AGNICO EAGLE MINES LTD

A price decline runs through Agnico Eagle Mines' entire holder table this quarter: institutions that added real shares still saw reported value fall, because the drop in price outweighed the buying. Steadtrust LLC added 390 shares but lost $3.5 million in reported value. Cardinal Point Capital added 1,735 shares and lost $3.0 million. Even Drummond Knight Asset Management's real $17.7 million share purchase (+80.8%) only translated into a $10.9 million value gain. The clearest example sits at the top: Addenda Capital, the dominant holder, made a genuine $52.1 million real sale (-37.6% shares) — and its reported value fell $91.1 million, nearly double the real outflow. Ninety One UK also cut sharply, down 86.6% for a real $16.0 million outflow, while CIDEL Asset Management and Canoe Financial were among the real buyers.