Pascal Hamelin President and CEO ABCOURT MINES
What highlights from 2024 would you like to share?
Abcourt Mines advanced the Sleeping Giant project significantly in 2024, following its drilling campaign launched in late 2023. The company completed a bulk sample at Pershing Manitou in spring 2024, stocked inventory at its mill, and moved into internal pre-feasibility work to support financing discussions. We also made a major discovery at our Flordin property.
In the first half of 2025, Abcourt reached an agreement with Nebari, a lender from the US, for an US$8 million, three-year loan towards funding for Sleeping Giant’s restart. Combined with existing funds, Abcourt is financed toward our production startup. What are the final steps towards production restart at Sleeping Giant?
Gold production at Sleeping Giant will commence by late summer 2025. Initial gold sales are expected shortly thereafter in early fall. The company's near-term focus remains firmly on starting and ramping up production, and achieving positive cash flow. Drilling will continue in parallel, but increasing output is the top operational priority as the mine moves toward steady-state performance. What are the mine’s forecast production figures?
In the first 12 months, the output is forecast at 14,000 oz, rising to 20,000–23,000 oz in year two, and stabilizing at 30,000 oz/y. What more can you tell us about Abcourt’s discovery at its Flordin property?
In early 2024, Abcourt’s exploration strategy focused on unlocking value from its extensive portfolio of nearly 15 projects in the Abitibi mining camp. By July 2024, the team had exposed a high-grade surface vein – 22 g/t over 7 meters – later expanded to a 200-meter-long outcrop averaging 6.5 g/t gold. This is Cartwright East. Follow-up drilling confirmed mineralization below the outcrop and extended the zone 2,000 m west. The discovery sparked regional interest, with nearby claims acquired by O3 (now Agnico Eagle). While Sleeping Giant remains our core focus, this new zone supports Abcourt’s ambition to become a multi-asset producer.
Victor Cantore President and CEO AMEX EXPLORATION
What has been AMEX Exploration’s work at the Perron project to date?
Over US$125 million has been invested, with an updated resource estimate published in mid-2025, and a new PEA on its way. The aim for the project is to become a near-term gold producer through a staged approach that mitigates financial and technical risks. This includes completing a feasibility study, conducting a bulk sample, initiating toll milling, and progressing to full-scale mining. Could you expand on the details included in the May 2025 MRE?
This MRE is the fruit of our investment in the project up to now. It totals 2.3 million oz at 5.44 g/t across the property, with a growth of measured and indicated resources to 1.615 million oz at 6.14 g/t. The standout is the Champagne Zone, now hosting 831,000 oz at an exceptional 16.2 g/t.
Perron will also benefit from a low AISC supported by excellent metallurgy (98–99% recoveries), proximity to infrastructure in Normétal and La Sarre, and a local workforce that removes the need for fly-in-fly-out operations. The operation is primarily underground, complemented by four small open pits mined early and repurposed as backfill for tailings and underground waste, eliminating the need for a traditional tailings facility and enhancing environmental sustainability. What are your key milestones for the rest of 2025 and into 2026?
Our next steps are to publish the updated PEA, submit the bulk sample permit application aiming for approval by the end of 2025, begin bulk sample infrastructure construction in 2026, and start bulk sample production in early 2027, with full commercial production to follow soon after. These milestones mark our transition from explorer to producer, focusing on responsible, efficient, high-margin gold production while delivering shareholder value through disciplined exploration, targeted expansion, and strong local engagement.