly advance the development of this world-class Nordic gold project.

Move Consolidates Goldsky's District-Scale License

Barsele is located in the mining district of Vasterbottens Lan in northern Sweden, roughly 600 kilometers north of Stockholm, spanning about 25,000 hectares within the Fennoscandian Shield, the company stated in the release.

Its indicated mineral resource is 7.88 million tonnes grading 1.27 grams per tonne gold (g/t Au), containing 320,781 ounces Au; and its inferred mineral resource is 28.75 Mt grading 1.98 g/t Au, containing 1.83 Moz Au.

Barsele benefits from excellent access by road, rail, and hydro power, a skilled workforce, and services in an active mining region of Sweden, Goldsky noted.

The company mentioned that the move consolidates its district-scale license as Barsele is situated in the center of Goldsky's 100%-owned exploration license area, which, combined with Barsele, totals approximately 80,000 hectares on Sweden's Gold Line greenstone belt.

Following the transaction, Agnico will own approximately 32.5% of Goldsky's common shares. Agnico and Goldsky will enter into a transition agreement, with Agnico providing certain support to Goldsky for nine months post-closing.

Expert: Co. 'Wasted No Time'

According to Jeff Clark and Daniel Flynn writing for The Gold Advisor on January 29: "Goldsky has wasted no time. Just weeks after being formed from a merger between First Nordic and Mawson, the company has already delivered on one of our key expectations for 2026 — full ownership of Sweden's largest undeveloped gold deposit."

"It's a big moment, and one that concentrates Goldsky's exposure as it moves Barsele through all the development milestones that unlock shareholder value," they continued. "But it's also a deal that comes with real cost."

In exchange for Agnico’s 55% interest, Goldsky will provide US$20 million in cash; 75.5 million shares issued at CA$2.64, valued at approximately CA$199 million, giving Agnico a 32.5% pro forma stake, and the 2% net smelter royalty on future production, Clark and Flynn noted.

The main concern is dilution, they said. On a basic share-count basis, the new shares represent just under 30% dilution for existing shareholders. That’s significant. However, the long-term argument is that the value gained more than compensates for it, and the authors said it's a compelling one.

But 100% ownership also paves the way for the next major milestone: a maiden Preliminary Economic Assessment (PEA) at Barsele. This is an unusually advanced project for a first-pass PEA, with deep drilling and known metallurgy, Clark and Flynn noted. Seeing the economics on paper for the first time could be a pivotal moment for the stock. With funding secured for both the PEA and continued resource expansion, the deal significantly concentrates Goldsky’s exposure to both Barsele’s existing value and its potential upside.

In the article, The Gold Advisor's geologist, Sharyn Alexander, noted that full ownership of the project "removes the joint venture constraints that can slow technical work, permitting, and development decisions. The fact that the cash component is funded from an existing treasury, and that Agnico rolls into a cornerstone position, also signals that the vendor remains tied to the outcome and retains confidence in the project."

"Equally important for investors is the regional control Goldsky is now building across Sweden's Gold Line Belt," Alexander continued. "With Barsele fully consolidated and centered within its broader land position, the company can tighten the regional narrative around one dominant structural corridor."

Clark and Flynn noted that Goldsky was up 9% in early trading following the announcement, indicating market approval of the deal.

"Nothing here changes our view, Goldsky remains a buy," they said.

A 'Transformational' Acquisition

The acquisition of Barsele is "transformational" for the company as it provides full ownership of a Tier I asset in a stable, developed mining jurisdiction, with additional potential from the surrounding 80,000 hectares of exploration holdings, noted Analyst Jonathan Guy of Hannam & Partners in an updated research note on January 28.

"We expect a positive share price response on this catalyst," he wrote.

Hannam & Partners' updated target valuation, assuming the transaction is completed, is CA$6.80 per share, up from the previous CA$5.33 per share.

