Amex Exploration Inc. (AMXEF) CEO Victor Cantore on Feasibility, Gold Expansion and Production Path in Quebec - Ellis Martin Report

Executive Summary

• Amex Exploration’s 100%-owned Perron Gold Project is advancing toward production, with Phase 1 feasibility (toll‑milling) slated for completion in H1 2026.
• The project forecasts a pre‑tax NPV of ~CA$5 billion at $3,400/oz gold and an IRR of 107%, with CapEx now estimated at CA$77 million (down from CA$146 million).
• Production is projected at 102,000 oz/year initially, rising to an average of 112,000 oz/year over the first ten years, delivering a payback period of only ~0.4 years after tax.

Key Details

• Feasibility Study: Phase 1 (toll‑milling) on track for H1 2026 completion.
• Production Metrics: Expected 102,000 oz Au per year; first 10 years average 112,000 oz Au at $1,165/oz AISC.
• Capital Expenditure: Updated pre‑production CapEx estimate reduced to CA$77 million (previously CA$146 million).
• Economic Highlights:
• Pre‑tax NPV (gold price $3,400/oz) ≈ CA$5 billion.
• IRR = 107% at $3,400/oz gold.
• Payback period = 0.4 years after tax (~5 months).
• At a lower gold price ($2,000/oz), payback remains ~2 years.
• Infrastructure Advantage: Project site is only 5 km from the nearest town, providing easy access to workforce, power, and water while minimizing environmental disturbance.
• Land Position: Controls ~200 km² of land, including 35 km of strike length within the Abitibi Greenstone Belt.
• Exploration Funding: Over 100,000 m of drilling funded through 2026 via recent flow‑through financing.
• Market Momentum: Share price nearly doubled in Q3 2025; market cap ~CA$400 million versus an estimated NPV of ~CA$1.9 billion, indicating significant upside potential.

Notable Quotes

“We're on schedule, funded, and executing. The project economics, jurisdiction, and infrastructure make this one of the best‑positioned gold stories in Canada right now.” – Victor Cantore, President & CEO, Amex Exploration Inc.