Amex Gold Mining Inc. TSXV: AMX, OTCQX: AMXEF
Introduction
Amex Gold Mining is a Canadian gold developer advancing the wholly owned Perron Gold Project in Québec. The investment case centres on converting a high grade discovery into an underground operation, supported by regional infrastructure and access to existing processing facilities.
The company has progressed beyond resource definition. Its Phase 1 feasibility study has been completed and the supporting technical report was filed in May 2026. The proposed operation would mine the Champagne Zone and send material to an external mill. This approach reduces the initial infrastructure required at Perron.
The attraction is the combination of grade, potential operating margins and a staged development strategy. The challenge is delivering those economics in practice. Investors still need to see successful bulk sampling, commercial mine approvals, firm processing arrangements and reliable underground execution.
Projects / Location / MRE / Grades
Project 1: Perron Gold Project, Québec (Flagship Development Asset)
Perron lies approximately 110 kilometres north of Rouyn Noranda and 6.5 kilometres from Normétal. The core property covers approximately 65.72 square kilometres. Road access and nearby communities support development, while regional mills provide potential processing options.
The development strategy concentrates initial mining on Champagne. Other zones provide potential feed for a later phase, which could include a mill at Perron. That expansion remains a separate development decision requiring additional technical work and capital.
Perron Mineral Resource Estimate
The company’s May 2025 resource disclosure reports the following:
| Resource category | Tonnes | Gold grade | Contained gold |
| Measured and Indicated | 8,183,000 | 6.14 g/t | 1,615,000 oz |
| Inferred | 5,044,000 | 4.31 g/t | 698,000 oz |
| Combined inventory, arithmetic total | 13,227,000 | Approximately 5.44 g/t | 2,313,000 oz |
The combined row is a calculated inventory summary. It does not upgrade the confidence of the Inferred material.
Champagne contains approximately 831,000 ounces of Measured and Indicated resources at 16.20 g/t, plus 128,000 Inferred ounces at 9.83 g/t. These ounces are already included in Perron’s totals.
Denise, Gratien, Grey Cat and Team also contribute to the resource base.
Perron Mineral Reserves
The May 2026 technical report filing announcement reports approximately 774,500 ounces of Proven and Probable reserves, contained in 1.989 million tonnes grading 12.1 g/t gold.
These reserves support Phase 1. They must not be added to the resource total as extra ounces.
Perron Phase 1 Feasibility Study Economics
| Study metric | Published estimate |
| Gold price assumption | US$3,500/oz |
| Exchange rate | C$1.38 per US$1 |
| Commercial production period | 5 years |
| Preproduction period | 2 years |
| Planned throughput | 1,100 tonnes per day |
| Average annual commercial gold production | Approximately 147,000 oz |
| Total recovered gold, including preproduction | Approximately 751,000 oz |
| Average processing head grade | Approximately 12.0 g/t |
| Processing recovery | 97.5% |
| Initial capital | C$193.9 million |
| Preproduction revenue | C$68.1 million |
| Sustaining capital | C$238.2 million |
| Operating cost | US$675/oz |
| AISC | US$910/oz |
| After tax NPV at 5% | C$1.127 billion |
| After tax IRR | 114.6% |
| After tax payback from commercial production | 0.5 years |
| Cumulative after tax free cash flow | C$1.436 billion |
The detailed production tables report approximately 751,000 recovered ounces. This is the figure used here because an introductory passage in the release contains a different number.
Cost Structure Feel
The projected cost position is attractive. High grade material can generate substantial revenue from relatively modest tonnage, while external processing avoids the initial cost of a dedicated mill.
However, toll milling creates dependence on another operator’s capacity, commercial terms and performance. The final agreement must support the assumptions used in the study.
The simple difference between initial capital and preproduction revenue is C$125.8 million. This is not a verified remaining funding gap. Expenditure timing, working capital, existing development spending and actual sale proceeds all affect funding requirements.
Perron Grade Feel
Perron’s strongest feature is Champagne’s grade. My assessment is that the quality of the initial mining inventory matters more than the headline size of the wider resource.