The Barsele deposit hosts an indicated and inferred resource of 2.4 million ounces (Moz), with approximately 170,000 meters of drilling completed, as well as a major trench excavated down to bedrock, Guy wrote. The resource was calculated in 2019 using a US$1,300/oz gold price, with significant additional drilling completed since.

"In our view, the combination of drilling and higher gold prices since 2019 should result in a material upgrade in the resource that we believe could ultimately be 4 Moz-5 Moz," the analyst said.

Mineralization at Barsele is broad and should support a bulk mineable underground operation, complemented by a smaller open pit, with clean metallurgy driving recoveries of 95%, Guy wrote. The project is near two major highways with low-cost power from the regional hydroelectric grid, with a hydroelectric plant 10 kilometers southeast of the project.

"We have modeled an operation producing 207koz/year with All-in Sustaining Costs (AISC) of US$1,229/ounce and initial capex of US$500 million for a NAV5% of US$1.7 billion for Barsele based on a US$3,000/oz long-term gold price," the note said. "This would increase to US$4.1 billion based on a spot gold price of US$5,000/ounce."

The development of Barsele would unlock the broader Gold Line belt, which extends over 200 kilometers, the analyst wrote. The most promising target at present is Aida, located within the 19,737-hectare Paubäcken license area that covers the central area of the belt.

The Catalyst: Bull Market Pauses On Fed Announcement

Gold and silver prices fell sharply on Friday as investors took profits following President Donald Trump's nomination of Kevin Warsh to chair the Federal Reserve, according to a report by Colin Laidley for Investopedia on January 30. This move eased some of Wall Street's concerns about the president's attempts to exert more influence over the independent central bank.

Spot gold recently dropped more than 9% to around US$4,890 per troy ounce after reaching a record high of approximately US$5,600 on Thursday, Laidley wrote. Silver prices, which hit an all-time high above US$120 the previous day, fell 29% to trade at US$83 an ounce. Exchange-traded funds tracking these precious metals, such as the iShares Silver Trust and SPDR Gold Shares, experienced similar declines.

Over the past year, gold and silver prices have surged due to geopolitical and economic uncertainties, as well as a weaker U.S. dollar. Before Friday's session, gold prices had increased nearly 90% over the previous 12 months, while silver had climbed about 250% in the same period.

Gold and silver prices soared over the past year as investors sought safety from highly volatile risk assets, according to the article. Friday's decline likely reflects investors' expectations for more stability with Kevin Warsh leading the Federal Reserve. Investors were relieved on Friday when Trump announced Warsh, a former Fed governor, as his choice to replace current chair Jerome Powell, whose term ends in May.

Warsh was considered one of the more establishment-friendly candidates, and his nomination reassured investors worried that a Trump loyalist at the Fed's helm might compromise the central bank's independence, potentially undermining the credibility of U.S. monetary policy.

The price of gold is experiencing a historic surge, and while investors typically turn to precious metals as a refuge during turbulent times, fund managers suggest that the gains indicate deeper concerns about monetary policy and geopolitical tensions, wrote Valerio Baselli for Morningstar on January 29.

"These forces driving gold higher, they say, could easily continue," Baselli wrote. "Gold pushed to a new all-time high Thursday, touching US$5,555, which translates into a 100% gain over the last 12 months. The move is not just another safe-haven spike. It reflects a deeper re-pricing of monetary credibility, geopolitical risk, and portfolio construction, which will shape gold's trajectory into 2026.

Ownership and Share Structure¹

About 12% of the company is held by insiders and management, about 20% by institutions, and about 32.5% by Agnico. The rest, 35.5%, is retail.

Top shareholders besides Agnico include CQS (UK) LLP with 0.48%, N. Ross Wilmot with 0.38%, Taj Singh with 0.34%, AWEA Fonds AG with 0.29%, and Neil MacRae with 0.25%.

Its market cap is CA$731.69 million with 178.46 million shares outstanding. It trades in a 52-week range of CA$1.28 and CA$4.64.