# RETRANSMISSION: Amex Delivers a Positive Feasibility Study for Development of the Perron Gold Mine Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/retransmission-amex-delivers-a-positive-feasibility-study-for-development-of-the--38801047-3170-4165-8725-c2f5688ec646 Original source: https://money.tmx.com/en/quote/AMX/news/8301722441114657/retransmission-amex-delivers-a-positive-feasibility-study-for-development-of-the Publisher: tmx Original announcement: 2026-04-13T10:30:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Amex Exploration Inc. - Ticker: AMX - Exchange: TSX - Region: Abitibi region of Québec - Primary commodity: Gold - Secondary commodities: None reported - Document categories: Resource update, Production, Metallurgy - Extracted: 2026-08-22 22:38:38 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas summary Amex Exploration has delivered a highly positive Feasibility Study for the Phase 1 development of its Perron Gold Mine, projecting a post-tax NPV of CAD$1.13 billion and an IRR of 114.6% at a gold price of USD$3,500/oz. The study outlines a high-grade underground operation with Proven and Probable Reserves of 1.99 million tonnes at 12.1 g/t gold, yielding 774,000 ounces, and an industry-leading All-in Sustaining Cost of USD$910/oz. The project benefits from a rapid 0.5-year post-tax payback period and high gold recovery rates of 97.5%, leveraging a toll milling approach to minimize initial capital expenditure. Reasoning: The Feasibility Study for the Perron Gold Mine presents exceptionally strong economics with a high IRR, rapid payback, and very low AISC, underpinned by high-grade gold reserves and excellent metallurgical recoveries. This de-risks the project and provides a clear, capital-efficient path to production. - Positive factor: Exceptional post-tax IRR of 114.6% and NPV of CAD$1.13 billion, indicating strong economic viability. - Positive factor: Very low All-in Sustaining Costs \(AISC\) of USD$910/oz, positioning the project in the bottom quartile of the global gold cost curve. - Positive factor: High-grade Proven and Probable Reserves averaging 12.1 g/t Au, supporting a robust underground mining operation. - Positive factor: Rapid post-tax payback period of 0.5 years, demonstrating quick capital recovery. - Positive factor: High gold processing recovery rate of 97.50% with no significant metallurgical issues identified. - Positive factor: Feasibility Study \(FS\) provides a high level of confidence for project development and de-risks the project significantly. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 16 ## Classification and evidence **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Multiple Qualified Persons \(QPs\) are listed and have reviewed and approved the scientific and technical content of the press release. Evidence · text > The Qualified Persons \(within the meaning of National Instrument 43-101\) responsible for the technical information in this Press Release are Stephen Coates, P.Eng. of Evomine, Alexandre Burelle, P.Eng. of Evomine, Pierre Roy, P.Eng. of Soutex, Antoine Yassa P.Geo. of P&E, Denys Vermette, P.Geo. of Norda Stelo, Jérôme Augustin, Ph.D., P.Geo. of Laurentia Exploration, and Michael Verreault, P.Eng., of Hydro Ressources \(each, a "QP"\). Each of the QPs is independent of Amex Exploration. The scientific and technical content of this press release has been reviewed and approved by the Qualified Persons. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The Mineral Resource Estimate and Mineral Reserves are explicitly stated to be compliant with NI 43-101 and CIM Definition Standards. Evidence · text > Mineral Reserves have been estimated in accordance with CIM Definition Standards for Mineral Resources and Mineral Reserves \(2014\), which are incorporated by reference in NI 43-101 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: The document is a Feasibility Study, which is the highest level of study for project development. Evidence · text > Amex Delivers a Positive Feasibility Study for Development of the Perron Gold Mine **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: The study reports 346 kilotonnes of Proven Mineral Reserves. Evidence · table > Proven Context: Total **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: The study reports 1,643 kilotonnes of Probable Mineral Reserves. Evidence · table > Probable Context: Total **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: The study reports 382 kilotonnes of total Measured Mineral Resources. Evidence · table > Meas Context: Total **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The study reports 7,801 kilotonnes of total Indicated Mineral Resources. Evidence · table > Ind Context: Total **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: The assumed gold processing recovery rate is 97.50%, which is exceptional for gold processing. Evidence · table > 97.50 Context: Processing Recovery Rate **Free Milling** Polarity: positive Definition: Simple, clean ore amenable to standard processing without oxidation. Why