From Permits to Gold Pour: Why Readiness Matters

This article has been disseminated on behalf of LaFleur Minerals Inc. and may include a paid advertisement.

MiningNewsWire Editorial Coverage: One of the most pivotal moments in a mining company’s lifecycle is not the initial discovery phase or the point at which production is fully established, but rather the transition between exploration and production. At this stage, geological uncertainty has been largely addressed, infrastructure is complete, pathways to production are defined and capital is aligned with execution. Historically, this combination has created the conditions for substantial valuation expansion. Adequate funding becomes critical during this transition, enabling companies to move beyond planning and into operational delivery. This dynamic is now emerging at LaFleur Minerals Inc. (CSE: LFLR) (OTCQB: LFLRF) (FSE: 3WK0) (Profile), a Québec-based near-term gold producer that recently completed an upsized and oversubscribed C$7.8 million financing. With capital in place to restart operations at its Beacon Gold Mill, the company now sits at a stage where upside has often accelerated for mining developers. LaFleur differentiates itself within the junior mining space by controlling both advanced exploration assets and fully permitted, refurbished processing infrastructure in one of the world’s most productive gold regions. The company owns the 750 tonnes per day (“tpd”) capacity Beacon Gold Mill outright and continues to advance its 100%-owned Swanson Gold Project as a near-term source of mill feed. Despite being significantly further along than many peers still navigating permitting and infrastructure development, LaFleur’s market valuation remains well below the implied value of its assets. As the company approaches revenue generation in Canada’s leading gold-producing region, it stands alongside a broader group of gold-focused miners working to establish long-term leadership positions, including Wheaton Precious Metals Corp.(NYSE: WPM) (TSX: WPM.CA), Snowline Gold Corp. (TSX: SGD) (OTCQB: SNWGF), Sirios Resources Inc. (TSX.V: SOI) (OTCQB: SIREF) and Radisson Mining Resources Inc. (TSX.V: RDS) (OTCQX: RMRDF).

Disclosure: This does not represent material news, partnerships, or investment advice.

• LaFleur’s operating strategy is built on integrating mining and processing by directing Swanson material to the Beacon Gold Mill.
• The Swanson Gold Project represents the core of the company’s growth strategy and underpins its integrated production model.
• As production approaches, LaFleur is methodically reducing development risk through bulk sampling and economic validation.
• The Beacon Gold Mill remains one of the company’s most valuable assets, with a replacement value over C$71 million that substantially exceeds current market capitalization.
• The company’s plan to restart the Beacon Gold Mill is both structured and achievable.

Capital Positions Company for Production

Over recent months, gold prices have surged to historic highs, with spot prices moving above $4,600 per ounce and major financial institutions forecasting continued strength. Analyst projections suggest gold could exceed $5,000 per ounce in 2026, supported by persistent macroeconomic uncertainty, central bank accumulation and sustained safe-haven demand.

JP Morgan Private Bank projects an average price of $5,055/oz gold by the fourth quarter of 2026 with $5,300/oz gold potential peak. Goldman Sachs predicts $4,900/oz base case by December 2026. The strong rally observed through 2025 has reinforced the outlook for producers and near-term producers, which stand to benefit from widening margins and improved cash generation under current price conditions.

LaFleur’s operating strategy is built on integrating mining and processing by directing Swanson material to the Beacon Gold Mill. This structure minimizes reliance on third-party processing facilities and avoids delays often associated with permitting new infrastructure. By controlling both ore supply and processing capacity, the company is positioned to capture value across the production chain within a well-established mining district.

The recently completed C$7.8 million financing marks a pivotal step as the company moves to restart gold production at Beacon, with the potential to quickly commence operations with nearly 20,000 mt of mineralized material stockpiled on site. The financing included an upsized LIFE offering generating approximately C$4.7 million, an oversubscribed flow-through financing of roughly C$2.2 million and a final hard-dollar tranche of about C$900,000. Together, these proceeds provide the financial flexibility needed to advance mill restart activities and continue development at Swanson without immediate dilution pressures.

This funding milestone coincides with preparation for the company’s Preliminary Economic Assessment (“PEA”), which is intended to outline an economically grounded plan for sourcing material from Swanson and processing it at Beacon. The study is expected to incorporate updated geology, mining scenarios, metallurgical performance and cost assumptions, all framed within the context of prevailing gold prices. Importantly, the PEA is anchored in existing, permitted infrastructure, reducing execution risk relative to greenfield development projects.

LaFleur’s timing also aligns with broader trends across Canadian gold mining. Canada continued its status as a leading global gold producer in 2025, ranked fourth globally, with Québec and Ontario remaining key locations national output. The Abitibi Greenstone Belt remains a focal point for capital deployment, consolidation and acquisitions. Recent regional transactions involving established producers underscore the premium placed on advanced projects with infrastructure access, particularly as gold prices remain elevated. Against this backdrop, independent research coverage has highlighted the company as a potential candidate for valuation re-rating as it advances toward production.

