Abitibi Metals Corp.
Well-funded, pre-PEA Québec explorer that has consolidated 100% of the high-grade B26 Cu-Zn-Au-Ag VMS deposit (25.3 Mt at ~2.1% CuEq, NI 43-101) and is now running a ~40,000 m drill programme and metallurgy ahead of a first economic study.
Report of 29 Sept 2026 (latest), confidence medium
- Listing
- TSXV: AMQ
- Main project
- B26 Polymetallic Deposit
- Location
- Quebec, Canada
- Commodities
- Copper, Zinc, Gold, Silver
- Stage
- Exploration
- Tier
- Tier 3
- Website
- abitibimetals.com
No crisis trigger, but the PEA input window (metallurgy feeding the PEA, three rigs running to year-end) and two recent leadership hires make the next 1–3 months the right time before study assumptions are frozen.
Explorer playbook: keep it small and equity-heavy. The pitch centres on early operability input to the PEA (mine scheduling, UG method and dilution, drill & blast and load & haul/UG haulage assumptions, maintenance and supply-chain basis, processing operability) plus drill/assay data governance and a community/ESG engagement framework. Because Abitibi runs a real three-rig programme, we add one field-execution workstream (SIC on drilling) where our proof points apply directly. We do not pitch AISC or turnaround. The Developer playbook (operational readiness, owner-vs-contractor, ramp-up plan) is positioned as the natural follow-on once a PEA supports advancing to PFS.
Company summary
Abitibi Metals Corp. (TSXV: AMQ; OTC: AMQFF; some releases cite CSE: AMQ) is a development-stage exploration company. Its flagship is the B26 polymetallic (copper, zinc, gold, silver) volcanogenic massive-sulphide deposit in Québec's Abitibi region, in the Selbaie camp. The company optioned B26 from SOQUEM Inc., a subsidiary of Investissement Québec, in November 2023. It moved to 50% (June 2025), then 80% with operatorship (March 2026). In June–September 2026 it announced 100% ownership, with deferred milestone payments and a royalty reported as reduced to 1% [35][54][33][22][36].
The January 1, 2026 NI 43-101 resource (SGS Canada) is 12.96 Mt Indicated at 2.08% CuEq (1.19% Cu, 1.16% Zn, 0.44 g/t Au, 30.8 g/t Ag) plus 12.34 Mt Inferred at ~2.2% CuEq. That totals ~25.3 Mt, containing ~775 Mlb Cu and ~451 koz Au [18][19][21]. The resource is up ~124% since the 2023 option [19]. There are no reserves and no PEA, PFS or FS. The resource basis assumes an underground concept with C$60.50/t mining, C$24.00/t processing, C$1.50/t G&A, 90% mining recovery and 10% dilution [18][44]. Preliminary testwork returned 98.2% Cu recovery to a 23.7% Cu rougher concentrate. Cleaner, locked-cycle, zinc-circuit and marketability work is ongoing and will feed an upcoming PEA [28].
The balance sheet was strengthened by a C$30.75M non-brokered financing led by Discovery Silver, which now holds ~9.9% with participation rights [5][13]. This followed a C$16.1M bought deal in 2025 [29]. No debt, stream or offtake has been identified. Field work was briefly suspended by a wildfire evacuation order in July 2026, the same day a new CFO, Keith Gorman, was appointed [38]. A new SVP Corporate Development & Growth, Ben Pullinger, followed on July 16 [31]. Up to three rigs are expected to run for the rest of 2026 [20].
