Amex Exploration to Option Newman, Noseworthy and Hepburn Properties in Ontario
Amex transitions from explorer to developer as Perron Phase 1 feasibility nears completion amidst aggressive district-scale land expansion.
The most recent news (March 13, 2026) announces an option agreement to acquire a 100% interest in 216 mining claims (11,600 hectares) in Ontario, specifically the Newman, Noseworthy, and Hepburn properties. This follows a string of operational updates: - Infrastructure: Purchase of a water treatment plant and initiation of an Environmental Impact Assessment (EIA) for Phase 1 (March 12, 2026). - Social License: Signed an exploration agreement with the Apitipi Anicinapek Nation (March 02, 2026). - Drilling: High-grade grade control results at the Champagne Zone (110.05 g/t Au over 2.15 m) to de-risk the upcoming bulk sample (Feb 26, 2026). - Feasibility: Phase 1 Feasibility Study (FS) remains on track for completion by the end of Q1 2026.
The most recent news is Routine - Positive. While it continues the company's aggressive strategy of consolidating the Normetal-Burntbush greenstone belt, it is an incremental land acquisition compared to the massive 500 sq km expansion announced in late 2025.
The more material "Game Changer" events occurred in late 2025 (Updated PEA with 70% after-tax IRR and the entry of Eldorado Gold as a 17% strategic partner). The current news confirms that management is executing the "Dual Path" strategy: 1. De-risking Perron: Moving toward a 2028 production start via a low-CAPEX Phase 1 toll-milling operation. 2. District Expansion: Acquiring vast tracts of land to feed the pipeline for Phase 2 or new standalone discoveries.
Amex Exploration is focused on the Perron Gold Project in Quebec’s Abitibi Greenstone Belt. - Flagship: Perron Project (100% owned). - Resource: 1.615 Moz Au (M&I) at 6.14 g/t and 0.698 Moz Au (Inferred) at 4.31 g/t. - Economics: Updated PEA (Sept 2025) shows an after-tax NPV (5%) of CAD $1.085B and IRR of 70.1% at $2,500 gold. At $3,400 gold, NPV jumps to ~$1.84B with a 107% IRR. - Strategy: Phase 1 (2028) involves 1,000 tpd toll-milling to generate cash for Phase 2 (on-site mill).