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Lab Report | Sep 21 Deep Dives on Amex Gold, Radisson, Kingfisher, and Nine Mile Metals

CEO.CA Sep 21, 2026 50:29

Summary

Amex pushes Perron toward production: the dual-purpose decline serves a 40,000-ton bulk sample and phase-one mining, pulling development capital forward.

Radisson keeps expanding bonanza-grade gold beneath the historic O'Brien mine — 68.24 grams per tonne over 6.2 metres — with Red Lake-style depth potential.

Kingfisher hits visible gold beside its Hank porphyry — the heat engine of such systems — 8.8 metres of 20.33 grams gold plus silver and zinc.

Nine Mile Metals drills two high-grade VMS zones (volcanogenic massive sulphide — metals deposited by ancient seafloor volcanoes) at the historic Wedge mine in New Brunswick.

The host plots each junior on the Lassonde Curve — a stage map of mine development — weighing community sentiment, financings and strategic backers like Agnico Eagle.

Key points on Agnico Eagle Mines

  • The host cites Agnico Eagle's $57 million strategic investment in Radisson Mining as validation of the O'Brien project.
  • In his view Agnico's backing carries extra weight because it does more homework than anybody on Abitibi Greenstone Belt mining.

Key points on Barrick Mining

  • The host agrees with sentiment participants that Barrick's $20 million investment in Kingfisher, made at a premium to the market price, is a major positive.
  • He notes that backing plus a cash balance above $30 million leaves Kingfisher with plenty of funding.

Key points on Eldorado Gold

  • Eldorado Gold participated in Amex's roughly $80 million Canadian financing and holds a 27% interest, which the host lists among the company's positives.
  • Investor discussion speculates about a potential acquisition of Amex by Eldorado; the host hopes it does not happen so Amex can bring Perron into production itself.

Key points on Amex Exploration

  • The host reports Amex has completed more than 75 metres of underground decline development at the Perron project, sized to serve both the planned bulk sample and phase-one mining.
  • He argues the 40,000-ton bulk sample from the high-grade Champagne Zone, which he says runs about half an ounce per ton, should generate substantial revenue and free cash flow, by his quick math roughly 20,000 ounces.
  • He says the roughly $80 million financing covers bulk-sample costs and brings forward part of the roughly $194 million phase-one capex from the economic studies, reducing the eventual build cost.
  • On his Lassonde curve plot he places Amex about three-quarters of the way through late-stage development at a roughly $685 million Canadian valuation, with staged production to follow: off-site milling first, then a mill of its own.
  • He quotes CEO Victor Cantore on steady underground progress alongside surface infrastructure work, including a mechanical shop, power line clearing and pole installation, and a water treatment plant pad.

Key points on Radisson Mining

  • The host leads with new drill results below the former O'Brien mine, including 68.24 g/t gold over 6.2 metres, the high-grade, mineable-width material he says makes for very profitable mining.
  • CEO Matt Manson reports that of 228 holes since the deep step-out program began in late 2024, 106 returned intercepts consistent with the mineral resource, an 83% hit rate.
  • The host argues the orogenic system keeps going at depth with parallel chutes, likening it to Goldcorp's Red Lake bonanza ore, and says it could support a very profitable future mine.
  • He points to Agnico Eagle's $57 million strategic investment and a strong treasury, and while sentiment flags O'Brien as a takeover candidate, he would rather the junior grow the asset into a multi-billion-dollar company.
  • He plots Radisson on the left side of his Lassonde curve at about a $593 million Canadian valuation and says continued drilling could grow it easily to a $1 billion valuation or higher.

Matt Manson's takeaways

  • Top takeaway Radisson's CEO argues the deep step-out drilling begun in late 2024 has consistently expanded mineralization beyond the former O'Brien mine and its historical resource.
  • He reports 106 of 228 holes completed in that period returned intercepts with grades and thickness consistent with the mineral resource, an 83% hit rate.

Dustin Perry's takeaways

  • Top takeaway Kingfisher's CEO argues intersecting mineralization on the route to the porphyry speaks to the fertility of the magmatic-hydrothermal system at Hank, with unusually high preservation of the system despite glaciation.
  • The host praises him for keeping investors closely informed about what the team is seeing in drill core.

Mike Dufresne's takeaways

  • Top takeaway The host credits Mike Dufresne of Apex Geosciences as part of the technical team helping Nine Mile Metals, saying the whole team is doing a good job finding metals in the core.

Allan Barry Laboucan's takeaways

  • Top takeaway He states his view that the gold price is going a lot higher, which is why he brushes off market and commodity-price headwinds across all four companies covered.
  • He plots each company on his Lassonde curve: Amex in late-stage development, Radisson on the left side with room to reach a $1 billion valuation, Kingfisher early in elephant country, and Nine Mile still conceptual.
  • He argues against takeovers of Amex and Radisson, saying the short-term premium is a sugar rush compared with letting high-grade assets grow the juniors into multi-billion-dollar companies.
  • He discloses he is a Nine Mile shareholder and expects a significant breakout once cheap private-placement paper from 2025 and earlier is absorbed.
  • He cautions that calling for a resource estimate at Nine Mile this early puts the cart before the horse, and stresses viewers should do their own homework since he is an idea generator, not an adviser.