Last month, we visited Aztec Minerals’ (AZT.V) Tombstone gold-silver project in Arizona. The project is located right next to the town of Tombstone which was put on the map after a large silver discovery and subsequent (silver) rush in the 1880s. While the town now mainly is a (seasonal) tourist destination, it still very much is the capital of a mining district. A district that was somewhat forgotten until it was looked at again and explored again with modern day technologies and techniques.

Aztec Minerals is the first company in decades that has been able to put meaningful amounts of cash to work on the property. Most of its exploration efforts were focused around the past producing Contention pit and step-out holes drilled towards the immediate western side next to the pit has yielded promising returns. The company recently increased the total amount of drilling it expects to complete on the property this year and we are hopeful this will culminate in a maiden resource calculation. We think this would be helpful to support the company’s valuation and provide additional comfort to investors.

And more importantly; Aztec Minerals is fully cashed up to complete the current round of drilling and publish a maiden resource estimate on both its Tombstone and Cervantes projects.

A brief recap of the Tombstone project

Aztec’s 85%-owned Tombstone project should be considered the flagship project as it certainly is the asset the company is focusing the vast majority of its attention and resources on. The project consists of 663 hectares (1639 acres) of patented  and  unpatented claims, and the historic Contention open pit is located entirely on Aztec-controlled ground.

The company had entered into the option agreement with the selling company in 2017, but the breakthrough came in 2020 when Aztec’s drill program encountered 67 meters of 1.6 g/t gold-equivalent, as well as 93 meters of 1.07 g/t gold-equivalent. Those are of course very encouraging results for a project that is approached as an open pit heap leach operation, and the company followed up on these assay results in 2021, where all 23 holes hit gold-silver mineralization.

As the assay results kept coming in over the subsequent few years, Aztec Minerals had to cast a wider net and drill-tested some of its high-priority regional targets. Initial drilling at the Westside zone intersected similar gold-silver oxide-hosted mineralization. While it is good to see the mineralization appears to be widespread, the main focus remains on the Contention zone. Given the drill results shown below, the Contention Zone for sure appears to be the area where it is ‘easier’ to build tonnage and to let a resource modeler do his/her job.

Throughout all of the exploration efforts, it became apparent there is a CRD target on Aztec’s land package. While the main focus of course remains on completing a maiden resource calculation on the oxide zones, the CRD target has not been sufficiently tested and remains a valid target. While interesting, Aztec will likely get the biggest bang for its buck and the best market recognition by initially building out the oxide-hosted gold-silver resource. That could subsequently provide the platform to backstop the company’s market capitalization making the access to capital and the cost of capital better than the current situation.

Drilling is ongoing, with two rigs

While we were on site, Aztec Minerals was drilling with one core rig and one RC rig, and it was great to see the company in action as it is gearing up to publish a maiden resource estimate later this year.

In previous exploration updates, Aztec has already disclosed the assay results of in excess of a dozen of holes. By now, released the assay results from fourteen additional holes that have been drilled at the Tombstone property in Arizona. The results of these RC holes, as well as their location, is quite interesting. Several of the holes expand the Contention Main target area to the west and depth including a highlighted intersection of almost 113 meters containing 0.48 g/t gold and 12.6 g/t silver (0.60 g/t AuEq using a 60:1 silver:gold ratio before taking recovery rates into account).

All 14 holes intersected mineralization (with varying grades, of course, some are good, some are a bit weaker – all results (good and bad) can be found in the company’s extensive update) and confirm the continuity of the mineralization. These results should hopefully be sufficient for Aztec Minerals to start working on a maiden resource estimate after the completion of the current 17,000 meter drill program at Tombstone.

In his CEO comment, CEO Dyakowski highlighted the potential to significantly increase the near-surface gold-silver oxide material at Tombstone. The focus is now on the Westside area and Southwest targets of the property while additional new targets (Ingersoll, Hard-up and Independence) are now being drill-tested as well. Those new targets are pretty shallow and within wheelbarrow distance from the historic and historical open pit operations.

Meanwhile, the core drill program is ongoing with average success. Unfortunately the company had to abandon hole TC25-04 at a depth of almost 832 meters due to drillhole caving, before it reached the target depth of 1,000 meters. The core rig was working on the 7th attempted hole and TC26-03 was targeting the central portion of the Contention mineralization. The core rig is also expected to drill another hole on the northern part of the project to chase the CRD target again. The RC drill program appears to be more successful as it is less hindered by the sometimes poor conditions. And that’s fine, as the RC rig is drilling for the oxide-hosted mineralization which is the low-hanging fruit on the property and the easiest to build tonnage and ounces.