The practical test is grade reconciliation. The company must demonstrate that mined tonnes, dilution, delivered grades and recovered ounces match the model closely enough to preserve the expected margins.
Bulk Sample and Development Progress
By 21 September 2026, the decline had advanced more than 75 metres underground under the permitted 40,000 tonne bulk sample program. Work also included the mechanical shop, water treatment infrastructure and preparation for the power connection.
The sample is intended to test mining conditions, grade continuity, dilution, recovery and metallurgical performance.
Successful results could strengthen financing confidence. Poor reconciliation would require investors to reassess the development assumptions.
Rosé Zone Optionality
Amex announced the Rosé discovery in September 2026, approximately 165 metres below the ramp development. Reported intersections included 8.02 g/t gold over 4.30 metres and 11.78 g/t over 1.80 metres.
These are reported drill intervals, not assumed mining widths. Rosé remains an exploration discovery without a demonstrated economic contribution to the current mine plan. Its proximity to planned access makes it worth following, but additional drilling and technical assessment are necessary.
Project 2: Perron West and the Wider District (Exploration Upside)
The company’s current property page describes an Ontario package covering approximately 505.22 square kilometres. Combined with Perron, the reported district position totals approximately 570.94 square kilometres, extending across roughly 70 kilometres of prospective strike.
The geological thesis includes testing rhyolite packages that may share characteristics with the rocks hosting Perron’s discoveries.
This is meaningful exploration exposure, but land area alone does not establish economic value. Discoveries must progress through drilling, resource estimation and mine planning.
For this draft, 570.94 square kilometres is used because it appears in the current property description and recent releases. Some earlier materials show a different district total.
Project 3: Lebel sur Quévillon (Additional Québec Optionality)
Amex reports full ownership of four properties covering approximately 40.73 square kilometres: Cameron, Madeleine West, Madeleine East and Pusticamica.
The properties lie in the Abitibi region, approximately 26 kilometres north of Lebel sur Quévillon.
This asset group provides additional exploration exposure. No separate cash flow contribution is assigned in this analysis because a current economic development case was not verified.
Project 4: Eastmain River (Additional Exploration Portfolio)
The wholly owned Eastmain River portfolio comprises North, Center and South properties, covering approximately 171.94 square kilometres in Québec’s James Bay region.
These assets broaden the exploration portfolio, but Perron remains the principal investment driver. Eastmain receives no separate numerical valuation in the base case.
Share Structure / Ownership / Insiders
Capital Structure
| Capital structure metric | Figure and basis |
| Issued shares, company website snapshot | 161,979,574 |
| Options and restricted share units combined | 5,276,000 |
| Warrants, company website snapshot | 600,000 |
| Fully diluted shares used | 167,855,574 |
| Reference share price | C$3.58 |
| Reference quote date | 15 October 2026 |
| Calculated basic market capitalisation | C$579.9 million |
| Calculated fully diluted capitalisation | C$600.9 million |
The website labels the combined 5,276,000 instruments as options. The August 25 MD&A identifies 3,250,000 options and 2,026,000 restricted share units, giving the same combined amount and fully diluted total.
The basic share and warrant counts differ between those snapshots. The calculation therefore uses the website’s issued shares and the fully diluted total supported by both disclosures.
The C$3.58 reference is the company website’s displayed quote dated October 15, rather than a separately verified consolidated exchange closing price. It is used only as a dated comparison point.
Cash and Funding
| Financial metric | Reported amount |
| Cash and cash equivalents, June 30, 2026 | C$75.70 million |
| Current guaranteed investment certificates | C$10.00 million |
| Combined cash and current certificates | C$85.70 million |
| Gross proceeds from the completed 2026 financing | C$79.69 million |
The cash figures are historical balances, not estimates of cash remaining in October. Development and exploration spending after June will have changed the position. Financing proceeds must not be added again to a balance that already includes them.