Swanson Project Drives Long-Term Expansion

The Swanson Gold Project represents the core of the company’s growth strategy and underpins its integrated production model. The project is at an advanced exploration stage and supported by more than 36,000 meters of historical drilling that have defined multiple gold-bearing structures. Current mineral resources reach approximately 123,000 ounces of gold in the indicated category and 64,500 ounces inferred, providing a significant base for near-term development while leaving room for substantial expansion toward a potential million-ounce resource.

Swanson’s land position has grown significantly and now spans more than 18,300 hectares, encompassing hundreds of claims and a mining lease. This represents one of the largest land packages in its district and lies near numerous historic and active gold operations in the Abitibi region. The scale of the property allows for a district-wide exploration approach rather than reliance on a single deposit. Management has outlined a strategy to consolidate adjacent land packages, reinforcing Swanson’s position as a dominant exploration asset supported by nearby processing infrastructure.

Exploration activity across the property remains active. The company initiated a 7,500-meter diamond drilling program targeting more than 50 prospective zones across Swanson and satellite areas such as Bartec, Jolin and Marimac. The program is designed to evaluate high-grade zones, test strike extensions and assess areas suitable for open-pit development and bulk sampling. Recent surface sampling results have returned encouraging gold grades, reinforcing the project’s potential to support both near-term production and long-term growth.

In parallel, a targeted twin-hole drilling program is underway at the main Swanson deposit to verify historical data, improve resource confidence and collect fresh core for metallurgical and ore-sorting analysis. These efforts are directly tied to the forthcoming PEA being led by the environmental consultant firm Environmental Resources Management (“ERM”) and support the longer-term objective of expanding the resource base. The project’s proximity to the Beacon Gold Mill allows for a trucking-based processing model that has proven effective throughout the Abitibi and is generally favored by investors due to lower capital requirements and shorter development timelines.

Reducing Risk Through Bulk Sampling

As production approaches, the company is methodically reducing development risk through bulk sampling and economic validation. Permitting is underway for a bulk sample of approximately 100,000 tonnes from Swanson, with an estimated average grade near 1.9 grams per tonne gold. While representing only a small portion of the current resource, the sample is expected to deliver valuable real-world data on mining conditions, processing performance and recoveries.

Bulk sampling allows management to validate grade continuity, confirm mining assumptions and generate metallurgical data under conditions closely resembling commercial operations. It also creates an opportunity to produce gold doré early in the development cycle, offsetting costs and demonstrating operational capability. Environmental and closure planning for the bulk sample is being advanced in coordination with Québec regulators, reflecting the province’s established and transparent permitting framework.

The anticipated release of the PEA in early 2026 is expected to serve as another meaningful catalyst. Investors often view this stage as a critical validation point, where conceptual upside is translated into modeled economics supported by infrastructure and funding. For companies that already own a permitted mill, the conclusions of a PEA may carry added significance, as fewer assumptions are required to move from study to execution.

Mill Ownership Creates Strategic Leverage

The Beacon Gold Mill remains one of the company’s most valuable assets. Located in Val-d’Or, the facility is fully permitted and capable of processing more than 750 tonnes per day, with potential for expansion. Acquired through the Monarch Mining CCAA process in 2024, the mill benefited from approximately C$20 million in upgrades completed in 2022, leaving it in strong operating condition and requiring only modest capital to restart.

Independent engineering analysis has highlighted the value of this infrastructure. A report by Bumigeme Inc. estimated the replacement cost of the mill and tailings facility at approximately C$71.5 million. In contrast, the cost to rehabilitate and recommission the facility is estimated at C$5 to C$6 million, underscoring the economic advantage of owning permitted infrastructure.

The mill is royalty free, carries no significant encumbrance and is supported by an existing reclamation bond. Its location benefits from established road access, grid power and a skilled regional workforce, contributing to reduced operating risk and faster ramp-up. In addition to processing Swanson material, the mill presents potential for custom milling arrangements with nearby deposits, creating optionality for additional revenue streams.

From a financing standpoint, ownership of the Beacon Gold Mill enhances the company’s negotiating position. Permitted processing infrastructure of this quality is increasingly scarce in tier-one jurisdictions. The mill supports both equity and offtake discussions and underpins the assumptions used in development studies. For investors, it represents tangible asset value that is often underrecognized in early-stage valuations.

Clear Route to Near-Term Cash Flow

The company’s plan to restart the Beacon Gold Mill is both structured and achievable. Management has outlined a C$5 to C$6 million budget to bring the facility back online over a six- to eight-month period. The plan includes targeted equipment upgrades and necessary work on the tailings storage facility to ensure compliance and operational readiness. The goal is to initiate ramp-up early in the year and reach steady-state operations within months.

