Cadillac Mines Corp., a Toronto-based mineral exploration company, raised C$385 million (US$273 million) through its IPO on the Toronto Stock Exchange. The offering included shares sold by the company itself and by some of its existing backers who cashed out part of their positions.
The price was set at C$6.90 per common share and C$9.52 per special flow-through share, which comes with tax advantages for Canadian investors. Cadillac sold 18.8 million common shares and 6.3 million flow-through shares, bringing in about C$190 million for its own treasury. The selling shareholders unloaded 28.2 million common shares, collecting roughly C$195 million for themselves.
The selling shareholder portion was increased from an originally planned 25.1 million shares.
By the end of the first day of when-issued trading, shares closed at C$7.00 - a 1.5% bump above the IPO price. This valued the firm at roughly C$2 billion.
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Cadillac is not alone. That same day, Amapa Minerals Holdings Inc. secured C$140 million through its own Toronto IPO. Trading for those shares is slated to commence July 27. Another metals company, BG Gold Capital II Corp., also listed recently.
The numbers tell the story. So far in 2026, total IPO value in Canada has hit $1.81 billion. That figure does not count blank-check companies or other financial vehicles. In the same period in 2025, it was just $9.3 million.
The resurgence in mining IPOs reflects a broader recovery in the sector, driven by rising gold prices and increased exploration spending. For context, the Canadian mining industry has seen a wave of capital inflows as investors seek exposure to precious metals amidst economic uncertainty. Cadillac's Kerr-Addison mine, a historic gold producer, is being redeveloped, and the fresh capital will help fund further exploration and potential production.
The flagship Kerr-Addison mine once produced over 10 million ounces of gold before closing in the 1990s; Cadillac acquired it in 2022 and has since advanced exploration and rehabilitation efforts.
Agnico Eagle Mines Ltd., which already owned a stake in Cadillac, added to its position. Agnico Eagle committed to purchasing 8.7 million shares via a private placement worth roughly C$60 million, lifting its stake from 9.7% to 11%.
There is also a Franco-Nevada connection. Cadillac's chairman is Pierre Lassonde, who co-founded Franco-Nevada Corp. That company entered a royalty agreement with Cadillac back in 2023.
The company owns mineral rights in Ontario, home to its flagship Kerr-Addison gold mine, and also in Quebec.
The underwriting syndicate consisted of BMO, Stifel Financial Corp., and National Bank of Canada. The stock trades conditionally on the Toronto Stock Exchange under ticker CADY.
Additional Context: The strong investor appetite for Cadillac's offering reflects a renewed confidence in the mining sector after years of subdued capital markets activity. Gold prices have been climbing amid global inflationary pressures and geopolitical tensions, prompting both institutional and retail investors to allocate more funds to precious-metal explorers and developers. The involvement of major mining firm Agnico Eagle and industry veteran Pierre Lassonde adds further credibility to the project, signaling that established players see long-term value in the asset.
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