Amex Exploration Inc. (TSX Venture: AMX) (OTCQX: AMXEF) released results for Phase 1 development of its 100% owned Perron Gold Mine in Quebec. The mine plan focuses on the high-grade Champagne zone, highlighting average production of 147,000 oz of gold over 5 years at all-in sustaining costs of US$910/oz.
At a base case gold price of US$3,500/oz, the project generates a post-tax NPV of C$1.13B and an IRR of 114.6%. With gold currently trading around US$4,717/oz oz, these figures appear conservative.
The after-tax payback period is estimated at just six months from the start of commercial production.
Amex is utilizing a toll milling strategy, leveraging existing processing facilities in the Abitibi region to reduce initial capital costs and accelerate the path to revenue. Initial capital is estimated at C$193.9M. While Phase 1 serves as the foundation, the broader project holds a total Mineral Resource of 2.3M oz Au resource (1.6M M&I and 0.7M Inferred), with Phase 2 plans contemplating further development and an on-site mill.
The market has responded to the news well on a down gold day, gaining 23.5% or $0.70 to reach $3.67/share (U.S. listed shares).
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