Aztec Minerals had previously announced the JV management committee for the Tombstone project has approved a further expansion of the ongoing drill program. The updated program will now be complemented by an additional 4,500 meters of RC drilling. This will bring the total size of the drill program to a very respectable 17,000 meters, of which 14,200 meters will consist of Reverse Circulation drilling with an additional 2,800 meters of core drilling. The additional 4,500 meters of drilling will cost less than C$2M, and Aztec’s treasury can easily fund this.

This should result in a maiden resource calculation down the road

The company recently announced it has retained APEX Geoscience Ltd. to complete maiden resource estimates on both Tombstone as well as Cervantes.

The Tombstone resource will incorporate the data gathered from in excess of 25,000 meters of drilling since 2020, of which about 70% will have been completed in the past two years. The Tombstone resource will focus on the open pittable leachable oxidized gold-silver zones.

APEX will also complete a maiden resource calculation at Cervantes, which will incorporate the results from in excess of 12,000 meters of drilling in over 70 holes. We shouldn’t expect too much from the maiden resource at Cervantes as the initial resource should be seen as an initial stepping stone to further increase the resources down the path.

The company is cashed up after a recent raise

One of the key elements for a pre-revenue exploration stage company is of course to keep an eye on its own treasury to avoid having to go back to the market and finance at a bad time. Aztec capitalized on the strengthening gold and silver markets in the final quarter of last year as the company completed a C$10M bought deal. Aztec issued 42.6 million shares priced at C$0.235 per share in a warrant-free financing, ensuring it was well-capitalized ahead of a new drill program at Tombstone.

While the company hasn’t published its results for the first quarter of 2026 just yet, it ended 2025 with a positive working capital position of approximately C$8.2M. Additionally, the ‘subsequent events’ of the financial statements indicate Aztec received an additional C$520,000 in cash from the exercise of certain warrants and options in the first few months of 2026. This should ensure the cash position remains at a very healthy level, and Aztec can continue its exploration activities uninterrupted.

Also keep in mind there still are quite a few warrants expiring later this year. As of the end of 2025, there were about 3.5M warrants outstanding with an exercise price of C$0.30 with expiration dates in August and September of this year. On top of that, there were 6.9M warrants outstanding that are expiring in July of this year, and the exercise price of C$0.25 would result in a cash inflow of just under C$1.75M.

Note: considering about 2.24M warrants were exercised subsequent to the end of 2025, the total tally is approximately 8.1M warrants for total proceeds of just under C$3M. As Aztec’s share price has been trading in that C$0.25-0.30 bandwidth for the last little while, it shouldn’t take much to hopefully see the C$0.25 and C$0.30 warrants being exercised to top up the treasury throughout the summer.

Conclusion

While the company still owns the Cervantes project in Mexico’s Sonora state, it is clear that until the situation in Mexico improves, the company’s attention will be on the Arizona based Tombstone property. The decision to raise money in the final quarter of last year likely was the best call as this now allows VP Exploration David Heyl and his team to complete a meaningful drill program.

We hope that the data gathered from this additional drill program will be sufficient for the company to pull the trigger on a maiden resource calculation by the end of this year. As this project is interpreted to be a heap leach operation, the grade doesn’t have to be high as long as the mineralization is somewhat continuous and consistent, making it easier to develop an efficient earth-moving operation.

2026 could be full of catalysts for Aztec Minerals and we do hope the company will publish a resource calculation by the end of this year. We think this will provide something tangible and meaningful to underpin the company’s valuation and make it easier for the company to pitch its story to (potential) investors.

The next twelve months will be full of catalysts for Aztec Minerals, and we are mainly looking forward to seeing the maiden resource estimate for the Tombstone property as US-based projects are capturing a premium on the markets these days.

Disclosure: The author has a long position in Aztec Minerals. Aztec Minerals is a banner sponsor of the website and covered the travel expenses for this site visit. This post is for educational purposes only; be mindful investing in junior mining stocks is risky and you may lose your entire investment if things go wrong. Please read our disclaimer.

