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Amex Exploration – Fully-Funded Pathway Towards Bulk Sample Mining and Production For 2027

The KE Report Jun 30, 2026

Summary

A C$80 million oversubscribed financing, with Eldorado Gold keeping its 27% stake, fully funds Amex's C$50 million bulk sample at Perron.

Toll milling (paying a nearby plant to process ore) of 40,000 tonnes should yield 23,000-28,000 ounces, repaying the bulk sample's capital.

Bulk sample development doubles as Phase 1 infrastructure — the same portal, decline, and ramp — cutting upfront capital for commercial production planned mid-2028.

The feasibility study outlines 147,000 ounces annually at a $910 AISC (All-In Sustaining Cost — what it really costs to produce an ounce).

A 100,000 meter drill program spans Quebec and Ontario while the renamed Amex Gold Mining transitions from explorer to producer.

Key points on Eldorado Gold

  • Eldorado maintained its 27% stake by participating about C$20 million in the C$80 million financing completed June 18, 2026, which Cantore reads as continued confidence in Amex's business plan.
  • Cantore estimates Eldorado has put a little over $100 million into the project in total, including roughly $60 million paid for an earlier stake purchase.

Key points on Amex Exploration

  • The CEO says the C$80 million private placement completed on June 18, 2026 fully funds the ~C$50 million bulk sample and the ~100,000-meter drill program, leaving Amex with a cash buffer and no need to go back to market.
  • First gold is targeted for the second half of 2027 from the permitted 40,000-tonne bulk sample, which Cantore expects to yield 23,000-28,000 ounces and roughly C$125 million of revenue - more than double the capex.
  • Because the bulk sample uses the same portal, decline and ramp as the mine plan, Cantore says about C$30 million (roughly 67% of its cost) counts toward the C$194 million Phase 1 capex, so the project is effectively paid for by the time commercial production starts in mid-2028.
  • The feasibility study outlines about 147,000 ounces a year over five years at roughly $910 all-in sustaining cost, which Cantore says implies close to $500 million a year of pre-tax free cash flow at $3,500 gold.
  • Exploration continues in parallel on a land package expanded from 45.6 to 570 square kilometers in the Abitibi greenstone belt, with a ~100,000-meter 2026 program running three drills in Quebec and two in Ontario and every known zone still open.

Shad Markowitz's takeaways

  • Top takeaway Markowitz argues Amex has entered the second leg of the Lassonde curve - a developer moving toward the pre-production sweet spot - and should start getting a developer valuation metric from the market.
  • He stresses the bulk sample pays for itself: the 23,000-28,000 ounces should return the ~C$50 million capex and more as non-dilutive capital, with the decline and development work coming straight off the Phase 1 capex in the economic study.
  • He frames the completed raise as removing the market's biggest open question - where the capital comes from - setting up steady milestone news flow as the company graduates from explorer to producer.