Agnico Eagle Mines (AEM) agreed to invest $14.8 million in Scout Discoveries for a 14.9% stake and will enter an earn-in agreement covering Scout's Idaho projects once the investment closes.

Scout said Friday that Agnico Eagle may earn up to 70% of the Elk City project by funding $60 million in exploration over eight years. The structure includes $20 million over five years for an initial 51% interest and an additional $40 million over three years to reach 70%.

Agnico Eagle also has an option to enter a similar earn-in at the Muldoon project, where funding $10 million over five years would secure 51%, and an additional $20 million over three years would bring its interest to 70%

Initial exploration programs across the projects total about $9.4 million through 2027, Scout said.

Separately, Electrum Group, Scout's largest shareholder, agreed to invest $10.2 million in a private placement at $1.50 a share to raise its fully diluted stake to 30% from 27%.

Proceeds will be used for exploration at Cuddy Mountain, Speed Goat and additional precious and base metal projects, Scout said.

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