GSP Resource Corp. (GSPR.V) has announced it received a five year multi-year area based drill permit (‘MYAB’) for its Mer property in British Columbia’s Highland Valley Copper Camp. This permit will allow the company to move forward with its planned exploration program to drill-test a new porphyry target.

The Mer property is located approximately 1.5 kilometers northwest of the Alwin Mine project owned by GSP, and Is completely surrounded by Teck’s Highland Valley copper mine land package.

The company completed a soil and rock sampling program in the area where historical drilling took place, and this defined a copper anomaly of approximately 175 meters by 120 meters, with the anomaly remaining open to the northwest. Rock samples taken at the old Mer mine returned a dozen samples running between 0.14% copper and 1.02% copper (with an average grade of 0.4% copper). The historical percussion drill program encountered intervals such as 30 meters of 0.53% copper, 15 meters of 0.50% copper and 21 meters of 0.51% copper, with all mineralized intervals occurring close to surface. A single diamond drill program hit 24 meters of 0.29% copper, so it is clear why the company would like to follow up on its high-priority target at Mer.

Disclosure: The author has no position in GSP Resource Corp. This post is for educational purposes only; be mindful investing in junior mining stocks is risky and you may lose your entire investment if things go wrong. Please read the disclaimer.

Element 29 Resources (ECU.V) has closed its previously announced financing, issuing 32.25M shares at C$1.10 per share for total gross proceeds of C$35.5M, and net proceeds of approximately C$34.8M after taking finders fees into consideration.

The company was able to add Alpayana to its shareholders register, and this new strategic investor acquired a 9.9% interest in the company. Alejandro Gubbins’ investment holding has been quite active lately as Alpayana also acquired positions in Kingfisher Metals (copper and gold in British Columbia) and is the lead for a financing of Pan Global Resources (copper and gold in Spain). Element 29’s Elida project appears to be the most advanced of the projects Alpayana recently invested in. Element 29 announced Randy Smallwood also participated in the financing which could and should be seen as yet another vote of confidence.

With this impressive no-warrant capital raise, Element 29’s treasury is in an excellent shape to continue to expand the currently known resource at its flagship Elida project in Peru. We hope to see additional drill results soon, as we will never get tired of seeing 900-1,400 meter deep holes with continuous mineralization.

Also, keep in mind that Element29 has 19M warrants outstanding of which 13M are due in 2027 (with a C$0.50 exercise price) and 6.3M are due in 2028 (with a C$0.70 exercise price). All these warrants are currently in the money and could bring in an additional C$11M in cash. This could further be increased to in excess of C$11.5M as there are also 1.02M options at C$0.57 expiring in 2027.  

Disclosure: The author has a long position in Element 29 Resources. Element 29 Resources is a sponsor of the website. This post is for educational purposes only; be mindful investing in junior mining stocks is risky and you may lose your entire investment if things go wrong. Please read the disclaimer.

Neotech Metals (NTMC.C) has signed an agreement with Kenorland Minerals (KLD.V) allowing it to acquire a 100% interest in the Torrance project in Ontario. Torrance is located just 70 kilometers from Neotech’s flagship project (Hecla-kilmer) where it recently encountered in excess of 400 meters of 0.53% TREO and 214 meters of 0.67% TREO.

The Torrance project is a niobium-tantalum-REE project and as Kenorland has done quite a bit of ground work (including completing almost 2,900 line kilometers of high-resolution aeromagnetic gradiometery, it was time for another company to take the baton and continue to work on the high-priority targets on the land package.

Neotech will issue 1 million shares to Kenorland (subject to a two year holding period) and is required to complete at least 2,000 meters of diamond drilling on the project before the third anniversary of the agreement. A cheap earn-in agreement for Neotech, which will only have to issue a 2% NSR to Kenorland (of which it can repurchase half for C$5M). Should drilling be successful, Kenorland should benefit from the Neotech share price. And if the project would ever become a mine, the NSR could be valuable. But Kenorland is just doing what it’s good at. Find good assets, do some groundwork and search for a joint venture partner (or earn-in agreement) to advance the exploration projects.

Disclosure: The author has no position in Neotech or Kenorland Minerals. This post is for educational purposes only; be mindful investing in junior mining stocks is risky and you may lose your entire investment if things go wrong. Please read the disclaimer.