Ownership / Insiders
| Ownership group | Available indication |
| Eldorado Gold | Approximately 27%, reported by management in September 2026 |
| Management and other insiders | Approximately 6.5%, reported in the same presentation |
| Institutions and other investors | Remaining ownership, exact current split not verified |
| Eric Sprott | No current percentage assigned in this draft |
These percentages are management reported approximations, rather than a reconstructed ownership register. Strategic ownership and management ownership should be described separately.
There is also evidence of financial participation. The second quarter MD&A records approximately C$20.62 million invested by Eldorado and C$1.77 million by the CEO in the financing.
People / Management
| Person | Position | Relevant background and assessment |
| Victor Cantore | President and CEO | Capital markets and corporate finance experience. Important for funding and commercial negotiations. |
| Pierre Carrier | Chief Operating Officer | Geology, corporate development and operational leadership. Relevant to the transition into development. |
| Patrick Musampa | Chief Financial Officer | CPA with mining finance and reporting experience. |
| Aaron Stone | Vice President, Exploration | Experience includes BHP and Éléonore. Relevant to resource growth and geological interpretation. |
| André Shareck | Chairman | Finance experience combined with geology and geochemistry training. |
| Phillip Brumit | Director | Senior operating and project roles involving Lundin, Freeport and Newmont. Adds substantial mining experience. |
| Yvon Gélinas | Director | Accounting, auditing and corporate transaction expertise. |
| Luisa Moreno | Director | Minerals, technical assessment and finance experience. |
| Peter Damouni | Director | Investment banking, financing and corporate transaction experience. |
These backgrounds are drawn from the company’s current management and board page.
Operations Team
Amex’s development model relies on specialist contractors and consultants alongside its internal team. This makes contractor supervision, scheduling, grade control and cost reporting particularly important.
Risks / Catalysts / Timeline
Key Risks
| Key risk | Why it matters |
| Commercial permitting | Bulk sample authorisation does not equal approval for the full commercial mine. |
| Processing arrangements | Final toll milling terms must support the assumed costs, recoveries and capacity. |
| Grade reconciliation | Differences between the geological model and mined material could materially affect margins. |
| Underground development | Ground conditions, water, ventilation and development rates can change costs and timing. |
| Funding and liquidity | Cash receipts may arrive later than expenditure obligations. |
| Shareholder dilution | Additional equity could still be needed if costs rise or schedules slip. |
| Short initial reserve life | Phase 1 supports five commercial years, making later resource conversion important. |
| Expansion execution | Phase 2 would require its own studies, approvals, capital and operating plan. |
| Commodity and currency exposure | Gold prices and the Canadian dollar affect project economics. |
| Exploration uncertainty | New discoveries and regional targets may not become economic resources. |
| Environmental and community engagement | Progress depends on meeting regulatory requirements and maintaining constructive relationships. |
The August 2026 Project Notice initiated the environmental assessment process for the proposed commercial mine. That process is separate from the fully permitted bulk sample.
Catalysts
| Timing | Milestone to monitor |
| Remainder of 2026 | Underground development and infrastructure updates |
| 2026 onward | Further results from Rosé, Perron and Perron West |
| Before processing begins | Definitive milling arrangements and disclosed commercial terms |
| 2027, management objective | Bulk sample extraction, processing and reconciliation results |
| During environmental assessment | Impact assessment submissions, review progress and consultation |
| 2028, study target | Transition toward commercial Phase 1 operations |
| Longer term | Resource conversion, reserve additions and Phase 2 technical studies |
The 2027 bulk sample objective reflects management commentary. The feasibility study targets revenue in 2028. Neither should be presented as a guaranteed completion date.
Expected Timeline to Full Production
| Period | Focus | What it means |
| 2026 | Access and infrastructure | Establish the underground and surface systems needed for bulk sampling. |
| 2027 | Bulk sample and technical validation | Test whether actual mining and processing performance support the model. |
| 2027 to 2028 | Approvals and commercial readiness | Complete the remaining regulatory, processing and funding requirements. |
| 2028 target | Commercial ramp up | Begin demonstrating sustainable production and operating costs. |
| Following ramp up | Operating consistency | Assess delivered grade, recovery, cash generation and reserve replacement. |
| Longer term | Phase 2 evaluation | Determine whether a larger operation can justify additional investment. |
This timeline combines disclosed targets with the practical sequence required to reach production. Commercial ramp up remains conditional.
