Amex Gold Mining Completes Portal Construction and Commences Underground Ramp Development at Perron
Amex completed portal construction and blasted the first ramp round at its project, with bulk sampling scheduled next.
Amex Exploration Inc. (AMX) announced on September 2, 2026, the completion of the Perron portal and the successful execution of the first underground development blast. Underground mining contractor CMAC-Thyssen has commenced ramp construction toward a vertical depth of approximately 235 metres to access the high-grade Champagne Zone. This infrastructure work supports the company’s planned 40,000-tonne bulk sample program.
The objectives of the bulk sample remain unchanged, focusing on evaluating mining conditions, grade continuity, dilution, reconciliation, and metallurgical performance. The portal and ramp are being constructed to production-scale specifications intended for both the bulk sample and future mine development. Management stated that the ramp advance is on schedule. The release contained no new resource, reserve, financial, permitting, assay, or feasibility-study data.
Amex Exploration Inc. (AMX) released an update on the operational progress of its Perron Gold Mine project, marking an expected follow-up to earlier 2026 disclosures. The company outlined key milestones, including the start of portal construction and the appointment of CMAC-Thyssen on July 6, 2026, and July 13, 2026, respectively. Portal blasting was completed on August 5, 2026, followed by the filing of the Project Notice for the Perron Gold Mine on August 13, 2026.
The announcement confirms execution progress but does not introduce genuinely new, market-moving information. It does not change the Phase 1 Feasibility Study metrics, which remain at 1.989 Mt at 12.1 g/t Au reserves, ~147,000 oz/year, US$910/oz AISC, after-tax NPV5 of C$1.127B, and after-tax IRR of 114.6%. The update is not a first-time strategic investment, M&A event, financing change, or reserve update.
The market appears to have already priced in the general advancement of the bulk sample program. The last available close before the release was C$4.17 on September 1, 2026, down from C$4.38 on August 31, 2026. The operational derisking is positive, but the materially important data will come later from actual bulk sample extraction and reconciliation.
Amex Exploration Inc. (TSXV: AMX, OTCQX: AMXEF, FSE: MX0) owns the Perron Gold Project, its flagship asset located in Valcanton, northern Quebec, approximately 110 km north of Rouyn-Noranda. The project comprises 183 contiguous claims covering 65.72 km². When including the Perron West, Abbotsford, and Hepburn properties in Ontario, the consolidated land package totals 570.94 km².
A mineral resource estimate from May 2025 reports Measured and Indicated resources of 1.615 moz Au at 6.14 g/t Au, and Inferred resources of 698 koz Au at 4.31 g/t Au.
An April 2026 Phase 1 Feasibility Study outlines the following parameters:
- Proven and Probable reserves of 1.989 Mt at 12.1 g/t Au, containing approximately 774,500 oz Au.
- Average production of approximately 147,000 oz Au/year over five years.
- All-in sustaining costs (AISC) of US$910/oz Au.
- Initial capital cost of C$193.9M, offset by C$68.1M in pre-production revenue.
- After-tax NPV5 of C$1.13B, after-tax IRR of 114.6%, and after-tax payback of approximately 0.5 years.
- Gold price assumption of US$3,500/oz and a CAD/USD exchange rate of 1.38.
The development strategy involves 1,100 t/d underground contract mining with toll milling at an existing regional mill.