it applies: Soutex, the metallurgical consultant, considers the mineralized material well suited for standard processing with no significant metallurgical issues. Evidence · text > Soutex considers the Perron mineralized material to be well suited for processing in standard Abitibi gold plants, with no significant metallurgical issues identified and recovery levels consistent with comparable deposits in the region. **Underground Mining** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: Phase 1 of the Life of Mine will utilise underground mining. Evidence · text > Phase 1 of the Life of Mine \("LOM"\) will utilise underground mining and toll-milling of the high-grade Champagne Zone. **Toll Milling** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Phase 1 strategy involves a toll milling approach to reduce risks and accelerate production. Evidence · text > Executing a toll milling approach reduces risks and accelerates production schedule targeting revenue in 2028 **Low AISC** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The All-in Sustaining Cost \(AISC\) is projected at USD$910/oz Au, which is very low and positions the project in the bottom quartile of the global gold cost curve. Evidence · text > All in Sustaining Cost \("AISC"\) of USD$910/oz Au **High IRR** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The projected Post-Tax IRR is 114.6%, indicating very strong project economics. Evidence · table > 114.6 Context: Post-Tax IRR **Rapid Payback** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The post-tax payback period is projected at 0.5 years, indicating very fast capital recovery. Evidence · table > 0.5 Context: Post-Tax Payback Period **Low Initial CAPEX** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The initial capital cost estimate is CAD$193.9 million, which is relatively low for a gold mine development. Evidence · table > 193.9 Context: Initial Capital Expenditure ## Extracted facts Stored fact records: 16. Some facts used in scoring do not have a stored record. ## Resource Estimates (16) ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/retransmission-amex-delivers-a-positive-feasibility-study-for-development-of-the--38801047-3170-4165-8725-c2f5688ec646#fact-resource-facts-0) Perron Gold Mine · gold #### Identity - Project: Perron Gold Mine - Commodity: gold - Ticker: AMX #### Resource Data - Category: proven - Tonnes: 346000 - Grade: 12.12 - Grade Unit: g/t - Contained Metal: 135000 - Contained Unit: oz - Cutoff Grade: 2.7 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-13T00:00:00.000Z Reasoning: High-grade Proven Reserve of 12.12 g/t Au is exceptional for underground mining, contributing significantly to the project's economic viability. - Positive factor: High-grade proven reserve for underground mining. - Positive factor: Part of a robust Feasibility Study. Evidence · table > 12.12 Context: 346 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/retransmission-amex-delivers-a-positive-feasibility-study-for-development-of-the--38801047-3170-4165-8725-c2f5688ec646#fact-resource-facts-1) Perron Gold Mine · gold #### Identity - Project: Perron Gold Mine - Commodity: gold - Ticker: AMX #### Resource Data - Category: probable - Tonnes: 1643000 - Grade: 12.1 - Grade Unit: g/t - Contained Metal: 639000 - Contained Unit: oz - Cutoff Grade: 2.7 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-13T00:00:00.000Z Reasoning: High-grade Probable Reserve of 12.10 g/t Au is exceptional for underground mining, forming the bulk of the project's economic foundation. - Positive factor: High-grade probable reserve for underground mining. - Positive factor: Significant contribution to total reserves. Evidence · table > 12.10 Context: 1,643 ### total [Link to this fact](https://atlas-staging.minestarters.com/news/retransmission-amex-delivers-a-positive-feasibility-study-for-development-of-the--38801047-3170-4165-8725-c2f5688ec646#fact-resource-facts-2) Perron Gold Mine · gold #### Identity - Project: Perron Gold Mine - Commodity: gold - Ticker: AMX #### Resource Data - Category: total - Tonnes: 1989000 - Grade: 12.1 - Grade Unit: g/t - Contained Metal: 774000 - Contained Unit: oz - Cutoff Grade: 2.7 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-13T00:00:00.000Z Reasoning: Total Proven and Probable Reserve of 1.99 Mt at 12.10 g/t Au for 774 koz is a strong foundation for the project's economics, with exceptional grade for underground mining. - Positive factor: High-grade total reserve for underground mining. - Positive factor: Forms the basis of the Feasibility Study. Evidence · table > 12.10 Context: 1,989 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/retransmission-amex-delivers-a-positive-feasibility-study-for-development-of-the--38801047-3170-4165-8725-c2f5688ec646#fact-resource-facts-3) Perron Gold Mine · gold #### Identity - Project: Perron Gold Mine - Commodity: gold - Ticker: AMX #### Resource Data - Category: measured - Tonnes: 48000 - Grade: 1.1 - Grade Unit: g/t - Contained Metal: 2000 - Contained Unit: oz - Cutoff Grade: 0.4 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-13T00:00:00.000Z Reasoning: Measured Open Pit resource at 1.1 g/t Au is a moderate grade for open pit, contributing to the overall resource base. - Positive factor: High confidence Measured category. Evidence · table > 1.1 Context: 48 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/retransmission-amex-delivers-a-positive-feasibility-study-for-development-of-the--38801047-3170-4165-8725-c2f5688ec646#fact-resource-facts-4) Perron Gold Mine · gold #### Identity - Project: Perron Gold Mine - Commodity: gold - Ticker: AMX #### Resource Data - Category: measured - Tonnes: 333000 - Grade: 14.2 - Grade Unit: g/t - Contained Metal: 152000 - Contained Unit: oz - Cutoff Grade: 1.4 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-13T00:00:00.000Z Reasoning: Measured Underground resource at 14.2 g/t Au is an exceptional grade for underground mining, providing high-quality material. - Positive factor: Exceptional grade for underground mining. - Positive factor: High confidence Measured category. Evidence · table > 14.2 Context: 333 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/retransmission-amex-delivers-a-positive-feasibility-study-for-development-of-the--38801047-3170-4165-8725-c2f5688ec646#fact-resource-facts-5) Perron Gold Mine · gold #### Identity - Project: Perron Gold Mine - Commodity: gold - Ticker: AMX #### Resource Data - Category: measured - Tonnes: 382000 - Grade: 12.54 - Grade Unit: g/t - Contained Metal: 154000 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-13T00:00:00.000Z Reasoning: Total Measured resource at 12.54 g/t Au for 154 koz is a strong, high-confidence component of the resource base. - Positive factor: High confidence Measured category. - Positive factor: Strong overall grade. Evidence · table > 12.54 Context: 382 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/retransmission-amex-delivers-a-positive-feasibility-study-for-development-of-the--38801047-3170-4165-8725-c2f5688ec646#fact-resource-facts-6) Perron Gold Mine · gold #### Identity - Project: Perron Gold Mine - Commodity: gold - Ticker: AMX #### Resource Data - Category: indicated - Tonnes: 2520000 - Grade: 3.16 - Grade Unit: g/t - Contained Metal: 256000 - Contained Unit: oz - Cutoff Grade: 0.4 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-13T00:00:00.000Z Reasoning: Indicated Open Pit resource at 3.16 g/t Au is an exceptional grade for open pit mining, adding significant value. - Positive factor: Exceptional grade for open pit mining. - Positive factor: Good confidence Indicated category. Evidence · table > 3.16 Context: 2,520 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/retransmission-amex-delivers-a-positive-feasibility-study-for-development-of-the--38801047-3170-4165-8725-c2f5688ec646#fact-resource-facts-7) Perron Gold Mine · gold #### Identity - Project: Perron Gold Mine - Commodity: gold - Ticker: AMX #### Resource Data - Category: indicated - Tonnes: 5281000 - Grade: 7.1 - Grade Unit: g/t - Contained Metal: 1205000 - Contained Unit: oz - Cutoff Grade: 1.4 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-13T00:00:00.000Z Reasoning: Indicated Underground resource at 7.1 g/t Au is a strong grade for underground mining, representing a substantial portion of the resource. - Positive factor: Strong grade for underground mining. - Positive factor: Good confidence Indicated category. Evidence · table > 7.1 Context: 5,281 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/retransmission-amex-delivers-a-positive-feasibility-study-for-development-of-the--38801047-3170-4165-8725-c2f5688ec646#fact-resource-facts-8) Perron Gold Mine · gold #### Identity - Project: Perron Gold Mine - Commodity: gold - Ticker: AMX #### Resource Data - Category: indicated - Tonnes: 7801000 - Grade: 5.83 - Grade Unit: g/t - Contained Metal: 1461000 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-13T00:00:00.000Z Reasoning: Total Indicated resource at 5.83 g/t Au for 1.46 Moz is a strong, high-confidence component of the resource base, with a good grade. - Positive factor: Good confidence Indicated category. - Positive factor: Strong overall grade and contained metal. Evidence · table > 5.83 Context: 7,801 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/retransmission-amex-delivers-a-positive-feasibility-study-for-development-of-the--38801047-3170-4165-8725-c2f5688ec646#fact-resource-facts-9) Perron Gold Mine · gold #### Identity - Project: Perron Gold Mine - Commodity: gold - Ticker: AMX #### Resource Data - Category: indicated - Tonnes: 8183000 - Grade: 6.14 - Grade Unit: g/t - Contained Metal: 1615000 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-13T00:00:00.000Z Reasoning: Total Measured and Indicated resource at 6.14 g/t Au for 1.62 Moz represents a strong, high-confidence resource base for the project. - Positive factor: Strong M&I resource with good grade and contained metal. - Positive factor: High confidence for future economic studies. Evidence · table > 6.14 Context: 8,183 