Metallurgy and Recovery Rates

Victor Cantore, President and CEO of Amex Exploration Inc. (TSXV: AMX) (OTCQX: AMXEF), joins me for an update on all the development work, metallurgical studies, and exploration results that will be feeding into the upcoming bulk sample, and 2-Phase economic studies around their 100% owned high-grade Perron Gold Project located in Quebec, Canada.  Additionally, the Company has made 2 recent acquisitions in Ontario, in addition to staking claims, substantially increasing the size of their land position across this deformation zone of gold mineralization.

We start off getting a sense of the high-grade nature from their updated Resource Estimate, hosting 2.3 million ounces of gold in all categories, with 1.615 million in Measured and Indicated, and 698,000 in Inferred.  The largest portion of those resources come from the Champagne Zone, but with strong contributions from the Grey Cat, Gratien, Western Denise, and Team Zones.  

There have been metallurgical studies demonstrating above 95% recovery rates of the gold from these different zones, with upwards of 99% recovery rates at the Champagne Zone, using gravity separation on the front end and cyanidation on the back end, without the need for a flotation process in the middle.  This keeps the processing very simple and straightforward.  

The workstreams are leading towards updated economics in Q1 of this year, envisioning an initial 4-5 year toll-milling scenario where high-grade ore is trucked to a nearby mill, generating the revenues to pay for the 2nd phase processing plant on their property.  This will all be preceded by a coming bulk sample from the Champagne Zone that will produce enough gold during 2026 and early 2027 to generate ~$100Million at today’s metals prices, and this will fund the move into toll milling from 2028 through 2032.

The most recent Preliminary Economic Assessment (PEA) at US$2,500/oz gold Bas Case assumptions highlighted a Post-tax NPV5% of $1.085Billion, with an Internal Rate of Return (IRR) of 70.1% and 1.4 year payback period. Victor outlined how these economics are far surpassed to the upside when factoring in the metals sensitivities of todays spot gold pricing backdrop. 

We also got into the exploration focus of the company that plans to drill 100,000 meters, from both around the known deposit at Perron, as well as their newly acquired Perron West, Abbotsford, Hepburn, and staked lands in Ontario, Canada. There will be plenty of drill assay news coming out to the marketplace consistently throughout 2026 as the Project resources continue to grow.

We wrap up discussing the financial health of Amex Exploration, after having raised $37Million in the most recent financing, which saw their key strategic shareholder, Eldorado Gold Corp, increase their holdings to a 27% position.  We note the expanding analyst coverage, coming first nations agreements, permitting updates, and other key milestones on tap for 2026.

If you have any questions for Victor regarding Amex Exploration, then please email them into me at Shad@kereport.com, and we’ll get those addressed or covered in future interviews.

In full disclosure, Shad is a shareholder of Amex Exploration at the time of this recording.

Click here to follow the latest news from Amex Exploration

For more market commentary & interview summaries, subscribe to our Substacks:

The KE Report: https://kereport.substack.com/

Shad’s resource market commentary: https://excelsiorprosperity.substack.com/

Investment disclaimer:

This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.