With a short percentage of shares outstanding of 0.97%, Agnico Eagle Mines Limited (NYSE:AEM) is among the 9 Best Silver and Copper Stocks to Buy for the EV Transition.

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On May 26, CIBC raised its price target on Agnico Eagle Mines Limited (NYSE:AEM) to $310 from $304 while maintaining an Outperformer rating on the shares. The firm cited the company’s favorable first-quarter results and additional exploration upside potential as key factors supporting the target increase.

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On May 20, Agnico Eagle Mines Limited (NYSE:AEM) announced that it entered into a subscription agreement with Wallbridge Mining Company Limited to purchase approximately 243.9 million common shares at a price of C$0.092 per share for a total consideration of approximately C$22.4 million. Following completion of the transaction, Agnico Eagle is expected to increase its ownership stake in Wallbridge to nearly 20% on a partially diluted basis. The agreement also provides Agnico Eagle with participation rights in future equity financing and the ability to nominate a representative to Wallbridge’s board of directors, strengthening its strategic position and long-term exposure to exploration and development opportunities.

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Agnico Eagle Mines Limited (NYSE:AEM) was founded in 1957 and is headquartered in Toronto. In addition to producing gold and silver, Agnico Eagle supports the electric vehicle transition through underground mining electrification initiatives, including the use of battery-electric mining equipment and the repurposing of used EV batteries for stationary energy storage applications.

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While we acknowledge the potential of AEM as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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READ NEXT: 7 Best Steel and Metal Stocks to Buy for Energy Infrastructure and 7 Best Electrical Contracting Stocks to Buy for Data Hall Fit-outs.

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