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Radisson Mining’s flagship project is the O’Brien project in the Bousquet-Cadillac camp along the Larder Lake-Cadillac Break in Quebec’s Abitibi, roughly halfway between Rouyn-Noranda and Val-d’Or and also close to Agnico Eagle’s LaRonde complex. I spoke with CEO Matthew Manson the day after Agnico Eagle announced a strategic investment, and most of the conversation was about that financing, the planned underground exploration ramp, and the ongoing 140,000 m drill program.

TL;DR

The headline is Agnico Eagle putting C$57.2 million into Radisson, buying 53,420,000 units at C$1.07 with a half warrant at C$1.39 running five years. That takes Agnico to 10.45% undiluted and up to 14.9% if the warrants are exercised, and it comes with a board seat, top up and participation rights, and a restriction on property level encumbrances such as royalties, streams and secured debt until the end of 2028. CEO Manson was clear that change of control is carved out, so nothing blocks a sale of the company. The money is earmarked for an underground exploration ramp, not a bulk sample, and he expects roughly C$100 million pro forma in treasury. I asked him directly whether that funds a production decision and he said probably not, but it takes them a long way down the path.

What have they done for shareholders lately?

The resource has grown from about 900,000 oz in 2023 to roughly 1.5 Moz last year to about 2.3 Moz today, made up of roughly 600,000 oz indicated and 1.7 Moz inferred, at grades reflecting a former mine that produced around 15 g/t. They are running eight rigs on a 140,000 m program, about 31,000 m done last year and around 70,000 m planned this year with more than half complete. Manson said their hit rate, defined as 3 g/t or better over core length, is running around 80%. Between interviews they also reported the highest grade intercept in project history at roughly 1,600 g/t in the Pontiac sediments, which sits outside the current resource and has no drilling above it or on either side, plus an earlier 1,300 g/t over 2 m hit in December 2024 that they believe is the historic high grade shoot the old timers mined and lost.

How much money do they have and what are they spending it on?

They had C$45 million in the bank at the end of June, fully committed to exploration, engineering, community consultation and environmental baseline work, and the Agnico Eagle placement adds C$57.2 million on closing for roughly C$100 million pro forma. Manson stressed these are hard dollars, no flow through, and that no debt is on the balance sheet with only about 2 million legacy warrants outstanding expiring in October. The Agnico money is specifically for the advanced underground exploration program, a decline and drives through mineralized zones scheduled over about three years, while the existing treasury keeps the 140,000 m surface drill program running uninterrupted. Mineralized material from the development drives will go to a mill and produce gold revenue, which he said helps stretch the budget.

Upcoming catalysts

Technical: heavy drill news flow over the next few weeks and months from the eight rig program, with about 35,000 m of the 140,000 m program falling in the first half of 2027 and step out drilling budgeted through mid 2027; resource updates likely by the end of this year and again around mid 2027; follow up work on the Pontiac high grade zone, though he was upfront that they do not yet understand it.

Operational: design, engineering, reclamation planning and permitting for the ramp through 2026, with ground breaking on the portal hoped for early summer 2027 and roughly an 18 month program targeting completion by end 2028.

Corporate: closing of the Agnico Eagle placement and the resulting board appointment, and conference season starting in September.

Risks

The main technical risk is the deposit itself. O’Brien is a narrow vein system where the vein can be half a metre wide inside a roughly 3 m alteration envelope, so continuity, minimum mining width, dilution, ground conditions and potential seismicity all matter, and Manson said those questions are only answered by getting underground. Permitting is a real gate, since the 2018 underground exploration permit lapsed unused and they need a new one before breaking ground. Funding is another, because on his own philosophy of no bootstrapping and a fully engineered mine plan, more capital will be needed beyond this to reach a production decision, and the project is still only at PEA level with no prefeasibility or feasibility work done. The encumbrance restriction to end 2028 also limits royalty, stream and secured debt financing options in the interim.

Radisson CEO Interview

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