Amex Exploration Inc.

Amex Exploration (AMX) is one of the most compelling junior gold developers in Canada as of April 2026. The April 13, 2026 Phase 1 Feasibility Study release — the highest NI 43-101 study tier — is a landmark event confirming Proven & Probable reserves of 774 koz at 12.1 g/t Au with a post-tax NPV(5%) of C$1.13B and IRR of 114.6% at US$3,500/oz gold. This is not a PEA with wide error bars; this is a bankable study with stope-scale grade control validation. Composite score: 21/25.

The geological case is exceptional: 1.615 Moz M&I at 6.14 g/t Au across the full project with a 16.2 g/t Champagne Zone core — elite Abitibi grades backed by a completed FS. Management alignment is strong with Cantore's 7 consecutive insider buys and Eldorado Gold's deliberate accumulation to 27.3% at C$4.00/share. The capital structure is workable with minimal warrant overhang, though the C$193.9M Phase 1 capex financing event is the key remaining risk before 2028 commercial production.

At C$4.00/share, AMX trades at roughly 50% of Phase 1 FS NAV on a per-share basis (approximately C$7.95 undiscounted FS NAV), before attributing any value to Phase 2's 1.5 Moz M&I resource or a potential control premium from Eldorado. With the bulk sample launching, the 100,000m drill program funded, and construction financing catalysts imminent, the risk/reward strongly supports BUY. The key near-term catalyst is the construction financing announcement, expected within the next 6–12 months.