Valuation
All Projects Valuation Table
Fully diluted denominator: 167,855,574 shares.
Reference share price: C$3.58.
| Gold price | Annualised project FCF | FCF multiple | Core implied value | Optionality added | Total implied value | Value per share | Arithmetic upside |
| US$6,000/oz | C$575.2M | 10x | C$5.752B | C$0 | C$5.752B | C$34.27 | 857.2% |
| US$6,000/oz | C$575.2M | 15x | C$8.628B | C$0 | C$8.628B | C$51.40 | 1,335.8% |
| US$6,000/oz | C$575.2M | 20x | C$11.504B | C$0 | C$11.504B | C$68.54 | 1,814.4% |
| US$7,000/oz | C$690.4M | 10x | C$6.904B | C$0 | C$6.904B | C$41.13 | 1,048.9% |
| US$7,000/oz | C$690.4M | 15x | C$10.356B | C$0 | C$10.356B | C$61.70 | 1,623.3% |
| US$7,000/oz | C$690.4M | 20x | C$13.808B | C$0 | C$13.808B | C$82.26 | 2,197.8% |
Summary & Quick Scorecard
| Category | Points | Overall |
| Company Overview | Stock ticker: TSXV: AMX / OTCQX: AMXEF / FRA: MX0 Main metal: Gold Project phase: Advanced developer, Phase 1 feasibility study completed Projects country: Canada | |
| 1. Management | Previous successful project, discovery, mine build, or company sale: Yes, Perron discovery and relevant senior project experience Exploration to development experience: Yes Big mining company experience: Yes Capital markets track record: Yes | Strong |
| 2. Projects | High grades: Yes, Phase 1 reserves grading 12.1 g/t gold MRE size: Yes, 1,615,000 oz Measured and Indicated, plus 698,000 oz Inferred Optionality: Yes, remaining Perron zones, Rosé, Perron West and additional Québec exploration properties | Strong |
| 3. Cost Structure | Low AISC: Yes, projected US$910/oz in the Phase 1 feasibility study Low capex / Existing infrastructure: Yes, relatively low initial capital of C$193.9 million, supported by regional infrastructure and planned toll milling | Strong |
| 4. Share Structure Discipline | Fully diluted shares: 167,855,574 Fully diluted market cap: C$600,922,955 (using the draft’s C$3.58 reference price) Potential additional dilution: Yes, depending on future funding requirements | Good |
| 5. Insider / Ownership | Insider ownership: Approximately 6.5% Eldorado Gold strategic ownership: Approximately 27% Eric Sprott ownership: Current percentage not verified Combined management insider and strategic ownership: Approximately 33.5% | Strong |
| 6. Location | Country: Canada Tier: Tier 1 jurisdiction (analytical classification) Flagship province: Québec District: Abitibi Greenstone Belt Additional exploration exposure: Ontario and Québec | Strong |
RT Rating, Commentary
Amex Gold Mining is a candidate for our watchlist. Rating 5 out of 5 stars.
Amex has an attractive combination of high grade gold, a completed feasibility study and a practical staged development strategy. My assessment is that the initial project quality gives the company a credible opportunity to become a profitable producer if execution supports the study assumptions.
The most important upcoming evidence is the bulk sample. It can test several issues that matter more than headline drill grades, including mining dilution, reconciliation, recovery and operating conditions.
The main reservations are commercial permitting, definitive milling arrangements, funding timing and the limited duration of the initial reserve plan. These are material conditions, even with strong projected economics.
A higher rating would require clearer evidence that the company can bridge the gap between a compelling study and dependable production. Successful bulk sampling, binding processing terms and progress toward final approvals would strengthen the case.
The large exploration portfolio adds potential, but the investment decision should remain anchored to Perron’s verified development economics and the cost of reaching production.
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