Amex Exploration– Development & Exploration Update - Upcoming Bulk Sample & 2-Phase Economic Studies

The KE Report Jan 8, 2026

Summary

A phased build path — bulk sample, toll milling, then a dedicated plant — lets Perron fund each stage from the prior one's cash.

The PEA at $2,500 gold shows 107.6% post-tax IRR and $1.8B NPV5; spot prices above $3,400 lift the economics further.

Perron's Champagne Zone hosts 831,000 oz at 16.2 g/t — high grade that the guest argues makes toll milling work where lower-grade ore cannot.

Amex plans 100,000 m of drilling in 2026 across Quebec and Ontario after a $37M raise lifted Eldorado Gold's stake to 27%.

Land grew from 45.6 km² to 500 km² via Ontario acquisitions along the same deformation zone as the existing 2.3M oz resource.

Eldorado increased its ownership in Amex from 17% to 27% via a block trade of Eric Sprott's stake, which the guest describes as a neutral transfer and the host calls a strong vote of confidence.
Eldorado acted as the 'backend' on Amex's recent $37.25M financing, accounting for 64% of the raise and supplying all of the $25M flow-through portion that funds the 2026 drill program.
The partnership includes a joint technical committee with two members from each team, and Eldorado originally got involved in February 2024.
Shad frames Eldorado as a senior gold producer whose stake increase signals operational approval — a producer with 'operating minds at the table' is preferred over a passive investor.

The guest outlines a self-financing three-stage path at Perron — a 40,000-ton bulk sample in Champagne Zone producing ~$100M of revenue, then toll milling, then a $191M growth-capex plant — that de-risks the project before full capex is committed.
Perron hosts 2.3M oz total resources (1.6M oz M&I at 6.14 g/t), with the Champagne Zone at 831,000 oz at 16.2 g/t; the prior PEA showed a 107.6% post-tax IRR, 0.4-year payback, and $1.8B NPV5 at $3,400 gold with $146M initial capex.
Metallurgy supports a simplified flow: 75% gravity recovery on composites in Champagne, 95% overall recovery used in the study, with the option to skip flotation and go straight to cyanide.
A roughly 1M oz silver resource was NOT included in the studies; even at 50–60% recovery the guest says it could add $50M, and a 1.5% royalty is the only encumbrance already in the model.
Land position has grown from 45.6 sq km in Quebec to over 500 sq km across Quebec and Ontario (70+ km strike) via the Abbotsford and Hepburn acquisitions plus staking — geologists see a potential mirror image of the Bousquet block — and 100,000+ meters of drilling is planned for 2026.

Top takeaway Eric Sprott's stake in Amex was transferred via a block trade to Eldorado Gold, which the guest describes as a neutral event and the host calls a 'win-win-win' for the company, Sprott, Eldorado, and shareholders.
The guest credits Sprott with providing Amex's initial capital back in 2019 and with multiple follow-on financings that helped build the company.

Top takeaway Markowitz argues the bulk sample acts as non-dilutive capital and a learning exercise that lets the team fine-tune the eventual mill size before building.
Markowitz frames Eldorado's move from 17% to 27% ownership as a strong validation signal, saying investors should prefer a senior producer with operating experience over a passive financial backer.