Amex Exploration: Highly Economic Gold Project in Ontario, Canada, with a 2 Stage Production Plan

Key Concepts

• MX Exploration: A Canadian exploration and development company focused on gold projects.
• Peron Project: MX Exploration’s flagship project located in the Abitibi Greenstone Belt, Quebec, Canada.
• Abitibi Greenstone Belt: A highly prolific gold-producing region in Canada and Quebec.
• Champagne Zone: A high-grade gold deposit within the Peron Project.
• Preliminary Economic Assessment (PA): A study outlining the economic viability of a mining project.
• Net Present Value (NPV): A metric used to evaluate the profitability of an investment, considering the time value of money.
• Internal Rate of Return (IRR): A metric used to evaluate the profitability of an investment, representing the discount rate at which the NPV is zero.
• Capex: Capital Expenditure – the funds used by a company to acquire, upgrade, and maintain physical assets.
• Bulk Sample: A large sample of ore extracted for metallurgical testing and potential early revenue generation.
• Greenstone Belt: A geological feature characterized by volcanic and sedimentary rocks, often associated with significant mineral deposits.
• First Nations: Indigenous peoples of Canada.

Interview Summary: MX Exploration – Peron Project Update

This interview with Victor Canour, CEO of MX Exploration, focuses on the company’s progress at the Peron Project in Quebec, Canada, and its outlook for 2026. The discussion covers exploration results, economic assessments, potential for acquisition, and future development plans.

Future Minerals Forum & Investor Interest

The interview begins with Victor Canour describing his experience at the Future Minerals Forum in Riyadh, Saudi Arabia. He highlights the significant investor interest in gold and the impressive organization of the event. MX Exploration benefited from substantial registration numbers – exceeding 25,000 – indicating strong market enthusiasm. He notes the company is actively seeking investors to advance its projects.

Peron Project Overview & Resource Estimate

Canour provides a concise overview of MX Exploration and its flagship Peron Project. To date, the company has completed over 500,000 meters of drilling, resulting in a resource estimate of 2.3 million ounces of gold at an average grade of 5.4 grams per ton (g/t). A key highlight is the “Champagne Zone,” containing 831,000 ounces of measured and indicated resources at a remarkably high grade of 16.2 g/t. Land holdings have expanded significantly from 45.6 km² to over 500 km² within the Abitibi Greenstone Belt, with over 70 kilometers along the primary trend. The recently completed Preliminary Economic Assessment (PA) includes positive metallurgical results.

Development Pathway & Production Targets

MX Exploration is pursuing a dual path of continued exploration and project development. The company plans to proceed with a bulk sample followed by full-scale production. The PA suggests potential production exceeding 100,000 ounces of gold per year for the first ten years. The project boasts low capital expenditure (Capex), high grades, proximity to infrastructure (electricity, water, and supportive towns), and exceptional metallurgy. Metallurgical testing indicates gold recovery rates of 95% in the study, with lab results consistently exceeding 99% due to the presence of “free gold in quartz.”

Share Price & Analyst Coverage

Since the last interview five weeks prior, MX Exploration’s share price has increased by 20-25%, attributed to growing interest from investment houses. Analyst Miles Dunlop describes the Peron Project as “in its own league,” citing high margins and grades compared to competitor projects. Currently, Canacort, National Bank, Haywood, and Ventm cover MX Exploration.

Economic Analysis & Sensitivity to Gold Price

The PA, based on a gold price of $3,400 per ounce (at the time of release, now significantly higher at $4,600), demonstrates strong economic viability. Key metrics include:

• Post-tax NPV: $1.8 billion (at $3,400/oz) increasing to $2.3 billion (at $4,000/oz)
• Post-tax IRR: 107% (at $3,400/oz) increasing to 130% (at $4,000/oz)
• Payback Period: 0.4 years (at $3,400/oz) decreasing to 0.2 years (at $4,000/oz)
• NPV/Capex Ratio: 13x (at $3,400/oz) – significantly higher than the typical 2-3x considered good.

Canour emphasizes that even at a lower gold price of $2,000 per ounce, the project remains profitable with a post-tax NPV of $659 million, an IRR of 47%, and a payback period of two years.

Acquisition Potential & M&A Activity

Canour acknowledges the possibility of an acquisition or buyout, citing recent M&A activity in the industry, including Fresnel’s acquisition of Probe Gold, Eldorado’s acquisition of QMX, and Tox’s acquisition of Prime Mining. He notes his previous experience with Northern Superior being acquired by IAM Gold. However, he stresses the importance of actively developing the project to maximize its value, regardless of potential acquisition interest.

Financing & Bulk Sample

MX Exploration has secured financing, including a recent raise of $37-40 million, with Eldorado Gold contributing 64% and increasing its ownership to 27%. The company is awaiting a bulk sample permit from the Quebec government, aiming to process over 40,000 tons, potentially yielding over 20,000 ounces of gold, generating significant revenue to offset initial Capex. Pre-production revenue and the bulk sample are expected to reduce the required initial investment from $146 million.

Exploration Potential & Ontario Expansion

MX Exploration controls a substantial 500 km² land package within the Abitibi Greenstone Belt, with 70 km along the deformation zone. The company is actively pursuing exploration agreements with First Nations communities in Ontario, anticipating drilling to commence shortly. The Ontario side is believed to mirror the Quebec side and potentially offer even greater exploration potential.

2026 Outlook & Future Plans

Looking ahead to 2026, MX Exploration anticipates a steady stream of news, including drill results from ongoing exploration, progress on the bulk sample permit, and the commencement of construction. The company will continue to evaluate opportunities to acquire additional land. Canour highlights the project’s favorable characteristics – high grades, proximity to infrastructure, and robust economics – positioning it as a standout opportunity in the gold mining sector.

Conclusion

MX Exploration’s Peron Project presents a compelling investment opportunity due to its high-grade gold resources, favorable economics, and strategic location. The company’s dual focus on exploration and development, coupled with strong financial backing and a proactive approach to permitting, positions it for significant growth in 2026 and beyond. The project’s resilience to fluctuations in gold prices further enhances its attractiveness.