Amex Exploration (TSXV:AMX) - 'Undervalued?' Investment Series, with Victor Cantore

Mar 30, 2026

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Interview with Victor Cantore, President & CEO of Amex Exploration Inc.

Our previous interview: https://www.cruxinvestor.com/posts/amex-exploration-tsxvamx-high-grade-quebec-gold-project-targets-q3-2027-production-9500

Recording date: 26th March 2026

Amex Exploration Inc. (TSXV:AMX) has positioned itself as a potentially undervalued opportunity in the gold development sector, with management arguing the company's $470 million market capitalisation fails to reflect the project's underlying economics compared to similarly staged peers.
The Quebec-based developer's investment thesis rests on three fundamental pillars: exceptional ore grades, capital-efficient phased development, and strategic infrastructure positioning. At the project's core lies a grade differential that management characterizes as transformative. While comparable development projects report grades between 1.9 and 3.6 grams per tonne, AMX's deposit averages 5.1 grams per tonne on a diluted basis. The flagship Champagne zone grades 16 grams per tonne before dilution, with practical mining grades expected between 10 and 12 grams per tonne.

This grade advantage translates directly into capital efficiency. Phase 1 development requires $146 million in capital expenditure to achieve production exceeding 100,000 ounces annually from a 2.3 million ounce resource base. The company's phased approach—bulk sample followed by Phase 1 and Phase 2—creates a self-funding pathway designed to minimize equity dilution, with each stage generating revenue to finance subsequent expansion.

Near-term catalysts include imminent bulk sample permit approval, currently at the six-month review threshold following submission in mid-September. Upon approval, construction mobilization follows within 45 days, positioning the project for mid-2027 initial production of 20,000 to 23,000 ounces. Phase 1 commercial production targets early-to-mid 2028.

Infrastructure access provides additional operational advantages. Proximity to an established town delivers immediate workforce availability, while electrical grid connectivity eliminates diesel generation requirements and associated fuel price exposure. Water supply exists through municipal connections, collectively differentiating the project's capital intensity from remote deposits requiring greenfield infrastructure construction.

Management contends that peers with similar production timelines trade at market capitalisations between $1.2 billion and double AMX's current valuation, despite what the company characterises as inferior grade economics and higher capital requirements.

View Amex Exploration's company profile: https://www.cruxinvestor.com/companies/amex-exploration