Dryden Gold (DRY.V) has no issues raising money these days as the company recently announced it upsized its private placement to 23 million shares for total proceeds of C$9.7M. The company plans to issue up to 16.2M flow-through shares at C$0.41 while an additional 6.8 million charity flow-through shares will be sold at C$0.452.

Both Centerra Gold and Alamos Gold will invest on a pro rata basis to maintain their respective positions of 9.9% and 10.46% in Dryden Gold, and that of course is a nice vote of confidence as well. Both companies will participate in the charity flow-through segment of the financing.

The proceeds of the financing will be used to fund additional drilling and exploration on its flagship asset in Ontario.

Disclosure: The author holds a long position in all stocks mentioned in this article. This post is for educational purposes only; be mindful investing in junior mining stocks is risky and you may lose your entire investment if things go wrong. Please read the disclaimer.

Maple Gold Mines (MGM.V) has released an updated resource calculation on its flagship Douay/Joutel project in Quebec. The pit-constrained resource at Douay now contains 731,000 ounces of gold in the indicated resource category and an additional 2.7 million ounces of gold in the inferred category with the resource grade of the latter coming in at 0.77 g/t (compared to 0.94 g/t in the previous resource). While 0.77 g/t should be fine in the current gold price climate, it is lower than we had expected but that’s mainly due to the lower cutoff grade of 0.35 g/t versus 0.45 g/t in 2022. Using the 0.35 g/t cutoff grade in the 2022 resource calculation, the Douay open pit contained 2.35 million ounces at 0.81 g/t gold.

The combined resource now also includes the two underground areas on the Douay and Joutel zones with respectively 608,000 ounces just over 1.5 g/t gold and 1.12 million ounces at an average grade of around 4.15 g/t across the indicated and inferred resource categories.

The updated resource is a substantial improvement from the 2022 resource but it’s also important to realize that since the cutoff date for the 2026 resource, a total of 26,000 meters of additional drilling has been completed, and those results did not make it into the resource calculation. An additional 6,000 meters of drilling has been approved which means that within the next few months, Maple Gold Mines will be sitting on in excess of 30,000 meters of drilling data that was not incorporated in the resource.

Disclosure: The author has a small long position in Maple Gold Mines. This post is for educational purposes only; be mindful investing in junior mining stocks is risky and you may lose your entire investment if things go wrong. Please read the disclaimer.

Alkane Resources (ALK.AX) (ALK.TO) has released its production results for the March quarter of 2026 (which is Q1 CY 2026, but Q3 FY 2026 for the company). As the table shows, the consolidated gold production was just under 44,700 ounces of gold with almost half of that output coming from the Tomingley mine. The Costerfield mine wa good for about 10,600 ounces of gold as well as 377 tonnes of antimony. The antimony was sold at an average price of A$34,400/t.

The AISC came in at around A$2930 per ounce of gold-equivalent due to higher diesel prices as well as higher royalty payments (the latter are obviously tied to the higher gold price). And while the AISC is not one of the lowest in the sector, the current high gold and antimony prices obviously make up for that and at the end of March, the company’s cash, bullion and listed investment balance reached A$374M.

Disclosure: The author has no position in Alkane Resources. This post is for educational purposes only; be mindful investing in junior mining stocks is risky and you may lose your entire investment if things go wrong. Please read the disclaimer.

District Metals (DMX.V) has announced a LIFE financing, raising C$10M by issuing approximately 14.7M common shares at C$0.68 per share. There will be no warrants issued as part of this financing. The day after announcing the financing, District Metals announced the books have closed, so we should see a swift closing. It’s our understanding District Metals anticipates raising C$10M and won’t upsize the offering.

Disclosure: The author has a small long position in District Metals. District is a sponsor of the website. This post is for educational purposes only; be mindful investing in junior mining stocks is risky and you may lose your entire investment if things go wrong. Please read the disclaimer.

Mineros (MSA.TO) will publish its financial results next week, but the company has already pre-released its production results. In the first quarter of this year, the company produced 57,850 ounces of gold and just under 162,000 ounces of silver for a total gold-equivalent output of 60,782 ounces. This represents a 10% increase compared to the same period last year, driven by the higher production from the Hemco asset in Nicaragua (37,941 ounces of gold versus 30,999 ounces gold in Q1 2025).

Disclosure: The author has no position in Mineros. This post is for educational purposes only; be mindful investing in junior mining stocks is risky and you may lose your entire investment if things go wrong. Please read the disclaimer.

