Amex Exploration Inc. (AMX-V) Amex delivers positive updated PEA on Perron Gold Project, Abitibi, Québec.
Amex Exploration (TSXV: AMX | FSE: MX0 | OTCQX: AMXEF) on September 4, 2025, announced the results of an updated PEA (Preliminary Economic Assessment) on its 100%-owned Perron gold project, located near the town of Normétal in the Province of Québec. The PEA was prepared in collaboration with independent engineering and geological firms Evomine (Mining), Bumigeme (Processing), P&E Mining Consultants, Norda Stelo as well as Laurentia Exploration. Recall on November 13, 2024, Amex had announced the results of its initial NI 43-101 compliant PEA (see: https://www.linkedin.com/posts/eric-lemieux-9468715_quebec-abitibi-perron-activity-7262965410180878336-WsbD?utm_source=share&utm_medium=member_desktop) and on May 21, 2025, Amex reported the results of an updated mineral resource estimate on the Perron Project (see: https://www.linkedin.com/pulse/amex-exploration-inc-amx-v-increases-gold-resource-perron-lemieux-tnkge/).
Delivering on a new Perron PEA: The previous PEA defined a 1,750tpd gold underground and open pit operation with a 10-year mine life. The new PEA outlines a staged 2 phase mine scenario and aims to be mainly operated as a mechanized underground operation (longitudinal longhole stoping with cemented rockfill and minimum mining width of 3m) and shall be complemented by open pit production (7 open pits utilizing conventional truck and shovel mining by a contractor in Phase 1 and serves to manage tailings waste during Phase 2). Pre-production and Phase 1 mining activities shall mostly be done by a contractor, while Phase 2 considers a fleet of owner-operated equipment that includes 10 tonne LHDs and 42 tonne haul trucks. The new staged production strategy, leads to a derisking of the project, simplifies the permitting process, accelerates time to revenue (now targeting 2028) and may minimize shareholder dilution, with Phase 2 mine construction planned to be financed from free cash flow.
The Perron Project host a 1.6M oz. M&I resources and is located near the towns of Normétal and Valcanton in the province of Québec in the heart of the Abitibi. The majority of these gold ounces come from Amex's Champagne Zone (previously known as the High-Grade Zone (HGZ)), with important contributions from the Denise Zone, the Gratien Zone, the Grey Cat Zone and the Team Zone. The mineral resources that have flowed to the mine plan are contained within the 5 different zones over a strike length of ~3 km and span from surface to a depth of ~1,400m. Each zone is characterized by multiple ENE tabular panels that dip vertically to sub-vertically. The Perron PEA has been updated to incorporate the latest Mineral Resource Estimate and a new project development strategy. The PEA assumes a gold price of US$2,500/oz and a C$/US$ exchange rate of 1.38:1.
The mine shall have an overall average production rate of 1,000 tpd of mineralized material during Phase 1 and a capacity of 2,000 tpd of mineralized material during Phase 2. Production is preceded by a 21-month pre-production period which should see a bulk sample program of >15,000tpd to be accessed by production portal (5x5).
Good Metrics: The Perron Project is underpinned by top class infrastructure due to proximity to the town of Normétal in the heart of the Abitibi. The Perron PEA demonstrates a top-tier high margin gold mining operation in the stable jurisdiction of Québec and confirm that Perron has the potential to be a stand-alone and highly profitable operation with an excellent internal rate of return (IRR) and after-tax net present value (NPV) at a range of gold prices. The plan of operations minimizes the environmental footprint as it uses mined out initial open pits to store tailings, the 1,750tpd mill is below 2,000tpd EIS permitting threshold and operations shall have access to the Québec grid power as the project is ~5km from the town of Normétal and is accessible via a well-maintained forestry road. A 5 km 120kV transmission line and 120 kV main substation shall be constructed. The PEA suggests that Perron has the potential to be a mine with limited environmental impact, utilizing the mined out open pits to store tailings and therefore avoiding the construction of a tailings management facility.
Phase 1:
4-year 1,000 tpd contract mining, toll-milling operation in the Abitibi region, where numerous processing plants are in operation;
Low initial capital cost estimate of $146.1 M which is partially offset from pre-production revenues of $68.6 M for a net Initial CAPEX of $77.5 M;
Average annual gold production of 102,000 oz Au at an All in Sustaining Cost ("AISC") of US$1,165/oz Au;
Average diluted head grade of 10.07 g/t for 0.41 million oz Au.
Phase 2:
13-year 2,000 tpd owner operated mine with on-site processing facility;
Growth capital of $191.6 M;
Average annual production of 93,000 oz Au at an AISC of US$1,027/oz Au;
Average diluted head grade of 4.32 g/t for 1.25 million oz Au.
Life of Mine ("LOM") of 17.5 years;
Average annual production of 95,000 oz Au, or 1.66 million oz Au over LOM, including an average per year of 112,000 oz for the first 10 years.
