Cadillac targets $258M IPO amid Canada’s listing rebound

Staff Writer | July 20, 2026 | 5:00 am Markets Canada Gold

Cadillac holds claims to property in Ontario where its main Kerr-Addison gold mine is located, as well as Quebec. (Image courtesy of Cadillac Mines.)

Cadillac Mines Corp. aims to raise up to C$363 million ($258 million) in a Toronto Stock Exchange initial public offering (IPO), joining a growing wave of mining companies tapping Canada’s improving equity markets.

The Toronto-based explorer expects to raise about C$190 million in gross proceeds, while existing shareholders seek to sell about C$173 million of stock, according to a preliminary prospectus filed Monday.

The offering comprises 50.2 million shares, including common shares priced at C$6.90 and special flow-through shares at C$9.52. An over-allotment option for another 7.5 million common shares could increase the total proceeds to about C$415 million if exercised in full.

Cadillac owns mineral claims in Ontario, including the Kerr-Addison gold mine, and in Quebec. The shares are expected to trade on the TSX under the symbol CADY.

Agnico Eagle (TSX, NYSE: AEM) agreed to buy 8.7 million shares for about C$60 million in a concurrent private placement, expanding its investment in a company with which it entered a royalty agreement in 2023.

Mining stocks dominate TSXV’s top performers list

Cadillac’s proposed listing adds to a strengthening pipeline of Canadian mining IPOs as investor appetite for precious metals companies improves.

Other issuers preparing to go public include BG Gold Capital II Corp. and Amapa Minerals Holdings Inc., underscoring renewed access to equity financing for the sector after a prolonged slowdown.

Bank of Montreal, National Bank of Canada and Stifel Financial Corp. are leading the offering. Franco-Nevada Corp. (TSX: FNV), whose co-founder Pierre Lassonde chairs Cadillac, also entered into a royalty agreement with the company in 2023.