Pilbara Gold (PGL.AX) (formerly known as Kairos Minerals (KAI.AX)) has released an updated resource calculation on its Mt York gold project in Western Australia. The updated resource incorporates assay results from an additional 27,000 meters of drilling, which added about 700,000 ounces to the global resource. According to the company, this represents a discovery cost of just A$13.40 per ounce (less than US$10/oz).

It’s also interesting to see that about 2/3^rd of the total resource is now in the indicated resource category, and the company aims to convert the entire inferred resource into the indicated category. A 50,000 meter drill program will be completed this year which will be very helpful to tighten up the resource ahead of a pre-feasibility and feasibility study on the project.

The resource is confined in one large pit shell with a strike length of 4,200 meters, reaching depths of up to 350 meters (with the resource remaining open at depth). It will be interesting to see how the strip ratio evolves as the company drills out the open pit. In a 2024 scoping study, the strip ratio was estimated at 5.7 over the life of mine.

Disclosure: The author has no position in Pilbara Gold. This post is for educational purposes only; be mindful investing in junior mining stocks is risky and you may lose your entire investment if things go wrong. Please read the disclaimer.

The lithium price is firmly holding its ground above $20,000 per tonne, there has never been as much political support as there currently is for domestic lithium projects in the United states, yet Century Lithium (LCE.V) is trading at in excess of 20% below the price its most recent financing was conducted at.

While the market is still applying a ‘wait and see’ approach, the stars are starting to align for the company. Century Lithium also recently emphasized the increased reagent prices for sulfuric acid have no impact on the Angel Island project considering it uses a whole different approach as its proprietary metallurgy doesn’t use any sulfuric acid.

Century’s competitive advantage: using the chlor-alkali process

Just last week, Century Lithium provided an update to the market highlighting its proprietary production process without the use of sulphuric acid.

Century Lithium will now also move its demonstration plant from Amargosa Valley to Tonopah. A move that makes sense as it will be helpful to centralize the operations which will make it easier to showcase the Angel Island project and the use of the proprietary technology to interested partners. After all, Century Lithium’s next phase will be to work on permitting and funding for the project.

It’s perhaps also important to reiterate that the entire economic study on the Angel Island lithium project is based on Century Lithium’s patent pending chlor-alkali process. In that process, sodium chloride is used to produce hydrochloric acid and sodium hydroxide. The hydrochloric acid leaches the lithium from the claystone while the sodium hydroxide provides acidity level control throughout the entire production process. The excess sodium hydroxide could be sold, generating a by-product revenue which enhances the overall project economics.

Perhaps that still is an underrated part of the entire economic thesis but it plays an important role as this means the Angel Island project does not need any sulfuric acid.

And that is important because the global sulfur markets have been hit pretty hard by the war in the Middle East (as approximately half of the globally traded sulfur volumes pass through the Strait of Hormuz, as per recent reports). Prices have skyrocketed (outside of the lithium sector, this also makes uranium producers nervous as sulfuric acid is an important component in the recovery of uranium too) and for instance the Tampa contract sulfur prices (which are a well-used benchmark for the domestic sulfur price) have seven-folded in the last few years. This had an immediate knock-on effect on the price of sulfuric acid which almost doubled in the same time frame.

While sulfuric acid is a well-known component used to leach lithium, it’s important to realize that Century Lithium’s process does not need a single gram of sulfuric acid. And that is of course a major competitive advantage right now.

The lithium price remains strong

Based on the share price of Century Lithium, you would expect a weak lithium market in general, but that couldn’t be further from the truth. As of the time of writing this update, the price for lithium carbonate in China exceeds $25,000/t. And that’s even higher than the $24,000/t that was used in the base case scenario in the feasibility study. The table below shows us everything we need.

As you are aware, the project sports a US$4B after-tax NPV8% using a base case lithium price of US$24,000/t. This comes with a 27.4% after-tax IRR despite spending north of US$2B in capital expenditures within the first six years (including two years of pre-production capex and the continuous investment to increase the output that will be incurred in the first four years of the mine life).

From Y5 on, it will be smooth sailing with almost US$600M in net after-tax free cash flow (not our numbers, but the numbers in the official feasibility study, shown above). Which means this is exactly the type of project (with a manageable capex, low opex and multi-decade mine life) that larger companies and offtake partners are looking for, to secure a reliable flow of lithium for decades to come.