Key projects
2| Project | Location | Stage | Resource or reserve |
|---|---|---|---|
B26 Polymetallic Deposit Cu-Zn-Au-Ag (VMS) | Selbaie camp, Abitibi region, Québec, Canada | Exploration / resource definition; metallurgy under way; PEA planned | NI 43-101 MRE effective Jan 1, 2026 (SGS Canada): 12.96 Mt Indicated at 2.08% CuEq (1.19% Cu, 1.16% Zn, 0.44 g/t Au, 30.8 g/t Ag) + 12.34 Mt Inferred at ~2.2% CuEq; ~25.3 Mt total, ~775 Mlb Cu, ~451 koz Au. No reserves. 100% ownership announced (Jun–Sep 2026). Obligations: C$5M cash within 90 days of closing (reducible by qualifying exploration spend), C$6M at FS or within 3 years, and C$6M at construction decision or within 5 years; the two later payments are cash/shares [33]. NSR disclosed as 2% to SOQUEM with 1% buyback for C$2M [1]; later reported reduced to 1% [36]. Underground concept in resource assumptions [18]. |
B26 regional targets / Selbaie camp consolidation Cu-Zn-Au-Ag (VMS targets) | Around B26, Québec | Grassroots exploration | No resource 3 of 7 priority targets tested with ~3,285 m in 4 holes, including a potential VMS zone ~1.5 km west of B26; remaining 4 targets await winter access [23][48]. Company describes a district-scale consolidation platform across the Selbaie camp [22]. |
Issues
Most severe first- HighTechnical
No economic study yet; mining method, throughput and cost basis for the upcoming PEA are undefined
B26 has no PEA, PFS, FS, mine schedule, capex, opex or reserves. The only cost basis is a set of resource-estimation assumptions. Sources disagree on the development concept: the resource assumptions describe underground, while the peer write-up refers to a contemplated open pit. The PEA inputs are the single biggest near-term driver of how Discovery Silver, SOQUEM and future financiers value the asset.
- HighTechnical
Roughly half the resource is Inferred; conversion risk ahead of the PEA/PFS
12.34 Mt of the 25.3 Mt is Inferred. Drill spacing, rig productivity and QA/QC data quality on the ~40,000 m programme determine how much converts before studies are frozen.
- HighTechnical
Polymetallic flowsheet incomplete: zinc circuit, cleaner/locked-cycle and concentrate marketability unresolved
Copper rougher recovery is excellent, but payable value depends on zinc, gold and silver recoveries, concentrate grades, deleterious elements and smelter terms. Silver (72.1%) and lead (44.0%) recoveries are materially lower.
- MediumOperational
Field execution exposure: wildfire suspension and unquantified drilling productivity on a multi-rig programme
Drilling was suspended and personnel evacuated under a SOPFEU/MRNF order. Lost days, remobilisation cost and metreage impact were not disclosed. With up to three rigs and winter-only access to some targets, metres per rig-shift, standby and assay turnaround drive both cost and PEA timing.
- MediumFunding
Equity dependence and SOQUEM milestone payments create recurring dilution and cash calls
The company is pre-revenue and has raised C$16.1M (2025) and C$30.75M (2026). The 100% ownership deal adds C$5M cash near term and C$12M of later cash/share milestones. A PEA that under-delivers would raise the cost of the next raise.
- MediumTechnicalAnalyst inference
Conceptual cost and royalty assumptions not yet grounded in an operating design
The flat C$60.50/t mining cost and 10% dilution are generic resource-reporting assumptions. For a high-grade VMS, dilution control, stope sequencing, development rates and fleet/contractor strategy will move unit costs and head grade materially. The 0% royalty assumption also conflicts with the disclosed 2% (later 1%) NSR.
- MediumManagementAnalyst inference
Thin operational leadership for the transition to studies and operational readiness
Recent appointments are finance and corporate development. No COO, site GM or mining/processing lead is identified to own PEA operability, owner-vs-contractor strategy or readiness planning.
- MediumEsg CommunityAnalyst inference
Social licence and Indigenous consultation not yet established at development scale
No opposition is reported, but no impact-benefit agreement or structured engagement programme is disclosed either. Risk rises sharply once roads, tailings and permitting enter the PEA.
Evidence
Research found no blockade, objection or IBA; notes that social risk increases as the project moves toward development and permitting.
- MediumEnvironmentalAnalyst inference
Polymetallic sulphide environmental profile (acid generation, metal leaching, tailings, water)
No incidents are reported. However, waste and tailings characterisation, water management and closure assumptions will be needed for a credible PEA and future permitting in Québec.
Evidence and 1 source
No environmental incident reported; research flags acid-generating waste, metal leaching and tailings liabilities as material if advanced.
- LowOther
Disclosure inconsistencies that sophisticated investors will query
Several items are reported inconsistently across sources:
- financing close date (May vs September 2026);
- royalty (2% vs 1%);
- Inferred tonnage (12.3 vs 12.4 Mt);
- development concept (underground vs open pit);
- listing venue (TSXV vs CSE).
These are minor but worth cleaning up before the PEA.
