Sirios Resources’ flagship asset is the Cheechoo project in the Eeyou Istchee James Bay region of Quebec, about 15 km from Newmont’s Éléonore gold mine. The conversation covers the company’s ongoing 25,000 to 35,000 metre drill program, the path to a future PEA, cash position, insider ownership, and the history behind Sirios’ recent acquisition of OVI Mining.
TL;DR
Sirios is running a 25,000 metre step-out drilling program at Cheechoo this summer (part of a planned 35,000 metre total for 2026), aimed at growing the existing roughly 3 million ounce resource before targeting a PEA in Q2 2027. First assay results are expected via press release in the second half of July, with more coming through October. The company had about C$28 million in treasury at the end of May and says it’s fully funded through the PEA. An updated resource estimate is expected around Q4 2026. Lepage told me he personally holds about 3 million shares and 3 million options, bought partly on the open market, and that insiders collectively hold roughly 3 to 4% of the company.
What have they done for shareholders lately?
CEO Lepage walked me through the recent history and how Sirios completed its acquisition of the private company OVI Mining in March, which brought him in as CEO (replacing founder Dominique Doucet, who is now chairman and head of exploration). Since then, the company has mobilized three drill rigs on site (a fourth is coming), upgraded its site access road, and closed out an option agreement with Electric Elements Mining, returning 100% of those non-gold rights back to Sirios. He also mentioned a recently completed geophysics survey on the Fagnant property and drilling results from the Aquilon project last year, including what he described as the highest grade ever drilled in James Bay, though continuity there was difficult to confirm.
How much money do they have and what are they spending it on?
Lepage said Sirios had approximately C$28 million in treasury as of the end of May. He said this was Sirios’ last capital raise, a C$25 million brokered flow-through and hard-dollar financing that closed in March, followed by a warrant and option exercise in mid-May that brought in an additional C$3.5 million. He expects more capital from warrant exercises in December and again in July of next year. He told me the company is fully financed through the 35,000 metre drill program and through the PEA. On spending, he estimated C$1 to 2.5 million this year on the non-Cheechoo exploration properties, C$2 to 2.5 million on G&A (including marketing) for 2026, and roughly C$1 million on marketing, which he said is below 1% of the company’s market cap.
Upcoming catalysts
Technical: first drill assay results expected via press release in the second half of July, with additional results through August, September, and into October. An updated resource estimate is targeted for around Q4 2026 (mid-Q4, per Lepage). A PEA is being targeted for Q2 2027, contingent on the new resource. Operational: the current 25,000 metre program runs through roughly September, with a decision on the unallocated 10,000 metre phase two program expected around late August to early October. Corporate: Lepage said the company is reviewing whether to pursue a share rollback, with any decision likely coming around the annual general meeting; he also flagged more news expected in the fall from work on the Aquilon project.
Risks
Lepage named execution risk as the top near-term concern, specifically labor availability for drilling and the risk of forest fires disrupting the program, which is why the company added a fourth drill rig. He also flagged permitting as a longer-term risk common to all Quebec projects, requiring both provincial and federal approval, though he said this isn’t a near-term concern for the next 18 months to two years. Other points raised in the conversation include a 4% net return royalty held by Gold Royalty Corp on the deposit, a high fully diluted share count (around 784 million), and a free-trading date on July 19 tied to the March financing, though Lepage said he wasn’t concerned about selling pressure given the shares are institutionally held.
Sirios Resources CEO
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