Northwire Canada EditionFriday, November 6, 2026
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Production / Operations Routine +

Update on Globex's Mont Sorcier Iron Royalty Asset

By The Northwire Desk — AI Analysis Jun 02, 2026 · 09:00 GMX · 1.995 Globex Mining Enterprises Inc.
GMX · Price

Executive Summary

  • Globex Mining Enterprises provides a material operational update on its Mont Sorcier iron deposit in Quebec, retaining a 1% Gross Metal Royalty on iron production.
  • The Bankable Feasibility Study (BFS) is expected to be completed by the end of Q2 2026, with the Environmental and Social Impact Assessment submission targeted for early Q1 2027.
  • Permitting is now projected for year-end 2028, with construction anticipated to commence around the end of Q1 2029, scaling to an 8 Mtpa high-grade iron concentrate operation delivered in two phases.

Key Details

  • Royalty Interest: Globex retains a 1% Gross Metal Royalty on iron production from the Mont Sorcier property.
  • Feasibility Study Timeline: BFS results expected by the end of Q2 2026.
  • Environmental & Permitting Schedule: Environmental and Social Impact Assessment submission targeted for early Q1 2027; permitting expected no earlier than year-end 2028.
  • Construction & Development Schedule: Construction anticipated to commence around the end of Q1 2029 (accounting for winter season constraints).
  • Project Throughput & Phasing: Designed as an 8 Mtpa concentrate operation (increased from 5 Mtpa in the 2022 PEA). Development will occur in two phases: Phase 1 produces 4 Mtpa, with a second 4 Mtpa expansion targeted approximately three years after start-up.
  • Product Specifications: High-grade 67% iron concentrate with low silica and alumina, optimized for Direct Reduction Iron (DRI) and pellet feed markets.
  • Market Context: Strong demand and expected premium pricing for high-grade iron concentrates suitable for the Green Steel transition.
  • Previous Valuation Reference: 2022 NI 43-101 Preliminary Economic Assessment (PEA) reported a project NPV8% of US$1.6 Billion based on 65% iron concentrates.
  • Regulatory Environment: Policymakers have expressed a desire to accelerate permitting, but no clear timeline for how this will impact Mont Sorcier is currently available.
  • Qualified Person: Jack Stoch, P.Geo., Executive Chairman and CEO, prepared the technical disclosure under NI 43-101.
Read the original news release →

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