LOM Average diluted grade of 5.07 g/t Au;
LOM AISC of US$1,061/oz Au;
LOM Sustaining Capex of $386.3 M;
After-tax NPV of $1,085 M;
After-tax IRR of 70.1%;
Cumulative After-tax Undiscounted Net Free Cash Flow of $1,768 M;
After-tax payback period of 1.4.
Next steps: The PEA draws from only ~1.6Moz total resources and hence presents a potential for optionality. The nearby qualified labor pool is a notable element and the recent acquisition of the Perron West property (see: https://www.linkedin.com/pulse/amex-exploration-inc-amx-v-acquire-strategic-perron-west-eric-lemieux-vzhhc/?trackingId=yb%2BxlBnWQByfmJaVA1A4aA%3D%3D), that increases 4x Amex's land holdings along the Normétal-Burntbush greenstone belt, offers exploration upside and district scale opportunity. Amex's exploration plans are to cover the vast, new area of prospective geology with the insight accumulated (mineralization styles, structures and paragenesis) at Perron through the years. Norda Stelo is continuing work on a detailed 3D lithostructural model on the Perron property which should improve Amex's understanding of a larger scaled regional structural framework. Amex has currently multiple teams conducting surface exploration work (soil sampling and prospecting work) on the 15,192-ha Perron West project. This work is expected to be finished in the coming weeks, with the results to better further define the existing anomalies and further solidify planning for a maiden drill program on Perron West in 2026.
In conclusion, the PEA demonstrates a top-tier high margin gold mining operation with reasonable CAPEX and potential for growth. En passant, Aaron Stone , VP Exploration, did an impeccable summary during September 4, 2025, conference call and audio webcast.
Victor Cantore , President and CEO, Director of Amex Exploration stated: "This PEA is based on our latest Mineral Resource Estimate and reflects our new vision for developing the Perron Project. Our staged approach to production and construction is both fiscally and technically prudent, minimizing permitting and technical risk, reducing upfront capital and enabling early cash flow. The economics of this project are incredibly strong and with gold prices at record highs, quick time to production allows us to capitalize on current market conditions. Our cost structure is one of the lowest globally and reflects the benefits of having a project with high grade, easily mined gold ounces that is surrounded by infrastructure and mining expertise".
Important Disclosures
Amex Exploration Inc.
A The Mining Analyst, in his own account or in a family related account, owns securities in excess of 1,000 shares of the issued and outstanding equity securities of this issuer
V The Mining Analyst has visited material operations of this issuer, namely company headquarters in Montreal, Québec.
R This issuer has indirectly paid the Mining Analyst.
Mining Analyst Certification
I, Éric Lemieux, Mining Analyst, hereby certify that the comments and opinions expressed in this report accurately reflect my personal views about the subject and the issuer.
UPDATE- September 18, 2025:
Amex submits underground bulk sample permit application for Perron Gold Project, Abitibi, Québec.
On September 18, 2025, Amex announced that it has submitted a ministerial authorization request for the execution of an underground bulk sampling program at its 100%-owned Perron Perron Gold Project, located near Normétal in the Abitibi-Témiscamingue region of NW Québec. To meet regulatory requirements under Section 22, paragraph 1 (2 to 5) of Quebec's Environment Quality Act (EQA) for the execution of an underground bulk sampling program, AMEX has retained Norda Stelo, a recognized engineering firm, to conduct the environmental studies and prepare the application package. The bulk sample program shall de-risk the development of the Perron Gold Project, from a geological, technical and financial perspective.
Set to improve geological comprehension and derisk: The underground bulk sample shall be collected at a vertical depth of ~230 meters and shall focus on the Champagne and the Denise zones. The bulk sample aims to enhance the geological comprehension of the ore zones, validate parameters used in the resource estimate, confirm mining concepts and obtain mineralized material for large mineral processing and testing purposes. The application package was submitted to the Ministry of the Environment, the Fight Against Climate Change, Wildlife and Parks (MELCCFP) and to Ministry of Natural Resources and Forests (MRNF).
Subject to approval and receipt of the requisite permits from Québec government agencies, AMEX expects to commence work in Q1 2026 and estimates ~15 months of mine preparation and development shall be required before accessing the mineralized material for bulk sampling. The mineralized material shall then be mined and sent to a processing plant, using haul trucks.
Recall Amex announced on September 4, 2025, the results of an updated PEA (Preliminary Economic Assessment). The Perron Project host a 1.6M oz. M&I mineral resources and is located near the towns of Normétal and Valcanton in the province of Québec in the heart of the Abitibi. The majority of these gold ounces come from Amex's Champagne Zone (previously known as the High-Grade Zone (HGZ)), with important contributions from the Denise Zone, the Gratien Zone, the Grey Cat Zone and the Team Zone. It was estimated that production would be preceded by a 21-month pre-production period encompassing a bulk sample program of >15,000t (up to perhaps 40,000t) to be accessed by production portal (5x5).