This timeline places the company among a limited group of junior miners with a credible path to near-term cash flow. In an industry where mine development timelines often exceed a decade, the ability to move rapidly from development to operations is a meaningful differentiator. Investors frequently favor brownfield opportunities supported by existing infrastructure, particularly when commodity prices are strong.

Regional dynamics further support the company’s positioning. The Abitibi Belt hosts more than 100 historic and operating mines, many of which could represent future sources of custom milling feed. Recent mergers and acquisitions involving major producers in the region have reinforced the strategic importance of infrastructure corridors. Valuation benchmarks emerging from these transactions suggest that ounces supported by production pathways can command meaningful premiums.

The company’s proactive approach to financing and partnerships has reinforced momentum created by recently completed financing. Capital allocated for the mill restart not only supports near-term execution but also preserves flexibility as the company advances toward cash-generating operations. In an environment where gold prices may continue to rise amid expanding global debt levels, the leverage offered by near-term production stories becomes increasingly attractive.

Ultimately, the company illustrates why the explorer-to-producer transition can be viewed as one of the most compelling phase of the mining lifecycle. With funding secured, a permitted and refurbished mill and an advanced exploration asset positioned to supply feedstock, it appears to be several years ahead of many peers and lined up for an impending re-rate in the market. As gold prices remain elevated and investor demand for de-risked growth opportunities increases, this integrated model in the Abitibi Belt highlights the alignment of timing and assets that can drive significant valuation re-ratings. This alignment has been echoed in recent independent research reports that have outlined valuation targets exceeding current trading levels.

Strategic Deals, Development Drive Gold

Gold-focused companies continue to advance projects and execute strategic transactions that underscore confidence in long-term demand and asset quality. Recent announcements spanning streaming acquisitions, prefeasibility work, corporate consolidation and successful drill programs highlight steady progress across several of the industry’s most active mining regions.

Wheaton Precious Metals Corp. (NYSE: WPM) (TSX: WPM.CA) has announced the acquisition of a gold stream on the Nevada-based Spring Valley project. The company noted that its wholly owned subsidiary, Wheaton Precious Metals International Ltd., has entered into a definitive Precious Metals Purchase Agreement with Waterton Gold Corp., a subsidiary of Waterton Gold LP, in respect of the Nevada-based Spring Valley Project. Company management noted that, with its strong geological profile, strategic location and proven leadership, Spring Valley aligns perfectly with Wheaton’s commitment to investing in high-quality, value-accretive assets.

Snowline Gold Corp. (TSX: SGD) (OTCQB: SNWGF) has commenced work on a fully funded prefeasibility study (“PFS”) for the Valley gold deposit on its flagship Rogue Project. in the eastern Yukon Territory. To ensure rigour across different aspects of the study, Snowline has engaged multiple firms on different components of the PFS, including Wood Canada Limited, SRK Consulting (Canada). The PFS will assess multiple options for possible future development and mine design at Valley, defining the engineering and economic frameworks for advancing Valley toward a potential feasibility study.

Sirios Resources Inc. (TSX.V: SOI) (OTCQB: SIREF) has entered into an arm’s length definitive arrangement agreement with OVI Mining Corp.  The agreement outlines plans for Sirios to acquire all of the issued and outstanding common shares of OVI pursuant to a statutory plan of arrangement. According to the company, the combination creates a Québec-focused gold company, uniting Osisko’s expertise in asset development with Sirios’ longstanding track-record of exploration success in the Eeyou Istchee James Bay region of Québec.

Radisson Mining Resources Inc. (TSX.V: RDS) (OTCQX: RMRDF) has released assay results from six new drill holes completed at its 100% owned O’Brien Gold Project. The project is located in the Abitibi region of Québec. The six holes are the latest completed as part of the company’s ongoing 140,000-metrer step-out drill program designed to test the overall scope of gold mineralization at the Project. All six of the holes released today intersected gold mineralization, and five of the holes returned intercepts with grades and thicknesses consistent with the project’s existing mineral resources, continuing the very high success rate of the current drill program.

These developments reflect a gold sector focused on disciplined growth, technical validation and strategic positioning. As companies move projects through key development stages and pursue value-enhancing transactions, investors will be watching closely for continued execution and the emergence of the next generation of high-quality gold assets.

For further information about LaFleur Minerals, please visit the LaFleur Profile.

Qualified Person Statement – All scientific and technical information contained in the LaFleur Minerals Market Awareness Profile (“MAP”) has been reviewed and approved by Louis Martin, P.Geo. (“OGQ”), Exploration Manager and Technical Advisor of the company and considered a Qualified Person for the purposes of NI 43-101.

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