Amex Exploration (TSXV: AMX; US-OTCQX: AMXEF) released encouraging news about its Perron Gold Mine project. On April 13, 2026, the company shared the results of a comprehensive feasibility study for phase 1 development of this property, about 6.5 km northwest of Normétal in Quebec's Abitibi region.
"This feasibility study clearly establishes Perron as a low-cost producer, high-grade gold project with a rapid and capital-efficient path to production," Victor Cantore, the company's president and CEO, said.
Cantore emphasized how the Phase 1 strategy leverages what's already available in the region. "Our approach is built on leveraging existing infrastructure in the Abitibi region via a toll milling approach, enabling a lower-risk, capital-efficient pathway to accelerated production while minimizing shareholder dilution."
He is emphasizing the project's economics, noting that "With average annual gold production of 147,000 ounces at an industry-leading all-in sustaining cost of USD$910 per ounce, Perron delivers very high margins and powerful cash flow generation from the outset."
Amex's phased approach to development begins with phase 1, which focuses on underground mining and toll-milling from the rich Champagne zone. While phase 1 gets up and running, the team will be busy planning phase 2, which will expand operations to include both underground and open pit mining, plus building their own on-site processing facility.
The feasibility numbers
The feasibility study paints a picture of robust profitability. Phase 1 is expected to churn out an average of 147,000 ounces of gold each year, with production costs sitting at a competitive USD $910 per ounce on an all-in sustaining basis.
The financial projections are particularly noteworthy. Using a 5% discount rate, the project shows a pre-tax net present value of $1,976 million and an after-tax NPV of $1,127 million. These calculations assume gold prices of USD $3,500 per ounce and a Canadian-to-US dollar exchange rate of 1.38:1.
Perhaps most impressive are the return rates: a pre-tax internal rate of return of 160.4% and after-tax IRR of 114.6%. With payback periods of just 0.4 and 0.5 years respectively, this project promises to start generating returns remarkably quickly.
Breaking down the technical details
The operation will run as a 1,100 tonnes-per-day contract mining and toll milling setup over five years. The resource base is solid, with total proven and probable reserves of 1.989 million tonnes grading 12.1 g/t —that translates to 774,000 ounces of recoverable gold.
On the financial side, the company estimates they'll need $193.9 million in initial capital, with sustaining capital of $238.2 million throughout the mine's life. There's even some good news on the upfront costs: pre-production activities are expected to generate $68.1 million in revenue, which could help offset those initial capital requirements.
Mining operations and what's needed
The underground setup will use ramp-only access, eventually reaching down to 1,385 metres. The mining approach involves longitudinal longhole-stoping with cemented rockfill across 53 planned levels.
Infrastructure requirements include all the essentials: a security gatehouse, access roads, a 25kV transmission line, water management systems, and facilities for loading the mineralized material. At peak operations, the project will employ 253 people.
Company's processing strategy
Rather than building their own mill right away, Amex is in early talks with several parties about toll milling arrangements in the Abitibi region. They'll transport ore using 30-35 tonne trucks to these processing facilities. The good news is that metallurgical testing shows their material works well with standard Abitibi gold plants, with expected gold recovery rates of 97%.
For those interested in learning more, please visit thge company's website at www.AmexExploration.com.
April 13, 2026
April 13, 2026
April 13, 2026
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