Note; these economics include the impact of selling sodium hydroxide as a by-product credit at a price of $750/dmt on a FOB basis. As per the effective date of the feasibility study, this represented a 20% discount to the market price at that moment. In full production, the NaOH by-product revenue represents just over 20% of the pre-tax cash flow. A nice addition to boost the economics, but the Angel Island project does not rely on selling sodium hydroxide to make it work. And keep in mind the company has a non-binding MOU in place with Orica which is interested in purchasing membrane-grade sodium hydroxide from Angel Island.

Adding a Chief Technical Officer to strengthen the team

Earlier this month, the company also announced it appointed Todd Fayram as its Chief Technical Officer. Fayram has been involved with Century Lithium since 2023 when he took on the role of SVP Metallurgy, a key role that cannot be underestimated considering it’s an incredibly important aspect to recover the lithium from the mineralized clay.

As Fayram has been instrumental in helping to design and improve the proprietary process allowing Century Lithium to produce battery grade lithium, a promotion to CTO was a logical next step.

The company cashed up after its C$7M raise

At the end of March, the company  closed its C$7M brokered financing (after it was upsized from an initially planned C$5M) for net proceeds of C$6.5M. Century Lithium issued almost 15 million units at C$0.47 per unit, with each unit consisting of one common share and a full warrant. Each full warrant allows a warrant holder to acquire an additional share for C$0.65 during a five year period. The proceeds of the financing will be used for general working capital purposes as well as advancing the Angel Island lithium project through additional technical and permitting work.

Additionally, the company continues to top up its treasury with the proceeds of warrants that were issued in previous placements. In the first two months of 2026 this results in an additional cash inflow of approximately C$143,000. And while this is a negligible amount in the greater scheme of things, these proceeds are useful to help fund the day-to-day overhead expenses. As the majority of the warrants currently have an exercise price of C$0.45, we don’t anticipate any substantial warrant proceeds as long as the share price trades below that level (and hopefully the share price will find its way up again as a gradual exercise of the C$0.45 warrants likely is the best case scenario for Century Lithium).

We estimate the company currently has approximately C$12M in working capital on the balance sheet.

Conclusion

The pieces of the puzzle are finally falling into place for Century Lithium and the recent capital raise will allow the company to continue its efforts at the Angel Island project without slowing down its pace. With a definitive feasibility study in hand and with a lithium carbonate price that continues to trade above $20,000 per tonne (and trading above $25,000/t as recent as last week), Angel Island is one of the most advanced lithium projects in North America.

The project is also already on the radars of the decision makers as it was granted the FAST-41 designation, which should streamline the permitting process.

Despite all these positive elements, the share price continued to slide since the C$7M capital raise, and anyone buying the stock right now can do so at a 20-25% discount compared to what participants in the placement paid for their stock. At the current share price, the company is trading at just over 1% of the official after-tax NPV8% of the flagship Angel Island project.

Disclosure: The author has a long position in Century Lithium. Century Lithium is a sponsor of the website. This post is for educational purposes only; be mindful investing in junior mining stocks is risky and you may lose your entire investment if things go wrong. Please read the disclaimer.

Amex Exploration (AMX.TO) has released the results of an initial feasibility study using just a portion of the potential mine life as outlined in the PEA which was published in the third quarter of last year. The feasibility takes just 2 million tonnes into account but considering the average grade exceeds 12 g/t gold and considering the feasibility study is using a toll milling scenario in its base case, the economics of this study are phenomenal.

The initial capex is estimated at just under C$200M, resulting in a payback period of just six months using a gold price of US$3500/oz. This scenario consists of two years of pre-production followed by five years of  commercial mining and toll milling. The mine is then expected to produce an average of 147,000 ounces of gold at an all-in sustaining cost of US$910/oz during those five years (including C$238M of sustaining capital expenditures). This results in an after-tax NPV5% of C$1.13B at $3500 gold, increasing to C$1.36% and an IRR of 130% at $4000 gold.

Although Amex has not yet entered into a definitive agreement with a mill operator, it has included a pro forma transportation cost of C$50/t in its opex calculations, which is the equivalent of a 160 kilometer trucking distance.

Disclosure: The author has no position in Amex Exploration. This post is for educational purposes only; be mindful investing in junior mining stocks is risky and you may lose your entire investment if things go wrong. Please read the disclaimer.