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/retransmission-amex-delivers-a-positive-feasibility-study-for-development-of-the--38801047-3170-4165-8725-c2f5688ec646#fact-resource-facts-10) Perron Gold Mine · gold #### Identity - Project: Perron Gold Mine - Commodity: gold - Ticker: AMX #### Resource Data - Category: inferred - Tonnes: 1044000 - Grade: 2.02 - Grade Unit: g/t - Contained Metal: 68000 - Contained Unit: oz - Cutoff Grade: 0.4 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-13T00:00:00.000Z Reasoning: Inferred Open Pit resource at 2.02 g/t Au is a moderate grade for open pit, but in the lower confidence category. - Negative factor: Lower confidence Inferred category. Evidence · table > 2.02 Context: 1,044 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/retransmission-amex-delivers-a-positive-feasibility-study-for-development-of-the--38801047-3170-4165-8725-c2f5688ec646#fact-resource-facts-11) Perron Gold Mine · gold #### Identity - Project: Perron Gold Mine - Commodity: gold - Ticker: AMX #### Resource Data - Category: inferred - Tonnes: 4000000 - Grade: 4.9 - Grade Unit: g/t - Contained Metal: 631000 - Contained Unit: oz - Cutoff Grade: 1.4 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-13T00:00:00.000Z Reasoning: Inferred Underground resource at 4.9 g/t Au is a moderate grade for underground, but in the lower confidence category. - Positive factor: Moderate grade for underground mining. - Negative factor: Lower confidence Inferred category. Evidence · table > 4.9 Context: 4,000 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/retransmission-amex-delivers-a-positive-feasibility-study-for-development-of-the--38801047-3170-4165-8725-c2f5688ec646#fact-resource-facts-12) Perron Gold Mine · gold #### Identity - Project: Perron Gold Mine - Commodity: gold - Ticker: AMX #### Resource Data - Category: inferred - Tonnes: 5044000 - Grade: 4.31 - Grade Unit: g/t - Contained Metal: 698000 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-13T00:00:00.000Z Reasoning: Total Inferred resource at 4.31 g/t Au for 698 koz represents a significant portion of the resource but is in the lowest confidence category. - Negative factor: Lower confidence Inferred category. Evidence · table > 4.31 Context: 5,044 ### Fact 14 [Link to this fact](https://atlas-staging.minestarters.com/news/retransmission-amex-delivers-a-positive-feasibility-study-for-development-of-the--38801047-3170-4165-8725-c2f5688ec646#fact-resource-facts-13) Perron Gold Mine · gold #### Identity - Project: Perron Gold Mine - Commodity: gold - Ticker: AMX #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-13T00:00:00.000Z Reasoning: The Feasibility Study demonstrates extremely strong economic metrics, including high IRR, low AISC, and rapid payback, making the project highly attractive. - Positive factor: Exceptional post-tax IRR of 114.6% and NPV of CAD$1.13 billion. - Positive factor: Very low All-in Sustaining Costs \(AISC\) of USD$910/oz. - Positive factor: Rapid post-tax payback period of 0.5 years. - Positive factor: High average mill feed grade of 12.0 g/t Au. - Positive factor: High processing recovery rate of 97.5%. Evidence · text > Projected Post-Tax IRR of 114.6% and Post-Tax NPV5 of CAD$1.13 billion generated from a Cumulative Undiscounted Post-Tax Cash Flow of CAD$1.44 billion at an assumed gold price USD$3,500/oz ### Fact 15 [Link to this fact](https://atlas-staging.minestarters.com/news/retransmission-amex-delivers-a-positive-feasibility-study-for-development-of-the--38801047-3170-4165-8725-c2f5688ec646#fact-resource-facts-14) Perron Gold Mine · gold #### Identity - Project: Perron Gold Mine - Commodity: gold - Ticker: AMX #### Lab - Laboratory: ALS Global #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-13T00:00:00.000Z Reasoning: The high gold recovery of 97.5% and suitability for conventional processing indicate excellent metallurgical characteristics, de-risking the project's processing phase. - Positive factor: Exceptional gold recovery rate of 97.5%. - Positive factor: No significant metallurgical issues identified. - Positive factor: Material is well suited for conventional processing. - Positive factor: QA/QC procedures for grade control are robust. Evidence · text > Overall gold recovery has been assumed at 97.0% for the FS, including a 0.50% loss attributable to transport and manipulation at the toll mill. ### Fact 16 [Link to this fact](https://atlas-staging.minestarters.com/news/retransmission-amex-delivers-a-positive-feasibility-study-for-development-of-the--38801047-3170-4165-8725-c2f5688ec646#fact-resource-facts-15) Perron Gold Mine · gold #### Identity - Project: Perron Gold Mine - Commodity: gold - Ticker: AMX #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-13T00:00:00.000Z Reasoning: A minor grade loss of 0.5% is attributable to material handling during transport and processing, which is a standard consideration in such studies. Evidence · table > 0.50 Context: Grade Loss Attributable to Material Handling ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.