Northwire Canada EditionSaturday, July 25, 2026
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Drill Results Routine +

The Reserve Crisis Forcing Gold Majors to Shop for Juniors

Amex Exploration Advances Perron West Drilling as Feasibility Study Valuation Soars

By The Northwire Desk — AI Analysis Apr 16, 2026 · 09:00 AMX · 5.01 Amex Exploration Inc.
Executive Summary
  • Perron West Drill Program Commencement: Amex Exploration has officially started its inaugural 15,000-meter drill program at the Perron West project in Ontario. Two drill rigs have been mobilized to test Target Area A and other high-grade zones.
  • Investor Relations Expansion: The company hired SRC Swiss Resource Capital AG for investor relations services to increase exposure within the German-speaking European financial community, costing 6,000 CHF per month.
  • Land Package Consolidation: The Ontario drilling expands upon a consolidated land package of approximately 570.94 km² across Quebec and Ontario following recent option agreements in March 2026.
  • Contextual Industry News: A broader industry article dated April 16, 2026, highlights Amex alongside other juniors as gold majors seek high-grade assets, noting the regulatory clearance for bulk sampling at Perron (Quebec).
Material Impact
  • Execution vs. Innovation: The news confirms execution of previously announced plans (drilling program outlined in March 2026) rather than introducing new economic data or resource estimates. This is operational progress consistent with the Feasibility Study released three days prior (April 13).
  • Valuation Context: The stock has rallied approximately 450% from April 2025 ($0.90) to current levels (~$5.00). Much of the value implied by the recent Feasibility Study (NPV C$1.13B at $3,500/oz gold) appears already priced in.
  • Insider Sentiment: Eric Sprott sold 14.8M shares at $4.00 per share in December 2025, reducing his stake below the 10% insider threshold. This exit occurred before the recent Feasibility Study release and price surge to $5.00+, suggesting early investors may be taking profits ahead of development risks.
  • Gold Price Assumption Risk: The April 13 Feasibility Study assumes a gold price of US$3,500/oz, significantly higher than the US$2,500/oz used in the September 2025 PEA. This aggressive assumption inflates the NPV and IRR metrics; any deviation in spot prices materially impacts project economics.
  • Capital Requirements: While Phase 1 net CAPEX is estimated at C$77.5M, the company raised only ~C$37M in August 2025. A funding gap remains for development, increasing the risk of future dilution before cash flow generation (targeted 2028).
AMX · Price
Company Overview
  • Flagship Project: Perron Gold Project (Quebec) and Perron West (Ontario).
  • Project Type: Underground high-grade gold mine with a staged development approach (Phase 1 toll-milling, Phase 2 owner-operated).
  • Resource Estimate: Measured & Indicated resources of 1.615 Moz Au @ 6.14 g/t; Inferred 0.698 Moz Au @ 4.31 g/t (May 2025 MRE). Champagne Zone alone contains 831 koz M&I at 16.20 g/t.
  • Development Strategy: Two-phase mine-build to reduce risk. Phase 1 targets 102,000 oz Au/year via toll-milling (AISC ~$1,165/oz). Phase 2 targets 93,000 oz Au/year via on-site processing (AISC ~$1,027/oz).
  • Timeline: Feasibility Study completed Q1 2026. Bulk sampling targeted for H1 2026. First production targeted for 2028.
Read the original news release →

More from Amex Exploration Inc.

Jul 13, 2026 · 07:01

Amex Gold awarded CMAC-Thyssen a contract for Perron bulk sample underground work to maintain near-term development schedules.

Production / Operations Jul 06, 2026 · 08:10

Amex Gold advances its Perron project bulk sample program by engaging a portal contractor and installing a water plant on site.

Production / Operations Jun 18, 2026 · 08:54

Eldorado Gold secures a 27% stake in Perron, cementing control as the project’s funding round concludes.

Financings May 28, 2026 · 20:35

Perron Feasibility Filing Confirms Strong Economics but Insider Selling and High Gold Assumptions Demand Caution

Technical Study May 21, 2026 · 17:35

Amex Exploration Secures Funding for Perron Feasibility Execution Amidst Strategic Investor Interest

Financings May 21, 2026 · 08:57

Amex Secures Execution Capital for Perron Bulk Sample, But Dilution and Gold Price Assumptions Remain Key Risks

Financings