Amex Gold Mining (TSXV:AMX) - Self-Funded Build at Quebec's Perron Gold Project

Victor Cantore (0:00)

I'm Victor Cantore. I'm the President and CEO of AMEX Exploration. AMEX Exploration right now is going in two paths. One is exploration, like we have been in the last 10 years, but now what's really exciting is that we're going towards production. We're fully permitted for our 40,000 tonne bulk sample permit, and we're moving ahead with our phase one with quite really good numbers, which we'll talk about shortly.

Crux Investor (0:24)

We will, we will. Hello, hello.

Beaver Creek, it's great out there, isn't it?

Victor Cantore (0:30)

It's great. Lots of meetings, meetings. The dance card is full.

Crux Investor (0:33)

The dance card is full. Money, if you need it.

Victor Cantore (0:35)

We're full already.

Crux Investor (0:36)

I know, but I would say if you need it, it's there. If you need it, it's here. It's here. Lots of money here. It's a great time to be alive in the mining sector, for sure. I wanted to catch up with you because last time we spoke, we talked about the bulk sample, we talked about the decline, we talked about how phase one plays out potentially. So where are we? We want to stop at the decline, that's a good place.

Victor Cantore (0:55)

Oh, it's a great place. So right now, we put out a press release on Monday, we wanted to show the market where we are, showing the decline was quite impressive.

We were at 75 meters when we announced it. It's advancing around 5 to 6 meters a day. We're averaging about, it's going to average at about 150 to 180 meters a month. So right now, we're probably a little over 100 meters in.

Crux Investor (1:23)

Okay.

Victor Cantore (1:24)

So it's quite exciting.

Crux Investor (1:25)

And how much more to do?

Victor Cantore (1:27)

It's going to be 1.5 kilometers total from the beginning of the decline all the way down to the bottom of the ramp. We're going to be going down to the 235 meter level and then mining 50 meters above that. That's going to be for the initial bulk sample.

Crux Investor (1:44)

Right. So let's talk about the bulk sample. So you've got permitted for what, at least 40,000?

Victor Cantore (1:50)

40,000 price.

Crux Investor (1:51)

So the resource is about 7.475 at just over 12g per ton.

Victor Cantore (1:58)

That's fully diluted at 12g per ton.

Crux Investor (2:00)

Yeah, that's quite healthy. So in terms of the bulk sample, you'd expect to see representative of grading? Absolutely.

Victor Cantore (2:07)

I mean, when you look at some of these other companies that have done bulk samples in the past, I mean, you can only rely on the numbers that are there with the Feasibility Study, I'm hoping that we actually come up with higher numbers.

Crux Investor (2:17)

Right. And I think that's important because I want to, later on, I want to talk about the kind of the net capex number with the contribution from the bulk sample. So decline is happening, but what else is happening on surface that's going to help with the operations?

Victor Cantore (2:32)

So what's really important is that when you transition from the bulk sample permit and then for the phase one permit, so there are two different departments, but what the team has been doing really, really, really great is that everything that you need, the majority of the items that you need to get permitted in phase one are being done right now.

And it's going to cost us about $60 million to do this bulk sample, but about $40 million of it is going to be, it's already sunk into the CAPEx. So what I mean by that, give you a quick example, electricity. We could have continued with Gensets. Instead of that, we decided it's going to cost us about $7.7 million that we're connecting. We're connecting.

You're connecting for phase one also. So it's not like what a waste would have been just continuing with Gensets, that goes out the window versus this. Once you've done it, you've done it. It's a sunk cost already and you're going to be using that in phase one. Right.

Crux Investor (3:32)

And obviously, we'll maybe talk about the kind of permitting around power. You plugged into something, presumably a local wire.

Victor Cantore (3:42)

Oh, it's a transformer station right there. Like you're basically pulling wire. Your posts are arriving as we're speaking. They're going to put the posts up and they're going to connect the line. And by January, it switches on. It switches on and you connect it to the grid. It's a grid of 5.5 cents a kilowatt hour.