Amex Gold Mining's Bulk Sample Is Live: Inside the 16 g/t Champagne Zone and Cantore's Five-Year Payoff Story

Amex Exploration, now rebranded as Amex Gold Mining, is no longer just an explorer. Victor Cantore told The Deep Dive at the Beaver Creek Precious Metal Summit that the company is fully permitted for a 40,000-ton bulk sample, the portal is built, and the ramp decline has begun — at the same scale it intends to use for Phase 1 production. The bulk sample, in Cantore's words, "is mining. Like, you're mining."

The headline asset is the Champagne zone in Quebec. According to the feasibility study, Champagne holds 774,000 ounces at 16 grams per tonne — more than half an ounce per ton. The body sits vertical, which means gravity does most of the haulage work. Cantore argued that's a setup rarely seen in the sector: "I don't think anybody's going to have grades like that" among companies he and the host spoke with at the summit.

Broader resource numbers from the interview: the project carries 2.3 million ounces in measured and indicated, with 1.6 million ounces at 6.14 g/t.

Infrastructure is the other differentiator. The site sits 6.5 kilometers from an electrical transformer station, and the feasibility study prices the grid connection at $7.7 million. Cantore said the power is hydroelectric and runs at 5.5 cents per kilowatt-hour — "one of the lowest costs in the world." He also flagged strong First Nations and community support, with no infringement on lakes, rivers, or streams.

Capital intensity is unusually low for a developer at this stage. Phase 1 capex is $194 million. About $40 million of that is already sunk through the bulk sample infrastructure. The bulk sample itself costs roughly $60 million and is expected to produce about 25,000 ounces. At $4,000/oz, that's roughly $100 million USD ($135–140 million CDN). Add an expected $68 million in pre-production revenue from gold poured before commercial production is declared, and the bulk sample plus pre-production revenue is sized to cover all Phase 1 capex before the mine reaches commercial production. Cantore put it bluntly: "Your project should be paid before you achieve commercial production."

Operating costs are also competitive. Cantore cited an AISC (All-In Sustaining Cost — what it really costs to produce an ounce, including capital sustainment) of $910 USD per ounce in the Phase 1 feasibility study, with a stated payback period of roughly half a year on that basis.

The pathway through permitting looks deliberately conservative. Slated production is around 1,100 tons per day, with commercial production declared at 660 tons per day. By staying below the 5,000-tons-per-day federal threshold, the project avoids a heavier permitting regime. Bulk-sample ore is being processed through a third-party mill in the Abitibi region for now. Phase 1 contemplates a five-year mine life that takes the operation to 2033. Phase 2 — which would include its own mill, tailings management facility, and open pits — is targeted for a feasibility study in 2029 or 2030.

The capital structure has a notable backstop. Cantore confirmed that El Dorado owns 27% of Amex and was approved as a control person in June. He described El Dorado as a mid-tier producer heading toward close to a million ounces a year across its portfolio, including its 4M project and McIlvenna Bay. The implication Cantore drew: a producer of that scale accumulating a control block is "a sign they actually like your project."

Returns, on the company's framing, are striking. Cantore cited pre-tax free cash flow of $2.492 billion over the five years the Champagne zone is mined in Phase 1 — about $500 million per year pre-tax. He added that the company doesn't need additional outside funding to keep building and would prefer to keep mining independently rather than sell. If a bid came at a meaningful premium, he suggested, the outcome would benefit existing shareholders.

For investors tracking the stock, Cantore's checklist for the next year includes: First Nations agreement announcements, community releases, ongoing exploration updates, and frequent development updates on the decline — last reported at 75 meters in, with the next milestone being first ore. The feasibility study targets Phase 1 permitting by mid-2028; management is aiming for late 2027.