Financial position
Statements as of 2026-03-31 (Q3 FY2026 interim MD&A and financial statements, posted July 2026; fiscal year ends June 30)- Market cap
- $128.7M
- Cash
- —
- Debt
- —
- Quarterly burn
- —
- Runway
- —
- Going concern
- Not flagged
~187.7M basic / ~192.5M fully diluted (mid-Feb 2026, secondary source) [9]. Plus 47,544,410 shares from the 2026 financing gives ~235.2M basic (estimate; current cap table not verified).
C$30.752M (~US$22.1M) non-brokered strategic placement led by Discovery Silver. Terms: 11,764,706 charity flow-through shares at C$0.85 plus 35,779,704 hard-dollar shares at C$0.58, no warrants reported. Discovery took 23,704,790 shares (~9.9%) with participation rights. Closing reported May 2026 by third parties [13] but dated Sep 17, 2026 on the company news page [4]. Prior financing: C$16.1M bought deal, 2025 [29].
Working capital was C$13.475M (~US$9.7M) at Mar 31, 2026, down from C$17.274M at Dec 31, 2025, a ~C$3.8M quarterly decline. It stood at C$12.424M at Jun 30, 2025 [1][2]. The C$30.75M raise, if closed after Mar 31, would take pro-forma liquidity well above C$40M before spend and costs, but no post-financing cash figure is verified. Management said working capital covers 12 months of planned work and overhead [2]. A secondary source said the ~40,000 m programme is funded through Q1 2027 [9]. No debt, stream or covenant has been identified. The working-capital decline is a proxy only, not cash burn. Known near-term calls on cash:
- the C$5M SOQUEM payment within 90 days of closing;
- later C$6M + C$6M milestone payments in cash/shares [33];
- a pre-revenue model dependent on equity markets [37].
No going-concern qualification identified, but the auditor wording was not reviewed.
Company reports in CAD. USD conversions use an assumed 0.72 USD/CAD (no FX rate in the research), so treat them as approximate. The market cap estimate multiplies the OTC quote of US$0.5472 (Sep 25, 2026) [6] by ~235.2M estimated basic shares (187.7M in Feb 2026 [9] plus 47.54M financing shares [12][13]). It is an estimate, not a verified figure.
Share price
No market data was found for this listing.
Peer benchmark
Unknown quartile on costB26 cannot be placed on a cost curve: it has no production, PEA or operating-cost estimate, and peer study metrics were not verified. On grade and preliminary recovery, B26 screens well against larger, lower-grade copper developers. However, grade does not equal cost. Its eventual position depends on mining method, dilution, throughput, zinc/precious-metal payability, smelter terms and Québec infrastructure, which are exactly the PEA inputs our review targets.
| Company | Production | AISC US$ | Head grade | Recovery | Strip | Market cap |
|---|---|---|---|---|---|---|
Abitibi Metals – B26 (Québec) AMQ (this company) | None (pre-PEA explorer) | — | Indicated resource 1.19% Cu, 1.16% Zn, 0.44 g/t Au, 30.8 g/t Ag (2.08% CuEq) | 98.3% | — | $128.7M |
Foran Mining – McIlvenna Bay (Saskatchewan) | None (feasibility-stage/development) | — | Not verified | — | — | — |
Skeena Resources – Eskay Creek (British Columbia) | None (development-stage) | — | Not verified | — | — | — |
Arizona Sonoran Copper – Cactus (Arizona) | None (development-stage) | — | Materially lower than B26 (exact not verified) | — | — | — |
Nevada Copper – Pumpkin Hollow (Nevada) | Historical production; current basis not established | — | Not verified | — | — | — |
Undeveloped North American (mainly Canadian) copper and polymetallic projects at resource/PEA/FS stage. None has a comparable operating AISC, and most peer metrics could not be verified from the gathered research. Subject data is the January 2026 MRE and 2024–2026 testwork.
