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

Our previous interview: https://www.cruxinvestor.com/posts/amex-exploration-tsxvamx-systematically-advancing-perron-towards-production-4535

Recording date: 5th June 2024

Amex Exploration (TSXV:AMX) is an emerging gold explorer and developer with a potential world-class discovery on its hands at the Perron project in Quebec's prolific Abitibi region. With a series of high-grade gold zones, upcoming catalysts, and district-scale exploration upside, Amex offers a compelling opportunity for investors to gain exposure to a new gold story in a Tier-1 jurisdiction.

The Perron project is anchored by the High Grade Zone (HGZ), which has delivered drill intercepts of 4.30 m of 23.81 g/t , 6.55 m of 9.57 g/t and numerous other 10+ g/t gold hits. Critically, this high-grade mineralization shows excellent continuity over a 1km strike length and remains open in all directions. The HGZ is characterised by a sub-vertical geometry that is ideal for low-cost, high-productivity underground bulk mining methods.

To demonstrate the economic potential of Perron, Amex is working towards delivering a maiden mineral resource estimate (MRE) in the near-term, followed by a preliminary economic assessment (PEA). The MRE will provide a first look at the potential size and grade of the deposit, while the PEA will lay out the anticipated mining scenario and project economics.

Importantly, metallurgical testing indicates the gold at Perron is amenable to simple, low-cost processing methods with high recovery rates. Initial testing on the HGZ returned 99% gold recovery using just gravity separation, while testing on the broader mineralized package achieved 95% recovery with a conventional gravity-flotation-cyanidation flowsheet.

While the MRE and PEA represent key milestones, they are still just a snapshot in time for a project with considerable exploration upside. Perron hosts over 20 km of prospective gold-bearing structures, with limited drilling outside of the HGZ area to date. Additionally, the volcanic rocks to the south of the HGZ, which are considered highly prospective for new gold discoveries, remain largely untested.

As Amex continues to advance and de-risk Perron, the project is likely to attract attention as a potential acquisition target. Amex's strategic shareholder, Eldorado Gold (9.9% ownership stake), could be a natural acquirer given their existing presence in the region. With a market cap of ~C$160M, Amex trades at a substantial discount to the potential value of the Perron project based on peer comparisons. 

As upcoming catalysts like the MRE and PEA help to crystallize this value, Amex could be poised for a significant re-rating. The company is well-funded to deliver these milestones with five drills turning to drive further discovery.

In summary, Amex Exploration represents a unique opportunity to gain exposure to a high-grade, district-scale gold discovery in the making at an attractive valuation. With a world-class asset, upcoming catalysts, and significant exploration upside, Amex is well-positioned to emerge as Quebec's next big gold story.

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

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