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RPX Gold ($RPX | $RDEXF): A Staged Strategy Toward Gold Production in Ontario

Investor TV Jun 30, 2026

Summary

RPX Gold's staged plan mines small starter pits and hauls ore to area toll mills (third-party processing plants), funding growth without heavy shareholder dilution.

Startup capex sits under $50 million, with roughly $75 million in targeted annual free cash flow to fund drilling and the eventual underground decision.

The consolidated property holds a 1.7-million-ounce resource drilled only to about 300 meters along a seven-kilometer gold structure.

No on-site mill or tailings means no Environmental Assessment (EA) is required, with management hoping for permits in place by summer 2027.

Both analysts frame the June metals break as a normal bull-market correction in which silver falls harder than gold, creating buying windows in juniors.

Key points on Alamos Gold

  • The RPX CEO says Alamos' mill is the closest tolling option for RPX ore at about 40 km from site (versus Hemlo at 140 km), with formal discussions with area mills now underway.
  • He cites Alamos' nearby Island Gold mine - spectacular, running over 40 years, and expanded via the Argonaut purchase that added the Magino mill - as evidence of the district's large gold systems.

Key points on Discovery Silver Corp

  • Cited as the precedent for RPX's haulage model: Discovery Silver's nearby Borden Lake mine ships about 3,000 tonnes per day roughly 300 km to Timmins for processing, while RPX would truck about 2,000 tonnes per day to a much closer mill.

Key points on Wesdome Gold Mines Ltd

  • Michaud notes Wesdome's Eagle River mine next door mines to about 1,500 vertical metres, showing how much deeper the district runs than RPX's 1.7-million-ounce resource, drilled only to roughly 300 m.
  • He cites his time as a Wesdome senior VP - where he says the stock went from just under $2 toward $25 and he helped start the Kiena mine - as precedent for the value he aims to add at RPX.

Key points on Mayfair Gold

  • Michaud counts Mayfair's CEO among RPX's directors, part of a board he says is determined to build value rather than sell; the hosts note that gives RPX 'two CEOs on their board.'

Key points on Blackrock Silver

  • Don Durrett puts it on his 10-stock dip-buy list: he is underweight and, with silver down from $61, would rather buy lower around $58.
  • Cited by the hosts as an extreme junior pullback - from a $1.73 US peak to $0.63 at the taping.

Don Durrett's takeaways

  • Top takeaway Calls the support break a normal bull-market correction, not the end: citing past 40-60% drawdowns and gold near $4,000 with silver down about 57% from its peak at the late-June 2026 taping, he sees $48-55 silver and $3,500-3,800 gold as the downside zone into end-2026 and expects $3,800 to hold as gold's low for the year.
  • His macro thesis - unpayable US debt pushing the bond market toward fragility and some kind of reset - underpins targets of $200 silver and $7,000-8,000 gold, and he says 2026 is for accumulating shares, not selling.
  • Over the next 12 months he expects a new gold all-time high around $5,600 and heavy M&A led by Canada's roughly 15 quality development projects, with mid-tiers as the buyers.
  • On RPX Gold: if permits come, construction in 2028-29 would make it a growing ~50,000-ounce-per-year Canadian producer at a ~$40 million market cap versus $75 million of claimed starter-pit free cash flow - 'it looks pretty juicy to me,' though he does not own it and likes the board, including Rachel Goldman.
  • Tactics: keep dry powder and buy dips in stages (silver at 58, 55, then 50; a 10-stock dip list for early July including Blackrock Silver), stay a diversifier rather than press bets; the miners' index he tracks is down about 35% from 975 to the low 600s and his adding is done once it reaches 1,000.

Michael Michaud's takeaways

  • Top takeaway Presents staged toll milling as the core plan: small pits and third-party mills generating about $75 million a year of free cash flow for 3-4 years fund exploration and a deliberate later choice among an underground mine, a large open pit or RPX's own mill, while minimizing shareholder dilution; the PFS is fully funded and 'we just need to execute.'
  • Argues the 1.7-million-ounce resource is only a start: drilled to about 300 m on 2 of more than 7 km of strike, in a district where neighbors such as Eagle River (mining at 1,500 m), Hemlo and Island Gold have mined for decades, and he says the starter-pit cash flow will show how big the deposit can be.
  • Draws on deep district experience - in the area since 1987, a former Wesdome senior VP where the stock re-rated from about $2 toward $25, and at St. Andrew Goldfields when it was sold to Kirkland Lake Gold for $500 million - as evidence he can repeat that value creation at RPX.
  • Contends the market misprices the story: RPX trades around 10% of its PEA value versus 30-40% for peers, and he expects the gap to close as the toll-mill contract, PFS, drilling and permitting de-risk the project on time and on budget.
  • Says the board has chased away takeover approaches and wants far more value before any sale, and that the no-mill, no-tailings design plus contracting opportunities for First Nations businesses has made the project unusually welcome in a community with over a century of mining.