Interview with Victor Cantore, President & CEO of Amex Exploration Inc.

Our previous interview: https://www.cruxinvestor.com/posts/amex-exploration-tsxvamx-undervalued-investment-series-with-victor-cantore-9724

Recording date: 14th April 2026

Amex Exploration has released a feasibility study for its Perron Gold Mine in Quebec's Abitibi greenstone belt, delivering some of the most compelling economics in the junior mining sector. At a base case gold price of $3,500 per ounce, the project generates a post-tax net present value of $1.1 billion, rising to $1.7 billion at current spot prices near $4,750. The internal rate of return stands at 114%, with a post-tax payback period of just 0.5 years — meaning initial capital is recovered within months of first production.

The project targets 774,000 ounces over five years from a 2.3 million ounce resource, mining at a high diluted grade of 12.1 grams per tonne — an improvement over the 10 g/t estimated in earlier assessments. Annual production is expected to average 147,000 ounces at all-in sustaining costs of $910 per ounce, generating $2.492 billion in pre-tax cash flow over the initial five-year period, or $3.7 billion at spot gold prices.

A key feature of the project is its phased development strategy. Rather than constructing the full operation at once, Amex will begin with a $50 million bulk sample in mid-2027, which is expected to produce at least 23,000 ounces and generate approximately $68 million in pre-production revenue. This self-funding mechanism significantly reduces the need for equity financing. Phase one production is targeted for 2028 — three to four years ahead of a conventional development timeline.

Initial capital expenditure of $193.9 million is kept lean through contract mining and toll milling arrangements, eliminating the need to build processing facilities or tailings infrastructure. This also simplifies permitting, as the early phases require only underground mining approvals. The bulk sample permit was secured within the expected six-month window, and community and First Nations support is well established.

The property spans over 600 square kilometres in the historically prolific Abitibi greenstone belt, yet all current resources sit within just 6 square kilometres — leaving considerable room for future exploration and resource expansion beyond the initial mine plan.

View Amex Exploration's company profile: https://www.cruxinvestor.com/companies/amex-exploration

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