Critical Minerals and Energy Intelligence

Junior gold miners — why now?

EPISODE 5. Anthony Milewski and Christian Purefoy are joined by special guest Victor Cantore, President and founder of Bay Capital Markets, to talk about the high gold price and AMEX Exploration, a gold exploration mining company in Canada.

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🎙️ Transcript

Conversation featuring Victor Cantore (CEO, Amex Exploration), Christian Purefoy, and Anthony Milewski. Edited for clarity and readability.

Victor Cantore:

When you look at the geopolitical tension, inflation, and trade wars—it’s clear to me: gold’s going higher. Some technical charts even show a 40-year cup and handle breakout with upside targets over $4,000, even $8,000 long-term. People laughed a few years ago when some forecast $10,000 or $30,000 gold. Not anymore.

Anthony Milewski:

So we’re looking at gold at $3,300—maybe going to $4,000. I remember when investors scoffed at any project that modeled above $2,500. What’s your all-in sustaining cost (AISC) at Amex?

Victor Cantore:

Our last PEA, from November 2024, used $2,000 gold. Even then, it looked strong. Our AISC is $807/oz over life of mine. At $3,300 gold and 100,000 ounces per year? That’s hundreds of millions in free cash flow. And we’re still drilling—so those numbers are going to get even better.

Christian Purefoy:

That’s significant. There’s an op-ed today arguing Canada should lead on gold—mining, financing, permitting. You’re operating in Quebec—does that give you an edge?

Victor Cantore:

Absolutely. We’ve drilled over 500,000 meters and spent $120 million in exploration since 2016. We’re next to past-producing mines, have local support, good relations with First Nations, and major backers—Eric Sprott owns 12%, Eldorado Gold has 9.9%. We’re now shifting from exploration to near-term production.

Anthony Milewski:

For newcomers: 500,000 meters of drilling means serious investment. You’ve raised and spent real capital—positioned for production. So what’s the timeline?

Victor Cantore:

In Quebec, once we file a positive feasibility study, it kicks off a two-year environmental permitting process called BAPE. We’re hiring top-tier environmental consultants and we’re well-located—with infrastructure and a mining-friendly town. Best case? Two years to production.

Anthony Milewski:

M&A seems inevitable. Advanced projects like yours—with high grade, strong economics—are ripe for acquisition. Gold producers are burning through reserves. Is the sector waking up?

Victor Cantore:

It’s starting. M&A is coming. Majors and mid-tiers alike need to replace ounces, and projects like ours—high grade, advanced, in safe jurisdictions—are perfect fits. The Abitibi Greenstone Belt where we operate is already seeing growing interest.

Christian Purefoy:

Despite high gold prices, miner valuations still seem low. What’s your current market cap?

Victor Cantore:

Roughly $145 million. But at $2,600 gold, our after-tax NPV5% is $914 million. At $3,300, it’s closer to $1.4 billion. Our CapEx? Just $229 million. That’s a half-year payback. These are numbers we haven’t seen since the 2006–2007 gold bull.

Anthony Milewski:

And unlike base metals, building more gold mines doesn’t really flood the market. It’s a store of value play—linked to global monetary supply, not industrial demand. Even if everyone builds, it barely dents the narrative.

Victor Cantore:

Exactly. Central banks are increasing gold reserves as fiat money expands. This isn’t copper. Supply from a few more mines won’t kill the rally. Plus, the easy ounces have already been found. The future is in advanced-stage and brownfield projects.

Anthony Milewski:

You know we’ve hit the peak when someone raises $400 million to build a mine in the Congo. But right now, the smart money’s looking to Canada—rule of law, access to capital, and real infrastructure.

Victor Cantore:

Couldn’t agree more. And as long as gold holds or rises, more projects with sub-$300M CapEx and fast paybacks will get funded. The next few years could be explosive.

Christian Purefoy:

Thanks, Victor. For anyone watching, this is a space to watch closely and don’t forget to do your own research.

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