Filings
10| Date | Type | Filing and takeaway | Source |
|---|---|---|---|
| 2026-07 (period ended 2026-03-31) | MD&A / interim financial statements | Q3 FY2026 Interim MD&A Working capital C$13.475M at Mar 31, 2026 (vs C$17.274M at Dec 31, 2025); discloses SOQUEM 2% NSR with 1% buyback for C$2M and progress toward 100% ownership. | [1] |
| 2026-03-02 (period ended 2025-12-31) | MD&A / interim financial statements | Q2 FY2026 Interim MD&A Working capital C$17.274M; management states it is sufficient for 12 months of planned mineral-property work and overhead; describes Phase 4 ~40,000 m drilling. | [2] |
| 2026-03-21 | NI 43-101 | Filing of NI 43-101 Technical Report for the B26 Deposit (MRE effective Jan 1, 2026, SGS Canada) 12.96 Mt Ind at 2.08% CuEq + 12.34 Mt Inf at ~2.2% CuEq; underground concept assumptions: C$60.50/t mining, C$24/t processing, 90% mining recovery, 10% dilution. | [41] |
| 2026-02-05 | Resource update press release | Significant increase in B26 Mineral Resource to 13.0 Mt Ind at 2.1% CuEq and 12.3 Mt Inf at 2.2% CuEq Incorporated ~42,980 m (37 holes, 16 wedges, 1 extension) from Phase 2/3; cost and recovery assumptions are conceptual, not a mine plan. | [18] |
| 2026-04-23 | Financing announcement | Non-brokered financing led by Discovery Silver with 9.9% strategic stake Up to C$30.752M; Discovery gets ~9.9% and participation rights to maintain its ownership. | [5] |
| 2026-05-18 | Financing closing | Closing of non-brokered financing for gross proceeds of C$30.75M 47,544,410 shares issued (FT at C$0.85, hard-dollar at C$0.58); no warrants reported. | [13] |
| 2026-03-12 | Material change / option exercise | Early exercise of B26 option securing 80% ownership Abitibi becomes operator; SOQUEM 20%; joint management committee. | [54] |
| 2026-06-11 | Acquisition announcement | Abitibi Metals secures 100% ownership of B26 and establishes Selbaie camp consolidation platform C$5M cash within 90 days of closing (reducible by exploration spend); C$6M at FS or within 3 yrs; C$6M at construction decision or within 5 yrs, in cash/shares. | [33] |
| 2025-11-06 | Annual financial statements / MD&A | June 30, 2025 year end Risk disclosure: limited financial resources, no operating revenue, may need substantial additional capital. | [37] |
| 2025-02-26 | NI 43-101 | NI 43-101 Technical Report – Project B26 (2024) Earlier resource basis and preliminary recovery assumptions (Cu 98.3%, Zn 96.1%, Au 90.0%, Ag 72.1%, Pb 44.0%). | [17] |
Value at stake
Estimates from public data, validated in the diagnosticIllustrative value at stake is ~US$6.6M/yr. It is built on Indicated tonnes only, the MRE cost and recovery assumptions, an assumed 10-year life and 0.72 USD/CAD. Only ~US$0.5M/yr (drilling productivity) is near-term cash; the rest is study-level design value (~C$95M+ LoM undiscounted across the dilution, mining cost, processing cost and gold levers) that shows up in PEA economics and financing credibility, not in 2026 cash flow. Our US$300k fee is ~4.5% of the illustrative annual figure, below our 10–15% norm, reflecting that value is deferred and uncertain at this stage.
