Agnico Eagle acquires Ontario phosphate project from Fox River Resources for $68.7 million

Agnico Eagle subsidiary Avenir Minerals has agreed to acquire Fox River Resources in an all-cash transaction valued at approximately CAD 94.3 million (USD 68.7 million), securing full ownership of the Martison Phosphate Project near Hearst, Ontario.

Under the agreement, Fox River shareholders will receive CAD 1.10 (USD 0.80) per share, representing a premium of about 20% to the company’s 30-day volume-weighted average share price as of May 1, 2026, according to the companies’ May 4 announcement. Fox River’s board unanimously recommended the transaction. Directors and officers holding about 23.5% of outstanding shares signed voting support agreements, while Adrian Day Asset Management agreed to support the deal with an additional 14.7% of shares.

The Martison project is based on a positive preliminary economic assessment completed in April 2022. Avenir said the deposit’s scale, grade, and proximity to infrastructure position it as a strategic domestic source of phosphate for both fertilizer production and lithium iron phosphate (LFP) battery cathode materials used in electric vehicles.

Avenir Minerals was established in October 2025 to manage Agnico Eagle’s early-stage critical minerals investments. The company said it has already deployed nearly CAD 80 million (USD 58.3 million) across multiple projects. The Fox River acquisition marks Avenir’s first large-scale platform investment, reflecting a shift toward concentrated development of critical minerals assets.

The transaction is expected to close in the third quarter of 2026, subject to shareholder and regulatory approvals. The deal comes amid growing interest in domestic North American phosphate supply chains as fertilizer and battery manufacturers seek alternatives to imported material sources.