Interview with Victor Cantore, President & CEO of Amex Gold Mining
Our previous interview: https://www.cruxinvestor.com/posts/amex-exploration-tsxvamx-quebec-gold-project-posts-standout-feasibility-results-9879
Recording date: 24th Sept 2026
Amex Gold Mining (TSXV:AMX) is pursuing an unusual development model at its Perron Gold Project, located about 8 kilometres from Normétal in Quebec's Abitibi region. Instead of waiting for full Phase 1 permitting and a traditional construction financing, the company has begun a fully permitted 40,000-tonne bulk sample and is building it to the specification of the eventual mine.
Underground, the ramp has passed roughly 100 metres and is advancing at around 5-6 metres per day. It will run approximately 1.5 kilometres to the 235-metre level, providing access to the high-grade Champagne Zone. Contractor CMAC is carrying out the work, and Amex has been hiring experienced miners.
On surface, CEO Victor Cantore estimates the bulk sample will cost about C$60 million, with around C$40 million going into infrastructure that Phase 1 will reuse. That includes a C$7.7 million grid connection supplying hydro power at 5.5 cents per kilowatt hour, expected by January, and a water treatment plant already sized for Phase 1.
The Phase 1 FS supports the case. It outlines 774,000 ounces of proven and probable reserves at 12.10 g/T, and a five-year operation averaging 147,000 ounces per year at US$910/oz AISC. At a US$3,500/oz base case, the FS shows a post-tax NPV5 of C$1.127 billion, a 114.6% IRR and a 0.5-year payback. Initial capital of C$193.9 million falls to C$125.8 million net after C$68.1 million of pre-production revenue.
Cantore's own scenario goes further. Assuming 25,000 ounces from the bulk sample at US$4,000 gold, he estimates roughly C$135 million of revenue. Combined with the infrastructure overlap and pre-production revenue, he believes Phase 1 capital could be covered before commercial production is declared. If a gap remained, he would prefer a forward sale of about 10,000 ounces over new equity. This is a management scenario, not an FS outcome, and it depends on grade reconciliation, gold prices and execution.
Two dependencies stand out. First, processing is covered by an LOI with Eldorado Gold, the company's 27% shareholder, but no definitive agreement has been signed. Several other mills in the region need feed, which provides a fallback. Second, the Phase 1 permit is targeted for Q3 or Q4 2027, ahead of the FS assumption of mid-2028. The Project Notice has been filed.
Valuation offers context. Amex had a market capitalisation of about C$715 million in late August 2026, around 0.63 times its Phase 1 post-tax NPV. Cantore argues the stock should trade at a multiple of annual free cash flow once production is in view.
Exploration remains the second engine. About C$24 million is allocated for 2027, with six drills active across a 570 square kilometre package spanning Quebec and Ontario. Targets include the new Rosé Zone, VMS-to-gold vectoring in Ontario and depth extensions at Champagne, which has returned high-grade intercepts at 1.6 kilometres. A Phase 2 concept envisages a 2,000 tonne-per-day on-site mill around 2033.
View Amex Mining's company profile: https://www.cruxinvestor.com/companies/amex-exploration
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