Building the $500M-a-Year Gold Mine | Victor Cantore - Amex Gold Mining

The Deep Dive Sep 23, 2026 12:15

Summary

Amex Gold Mining is fully permitted for a 40,000-ton bulk sample at its Quebec Perron project, with capex covered before commercial production.

The Champagne Zone averages 16 g/t gold over 774,000 ounces in a vertical orebody where gravity does the work.

Phase One all-in sustaining costs land at US$910 per ounce, with payback inside six months once bulk sample revenue is included.

Eldorado Gold holds 27% as a control person, signaling strategic validation from a mid-tier producer heading toward one million ounces annually.

Quebec's hydroelectric grid plugs the project in at 5.5 cents per kWh, keeping power costs among the lowest in the world.

The guest says Eldorado Gold owns 27% of Amex as an approved control person since June 2026, reading the size of the stake as a strategic endorsement of the project.
He describes Eldorado as a mid-tier producer running at roughly 500–600k oz/yr and heading toward ~1M oz/yr as Skouries and McIlvana Bay ramp up.

The guest argues the phase one feasibility study shows ~$500M/yr of pre-tax free cash flow over five years of mining the Champagne zone (~$2.492B total), with all-in sustaining costs of $910/oz and a half-year payback period.
The Champagne zone hosts 774,000 ounces at 16 g/t in a vertical body, which the guest contends is an unusually high grade compared with peers seen at the Beaver Creek summit.
A 40,000-ton bulk sample (~$60M, with ~$40M already sunk toward the $194M phase one capex) is fully permitted and ramping; at a $4,000/oz assumption it is expected to produce ~25,000 oz and ~$135M, plus ~$68M of pre-production revenue.
The project sits in Quebec 6.5 km from a hydroelectric substation at $0.055/kWh, with the guest citing strong First Nations and community support and a phase two feasibility study targeted for 2029–2030.
Eldorado Gold owns 27% as an approved control person since June, which the guest frames as validation from a mid-tier producer whose 27% stake implies a strategic view on the asset.

Top takeaway Hyland opens with a macro bull case for precious metals and critical minerals, arguing the pullback is a consolidation before higher prices given high and rising sovereign debt and ongoing central bank gold buying.
He uses the interview to argue that infrastructure and power access — illustrated by Amex's Quebec hydroelectric proximity at $0.055/kWh — are the under-appreciated drivers separating viable projects from those with large ore bodies but no energy solution.