LaFleur Minerals Lays Out a $31 Million Path Back to Gold Production

LaFleur Minerals has released a Preliminary Economic Assessment (PEA — an early-stage study that tests whether a project can be mined profitably) that sets out a low-capital return to production. The plan does not involve building a new plant. Instead, the company will restart its wholly-owned Beacon Gold Mill and feed it ore from the Swanson deposit. CEO Paul Tenier walked through the numbers, the timeline, and the mill's bigger role in a recent CEO.CA interview.

## The restart, in numbers

The PEA outlines initial capital of $31 million. Tenier says that covers re-commissioning the Beacon Mill, which has sat in care and maintenance (idle but maintained and ready for a restart) for the past two years, plus bringing the Swanson mine into production. About $4 million of that has already been spent on the mill, and he puts that work at roughly halfway complete. The study's base case assumes a $2,750/oz gold price. At that price, Tenier cites an All-In Sustaining Cost (AISC — what it really costs to produce an ounce) of just under $1,600/oz. The interview's introduction highlights a 65% internal rate of return (IRR — the annualized return a project is expected to generate) and calls it industry-leading. Tenier argues those economics stay competitive even at much higher gold prices, referencing the $4,000–5,000/oz spot levels cited in early 2026.

## A bulk sample before the full build-out

Swanson will be mined as an open pit. The first step is a 100,000-tonne bulk sample — a large test parcel of ore — taken under an existing mining lease and hauled to the Beacon Mill for processing. Tenier describes that tonnage as close to a year's worth of production. The results then feed the decision on whether to advance to the larger mining plan the PEA describes. Exploration continues in parallel. The resource sits mostly in the indicated category (estimates solid enough to support mine planning), and drilling planned through the year aims to grow it at depth. Tenier sees expansion potential at surface, along strike, and below the known resource.

## Where the restart stands today

The host put mill refurbishment at 30% complete. Tenier corrected that to just over 50% and said the work is on budget and on schedule. The aim is a fully turning mill by spring or early summer. The main outstanding task is maintenance on the tailings storage facility, where processed ore residue is stored, and that work must wait for the snow to melt. Once it is done, lines get connected to the mill and commissioning begins. LaFleur does not need to source feed for this stage. Roughly 20,000 tonnes of legacy high-grade and low-grade stockpile from the property's earlier mining life sit on site and will serve as test material. The first gold pour is targeted for later in 2026.

## A mill looking for ore

The strategic core of the story is that the Beacon Mill is one of the few permitted processing facilities in its area. Tenier says LaFleur has spent more than a year in talks with regional juniors about filling spare mill capacity, and he expects those conversations to accelerate now that the PEA is public. The company has flagged plans to expand the mill to at least 3,000 tonnes per day, which means bringing more projects into the fold. The options he lists: advance other deposits on LaFleur's own property, which spans close to 190 square kilometres, to at least an inferred resource (the lowest-confidence tier of mineral estimate); take on toll milling, where the mill processes other companies' ore for a fee; or enter combinations with the mill as the centerpiece. Regional dealmaking frames the opportunity. Tenier points to Probe Gold's buyout by Fresnillo, notes most of those projects sit near the Beacon Mill, and says LaFleur has kept communication open on whether any assets Fresnillo deems non-core could become available. He is explicit that nothing is agreed.

## What to watch

The interview leaves three near-term markers. First, funding: Tenier says the company is looking at sources for the remaining restart capital, and the conversation does not pin down how much of the $31 million the recent financing covered. Second, execution: the tailings work and commissioning are due over spring and summer. Third, proof of the hub concept: bulk-sample results and any mill-capacity or combination agreements. The PEA is a preliminary study by nature, and Tenier ties the production decision to the bulk-sample outcome rather than presenting it as already made.