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RPX Gold is a gold developer focused on its 100%-owned Wawa Gold Project in Ontario’s Michipicoten Greenstone Belt. The company recently completed a Preliminary Economic Assessment and is now working toward a Pre-Feasibility Study. This interview covers the PEA results, the company’s financing plans, permitting status, toll milling strategy, and what needs to happen before a production decision can be made.

TL;DR

RPX has a PEA out, that measures C$51M initial capex, C$523M after-tax NPV5% at US$3,500/oz gold, a ~100% IRR, and a sub-one-year payback, targeting 67,000 oz/year over 9 years using toll milling instead of building its own plant. They currently have just over C$3M in the bank, need to raise roughly C$12M to get through the PFS, and are planning an imminent equity raise (charity flow-through plus hard dollars). A PFS is targeted for Q1 2027, with a toll milling LOI and new drill results the two most tangible near-term catalysts. Management is trading at what they say is 10–15% of NAV.

What have they done for shareholders lately?

The headline deliverable is the PEA, completed on time and on budget in February 2026, using WSP Canada for the updated resource estimate and DRA Americas for the engineering work. The 2026 resource update came with a 48% increase in Indicated ounces versus the prior 2024 estimate, with 81% of PEA mine plan ounces now sitting in the Indicated category. Alongside that, 10,000 metres of near-surface drilling was completed between the two starter pit areas, and results haven’t been announced yet but Michaud said they’re “quite excited” about them. The company also rebranded from Red Pine Exploration to RPX Gold (effective February 12, 2026), moved to a Bay Street office while cutting overhead costs, and grew its institutional shareholder base from one or two holders to six or seven institutions that now hold roughly 40% of the stock.

How much money do they have and what are they spending it on?

The company has just over C$3M in hard cash. Getting to the other side of a PFS will cost approximately C$12M Canadian, covering over a year of G&A (targeted at under C$2M for 2026), PFS engineering work, additional drilling to convert inferred to indicated and support geotech/met/environmental work, baseline environmental studies, First Nations consultation and IBA negotiation, and permitting groundwork. The raise will be equity-only, no streaming or additional royalties on the property at this stage. Michaud confirmed the structure will likely be a mix of charity flow-through (at roughly 1.4x the share price premium), national flow-through (around a 20% premium), and hard dollars (roughly one-third of the raise) for corporate costs and non-flow-through-eligible technical studies. Timing is “sooner rather than later” as they want to start the next drilling campaign in spring.

Upcoming catalysts

Technical:

• Drill results from the 10,000m near-surface program (already drilled, pending assays, expected over the next ~6 months from interview date)
• Updated resource estimate (incorporating new drilling, timing not specified but during 2026)
• Environmental baseline studies, first full round targeted by end of summer 2026
• Additional metallurgical work: ~1,000 bottle roll tests completed; another few hundred samples being collected to map recovery variability by ore type across the deposit
• Geotechnical drilling (ongoing)
• PFS completion, targeted Q1 2027

Operational:

• Toll milling LOI. Management said they’re in active discussions with multiple mills in the region (five operating mills), and are targeting an announcement “in the next quarter” from the time of interview. Alamos Gold’s Island Gold mill (1,200 tpd) and Magino mill (10,000 tpd), located 40km away, are described as the most suitable candidates. No LOI signed yet.
• Sourcing contract miners (part of PFS work)

Corporate:

• Equity capital raise described as imminent, market conditions permitting, to fund the ~C$12M PFS budget
• First Nations IBA committee formation and negotiations ongoing through year-end 2026
• Submission of updated closure plan (to follow PFS details)
• Permitting process progressing, project description submitted to Ontario government

Risks

Michaud acknowledged broader uncertainty from an ongoing geopolitical conflict as a factor weighing on the stock. There is no toll milling agreement in place yet and this is a critical structural assumption of the PEA and an unresolved dependency before a production decision. The strip ratio in the PEA sits at 10.6:1, which is on the high side even for Ontario, and while management offered reasons for it and potential improvements in the PFS (joining the two pits into one), it remains a cost overhang. First Nations consultation is in early stages with formal IBA negotiations not yet started. On execution, Michaud himself flagged timing and cost inflation as concerns, noting that consulting firms, drillers, and assay labs are all increasingly busy as the gold market heats up, creating schedule and cost pressure.

RPX Gold CEO Interview

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