About Amex Exploration
Amex Exploration Inc. is a junior gold mining exploration company, the primary objective of which is to acquire, explore, and develop viable gold projects in the mining-friendly jurisdiction of Quebec.
Amex Exploration Inc. has made significant gold discoveries on its 100% owned high-grade Perron Gold Project located ~110 kilometres north of Rouyn-Noranda, Quebec, consisting of 117 contiguous claims covering 4,560 hectares. The project is well-serviced by existing infrastructure, on a year-round road, 10 minutes from an airport and just outside the town of Normétal (~8 km). In addition, the project is in close proximity to a number of major gold producers’ milling operations. The project hosts both bulk tonnage and a high-grade gold style mineralization. Since January 2019, Amex has intersected significant gold mineralization in multiple gold zones and discovered copper-rich VMS zones.
Visit https://www.amexexploration.com/ for more information.
Interview with Victor Cantore, CEO of Amex Exploration
This is a very brief summary of what was an almost one-hour interview. Don’t rely on this summary. Watch the full interview which is linked at the end of this post.
Please note that this company has NOT paid for the creation of this content. The Resource Talks interview rules are simple.
The companies, albeit paying or non-paying, get no questions upfront, no questions off the table, and no editing rights.
Time to Read: 5 minutes
Who are you, Victor Cantore?
I started my career in the investment industry back in 1992 as an investment adviser with RBC Dominion Securities. I enjoyed managing wealth, but I found my passion in creating wealth for shareholders by building companies. I left RBC in 1999 and began working with various companies. One significant venture was Namaska Lithium, where I helped sell the project that is now the Whabouchi deposit. I’ve always been a sizable shareholder in the companies I get involved with, which motivates me to ensure their success. Over the years, I’ve been involved in several companies, and recently, I became an advisor to Abitibi Metals because I believe I can help them move forward.
How/why did Victor get involved with so many companies?
In 2009, I sold my ownership in the Whabouchi deposit to Namaska Lithium. Their success in drilling a world-class deposit increased my profile in the sector, leading other companies to seek my help. I get involved only in companies where I believe I can make a significant impact. My involvement with Namaska lasted until 2016-2017. This increased my visibility in the sector, leading to roles with Monarch, Canadian Metals, and eventually Amex Exploration.
How/why did Victor get involved with Amex Exploration?
I got involved with Amex Exploration in late 2016. Initially, Agnico Eagle had an option on the property but returned it in 2017. We compiled their work and, in late 2018, made a significant discovery in the high-grade zone. This discovery has been crucial for the project’s economics. I was introduced to Amex by a mutual friend and saw the potential in their projects, despite the challenges with financing at the time. Since then, we’ve been financing and advancing the company.
How does Victor manage his time?
I work long hours, from the moment I wake up until I go to sleep. I’m not part of the management team in every company; there are clear management teams in place. I dedicate a specific amount of time to each project and ensure I can contribute meaningfully. I am gradually stepping down from some boards to focus more on projects where I can add the most value. The majority of my time is currently spent on Amex Exploration, but I also support other promising ventures with strong management teams, like the gold project in the Chibougamau area.
How does Victor get compensated when he is involved in a company?
Compensation varies by company. For example, with Abitibi Metals, I believe I will receive options but no direct compensation. Generally, I don’t receive direct compensation for board positions; it’s mainly when I’m part of the management team. Compensation should reflect the amount of time and effort put into the project. My primary motivation is creating shareholder value, which aligns with my own interests as a significant shareholder.
Does Victor have a partnership with Michael Gentile?
Michael Gentile and I have collaborated on several projects, such as Northern Superior, which merged with Royal Fox. We work well together but it’s not an exclusive partnership. Michael is involved in numerous deals, and we co-invest in some where our interests align, such as the Northern Superior project. We aim to consolidate the Shibougamau gold camp to maximize its economic potential.
Why did Agnico Eagle drop the option agreement?
Agnico Eagle had to spend $4 million over three years to earn 65% of the property. Such deals often burden junior companies with significant financing requirements that are hard to meet. When Agnico left, it allowed us to finance the company independently and move forward at our own pace. They did excellent work, which we built upon to make significant discoveries, such as the high-grade zone in late 2018. This was a turning point, enabling us to advance the project effectively.
Was the discovery a confirmation of their thesis or was it a coincidence?
The discovery in late 2018 confirmed our geological thesis. The property has been explored since the late 90s, and we had substantial data. We focused on the known Eastern gold zone and, using 3D compilations of Agnico’s data, targeted the high-grade zone. The success validated our belief in the property’s potential and demonstrated the effectiveness of our exploration strategy.
How much time and money will go to the new discovery?
The recent discovery is significant and warrants further exploration. We plan to spend considerable time and money to understand the system and identify higher-grade areas within the long intercepts. This discovery could potentially change the project’s scope, offering bulk tonnage material alongside high-grade zones. We have five drills on the property and will continue to expand our exploration efforts.
Is the metallurgy good?
Metallurgy is a crucial factor. The high-grade zone has shown excellent recovery rates, primarily free gold, with 95% recoveries using gravity, flotation, and cyanidation methods. It’s too early to determine the metallurgy for the recent discovery, but we will conduct thorough tests once we confirm a deposit. Understanding the metallurgical properties will guide our processing decisions.
Will there be a synergy in the operation with Eldorado Gold?
Eldorado Gold’s investment likely reflects their interest in the high-grade zone, similar to their Lamaque operation. While there are no current plans for a synergy in operations, our project’s economics will determine its feasibility as a standalone operation. We aim to release a preliminary economic assessment (PEA) this year, showing the project’s potential as a standalone mine.
Does Quebec really want open-pit mining?
Quebec permits open-pit mining with proper environmental and rehabilitation plans in place. Companies must ensure sustainable practices and secure closure plans to avoid environmental damage. The process is stringent but manageable, and we are committed to meeting all regulatory requirements to maintain community and environmental standards.
What is Victor’s strategy for future financings?
Our strategy is to maximize shareholder value by continuing to build the fundamentals through drilling and resource expansion. When the time comes for financing, we will consider market conditions and strategic opportunities. We aim to engage significant shareholders and ensure any financing aligns with our long-term goals of creating wealth for shareholders.
Is 9.9% an issue?
Having a major shareholder like Eldorado Gold at 9.9% creates competitive tension and engagement without giving them a controlling interest. This position indicates their interest and support while keeping options open for future developments. It balances engagement with maintaining flexibility for potential strategic decisions.
What is Victor’s long-term goal for Amex Exploration?
My long-term goal is to advance the project to a billion-dollar valuation. This involves continuing to build the resource, improving the economics, and preparing for potential production. If an attractive offer comes, it will be up to the shareholders to decide. For now, our focus is on drilling, resource expansion, and demonstrating the project’s value through robust economic studies.
Will the new discovery delay the MRE?
The recent discovery might not be included in the initial mineral resource estimate (MRE) due to timing, but it adds significant blue-sky potential. We will continue to drill and update the MRE as we gather more data. The initial MRE will focus on the main zones we’ve been working on, providing a solid foundation for future updates.
