Amex Exploration files NI 43-101 report for Perron

Executive Summary

• Amex Exploration filed an NI 43‑101 compliant updated PEA for its 100% owned Perron gold project, incorporating the May 21 2025 mineral resource estimate and a new development strategy.
• The staged production plan projects a net initial capital cost of $77.5 M (Phase 1) and $191.6 M (Phase 2), with total life‑of‑mine (LOM) pretax NPV of $1,885 M and after‑tax NPV of $1,085 M at a $2,500/oz gold price.
• The PEA forecasts average annual production of ~102,000 oz Au in Phase 1 and 93,000 oz Au in Phase 2, with an overall LOM production of ~1.66 million oz Au and an after‑tax IRR of 70.1%.

Key Details

• Qualified Persons: Antoine Yassa (PGeo), Jerome Augustin (PGeo, PhD), Stephen Coates (PEng), Alexandre Burelle (PEng), Florent Baril (PEng), Denys Vermette (PGeo).
• Assumptions: Gold price $2,500 USD/oz; CAD/USD exchange rate 1.38.
• Phase 1 – Toll‑Milling Contract:
• Duration: 4 years, 1,000 t/d contract mining.
• Capital cost: $146.1 M gross, offset by $68.6 M pre‑production revenue → net $77.5 M.
• Production: 102,000 oz Au per year; AISC $1,165/oz (U.S.).
• Diluted head grade: 10.07 g/t for 410,000 oz Au.
• Phase 2 – Owner‑Operated Mine:
• Duration: 13 years, 2,000 t/d with on‑site processing.
• Growth capital: $191.6 M.
• Production: 93,000 oz Au per year; AISC $1,027/oz (U.S.).
• Diluted head grade: 4.32 g/t for 1.25 million oz Au.
• Life‑of‑Mine Summary:
• Total LOM: 17.5 years; average annual production ~95,000 oz Au (112,000 oz/yr first 10 years).
• Average diluted grade: 5.07 g/t Au.
• LOM AISC: $1,061/oz (U.S.).
• Sustaining capex: $386.3 M.
• Economic Metrics:
• Pretax NPV (8% discount): $1,885 M; After‑tax NPV: $1,085 M.
• Pretax IRR: 99.1%; After‑tax IRR: 70.1%.
• Cumulative pretax undiscounted free cash flow: $3,010 M; after‑tax: $1,768 M.
• Payback period: 1.1 years (pretax), 1.4 years (after‑tax).
• Strategic Highlights:
• Staged production derisks the project and simplifies permitting.
• Phase 2 construction financed from free cash flow, minimizing shareholder dilution.
• Targeted revenue commencement in 2028.
• Cautionary Note: The PEA is preliminary, includes inferred resources, and is subject to further drilling, permitting, and market risks.

Notable Quotes

(No direct CEO/President quotes were provided in the release.)