(RTTNews) – Luca Mining Corp. (LUCMF, LUCA.V), a Mexico-focused mining company, on Thursday announced an agreement to acquire 100% of the El Barqueño property from Agnico Eagle Mines Ltd. (AEM).
The deal closing is expected in the fourth quarter of 2026.
The company will pay $10 million at closing through the issuance of common shares to Agnico Eagle.
The deal also includes up to $30 million in milestone-linked payments and up to $20 million in production milestone payments.
Agnico Eagle will receive a 2% net smelter return interest on certain areas.
Luca has the right to repurchase half of the royalty for $12.5 million.
El Barqueño covers more than 32,000 hectares in Jalisco, Mexico, and has a historical resource estimate of 399,265 ounces of gold equivalent indicated and 650,046 ounces inferred.
In the pre-market trading, Agnico Eagle Mines is 2.09% higher at $199.70 on the New York Stock Exchange.
Luca Mining is currently trading 3.81% higher at CAD 1.0900 on the Toronto Stock Exchange.