en.Wedoany.com Reported - Abitibi Metals Corp. (AMQ) has updated the mineral resource estimate for the B26 deposit to 25.3 million tonnes, with a copper equivalent grade exceeding 2.1%, representing a 124% increase in ore tonnes since 2023 and doubling the 18.5 million tonne estimate released in 2024. Following the resource update, the company completed a C$31 million (non-warrant) financing, making Discovery Silver a strategic shareholder with a 9.9% stake. AMQ currently holds approximately C$19 million in cash, with project funding covering operations through the first quarter of 2027.

AMQ is currently in the development stage following the resource update and prior to a Preliminary Economic Assessment (PEA). Foran Mining achieved a 66% resource increase in May 2019, followed by a further 89% increase in October 2021, then completed a Feasibility Study (FS) in February 2022, received a C$90 million institutional investment from Agnico Eagle in 2025, and was acquired by Eldorado Gold in February 2026 at approximately C$6.00 per share for a total of about C$3.8 billion. AMQ's development stage aligns with Foran Mining's position prior to achieving those milestones, providing a reference path for Volcanogenic Massive Sulfide (VMS) development.

AMQ's enterprise value to resource value ratio is 0.8%, compared to 20.4% for Foran Mining at the time of acquisition and 3.5% for FireFly Metals, a gap reflecting AMQ's pre-PEA positioning in the development cycle.

The B26 deposit is located in the Abitibi Greenstone Belt, Quebec, and is a polymetallic copper-gold VMS deposit with an overprinting orogenic gold system. The effective date of the mineral resource estimate is January 2026, with indicated resources of 12.96 million tonnes at a copper equivalent grade of 2.08%, containing 1.19% copper, 1.16% zinc, 0.44 g/t gold, and 30.8 g/t silver; inferred resources total 12.34 million tonnes at a copper equivalent grade of 2.20%, containing 1.60% copper, 0.16% zinc, 0.68 g/t gold, and 8.1 g/t silver. The resource estimate was prepared and reported in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) and National Instrument 43-101 standards. The B26 deposit is 80% owned by AMQ, with SOQUEM, a subsidiary of Investissement Québec, holding 20%.

AMQ CEO and Founder Jonathon Deluce stated that the company had two objectives to balance in the first quarter: the PEA focuses more on near-surface zones and early returns from the deposit, while the resource emphasizes the overall scale and mine life of the deposit. Deluce also noted that Eldorado Gold's nearly C$4 billion acquisition of Foran Mining demonstrates market demand for such deposits and their scarcity, stating, "There are very few deposits of this size and scale in Canada, like B26 and McIlvenna Bay."

Discovery Silver acquired a 9.9% strategic equity stake in AMQ through the C$31 million financing. The team brings operational experience in Indigenous engagement, permitting, environmental management, and Canadian federal grant procurement, with a development track record encompassing Kirkland Lake Gold, Fosterville, Detour, and the West Timmins mine of Lakeshore Gold. Deluce believes the 9.9% equity stake is an appropriate balance: "Bringing in a partner at the right time and cost of capital, but not excessively."

The Canadian and Quebec mining sectors are in a consolidation phase, with VMS deposits attracting particular interest from acquirers. AMQ's enterprise value to resource value ratio of 0.8% is lower than FireFly Metals' 3.5% and Foran Mining's 20.4% at acquisition, a gap reflecting its current development stage.

The next key milestone is a two-year plan, expected to be released by the end of May or early June 2026. The 2026 drilling program, Phase 4, will add 40,000 meters of drilling, divided into infill and step-out drilling to convert inferred resources to the indicated category. Metallurgical and geotechnical testing will be conducted concurrently in 2027, with both deliverables considered inputs for a subsequent Feasibility Study. The PEA and updated resource estimate are both planned for completion within the project funding coverage period (before the first quarter of 2027).

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