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John Florek of Emperor Metals Inc. talks to Jeff Clark | Metals Investor Forum Sept. 2026

Metals Investor Forum Sep 26, 2026 11:30

Summary

Guest John Florek says AI grade-control models he built at Detour Lake moved 20% more gold to the mill, worth about $150 million a year.

The same AI approach rebuilt Duquesne West's long-missing geological model in months, and management now targets tier-one scale (5 million ounces-plus).

Quebec's under-capacity mills let the company skip building its own, saving $500 million to $1 billion and avoiding the debt that sank earlier juniors.

Fresh drilling (66 holes, 20,000 metres) returned hits like 15 metres of 61 grams per tonne, and management sees open-pit grades near 2 grams.

Lac Pelletier, delayed to end-2028 by a Quebec engineers' strike, targets 40,000 ounces a year, with a PEA (early mine-economics study) due for Duquesne West.

Key points on Agnico Eagle Mines

  • Florek says Agnico Eagle took over all of Kirkland Lake because it saw what a generational mine Detour Lake would become.
  • He argues the AI-driven recovery gains explain why Agnico Eagle loves that deposit, a value that rises with the gold price.

Key points on Eldorado Gold

  • Florek says Emperor is transferring the Duquesne West closure-plan liability from Eldorado Gold to Emperor, a file delayed several months by a Quebec government engineers' strike that pushed the timeline back a quarter or two.

Jeff Clark's takeaways

  • Top takeaway Clark discloses he owns Emperor Metals stock, is overweight the position, and calls himself a fan.
  • He says what originally attracted him to Florek was the use of AI in mining before it was widespread.

John Florek's takeaways

  • Top takeaway Florek argues Duquesne West has tier-one potential of 3 to 5 million ounces and that district deposits run better at depth, citing neighboring mines down 3,000 meters and richer grades below 1,000 meters.
  • He claims his AI grade-control models at Detour Lake lifted gold through the mill by 20% and a further 6% after refinement, worth about $150 million a year at the then-$1,100 gold price.
  • He argues AI modeling let him build a sophisticated mineralized and geological model for Duquesne West within a month or two, work he says would take a major company years.
  • He is targeting roughly 2 g/t in the open pit and 4-5 g/t underground at Duquesne West, using structural geology to intersect plunge lines and build ounces, with a PEA planned after the next drill round.
  • His strategy is to avoid building a mill by using underutilized area mills, saving an estimated half a billion to a billion dollars, with the second project's production intended to make the company non-dilutive.