| Lever | How it is calculated | US$ / year | Confidence |
|---|---|---|---|
Drill-programme productivity +8% metres per dollar Short Interval Control, rig availability, reduced standby/moves across three rigs | Spend proxy: working-capital decline of C$3.8M/quarter x 4 = C$15.2M/yr. Assumed 60% field/drilling share = C$9.12M. x 8% = C$0.73M/yr x 0.72 = ~US$0.53M/yr (estimate; about 3,200 m more on a 40,000 m programme for the same budget). | $525K | Low |
Mining dilution 10% -> 8% in PEA mine design Stope design, sequencing and dilution control on high-grade VMS lenses | Indicated 13.0 Mt x 90% mining recovery = 11.7 Mt. Dilution tonnes 1.17 Mt at 10% vs 0.936 Mt at 8% = 0.234 Mt avoided. x C$86.00/t (60.50 mining + 24.00 processing + 1.50 G&A) = C$20.1M LoM. / illustrative 10-yr life = C$2.01M/yr x 0.72 = ~US$1.45M/yr. Excludes head-grade uplift; estimate. | $1.4M | Low |
Underground mining unit cost -5% vs C$60.50/t basis Development cycle times, fleet/contractor strategy, maintenance and supply-chain design | Mined tonnes 11.7 Mt x 1.10 dilution = 12.87 Mt x C$60.50/t = C$778.6M LoM. x 5% = C$38.9M LoM. / 10 yrs = C$3.89M/yr x 0.72 = ~US$2.80M/yr (estimate, Indicated only). | $2.8M | Low |
Processing cost -5% vs C$24.00/t basis Plant OEE, grind/P80 and energy assumptions in the flowsheet design | 12.87 Mt x C$24.00/t = C$308.9M LoM. x 5% = C$15.4M. / 10 yrs = C$1.54M/yr x 0.72 = ~US$1.11M/yr (estimate). | $1.1M | Low |
Gold recovery +1 pt (90% -> 91%) Flowsheet/regrind and cleaner-circuit choices tested in the ongoing locked-cycle programme | 13.0 Mt x 0.44 g/t = 5.72 t = 183.9 koz Au. x 90% mining recovery = 165.5 koz. x 1 pt = 1.655 koz x US$4,400/oz spot (S58) = US$7.28M LoM. / 10 yrs = ~US$0.73M/yr. Before payability/TCRCs; estimate. | $728K | Low |
Proposal
B26 PEA Operability Review and Drill-Programme Productivity: making the first economic study operator-grade
Abitibi has the ingredients investors want: 25.3 Mt at ~2.1% CuEq, 100% ownership, a ~1% royalty and a strategic holder in Discovery Silver. The next value inflection is the PEA. Its credibility rests on assumptions that today are generic resource-reporting inputs: C$60.50/t mining, C$24/t processing, 10% dilution, 90% mining recovery and an undecided mining method. A second, nearer-term issue is that ~half the tonnage is Inferred and conversion depends on getting the most out of three rigs in a wildfire- and winter-constrained field season.
YCP Unison proposes a small, phased engagement led by former mine GMs/COOs. Phase 1 is a 5-week fixed-fee cash diagnostic covering:
- PEA operability inputs;
- drill-programme productivity and data;
- an ESG/community baseline.
Phase 2 is a ~4-month implementation delivering:
- SIC on the drill programme;
- drill/assay data governance;
- an operator-grade input pack to the QP (mine schedule, dilution basis, UG method, owner-vs-contractor logic, maintenance and supply-chain assumptions, processing operability);
- a community engagement framework.
On illustrative arithmetic, the study-level levers are worth ~US$6.6M/yr at a notional 10-year life. Examples: 2 points of dilution on Indicated tonnes is ~C$20M life-of-mine; 5% on mining cost is ~C$39M life-of-mine. Near-term drilling efficiency is worth ~US$0.5M/yr. Total fee is US$300k: 40% cash, 60% equity, with 35% at risk against KPIs. Fees are tied to field productivity and deliverable quality, never to PEA outcomes, to protect QP independence.
Problems we solve
- No economic study yet; mining method, throughput and cost basis for the upcoming PEA are undefined
- Roughly half the resource is Inferred; conversion risk ahead of the PEA/PFS
- Polymetallic flowsheet incomplete: zinc circuit, cleaner/locked-cycle and concentrate marketability unresolved
- Field execution exposure: wildfire suspension and unquantified drilling productivity on a multi-rig programme
- Conceptual cost and royalty assumptions not yet grounded in an operating design
- Thin operational leadership for the transition to studies and operational readiness
- Social licence and Indigenous consultation not yet established at development scale
Scope of work
5 workstreams| Workstream | What we do | Timing |
|---|---|---|
| 1. PEA operability diagnostic (Mine Planning) | Review of MRE assumptions and emerging PEA basis:
Output: gap list and recommended input pack for the QP. | Weeks 1–5 |
| 2. Drill-programme productivity (Drilling / Performance Management) | Baseline metres per rig-shift, rig availability, standby and moves across the three rigs from contractor logs. Install Short Interval Control and a 24-hour plan for the drill programme, plus contractor KPI and contract management and a wildfire/winter-access contingency plan. | Diagnostic weeks 1–5; implementation months 2–5 |
| 3. Drill and assay data governance (Data & Analytics) | QA/QC workflow, database controls, assay turnaround tracking and dashboards so new drilling feeds the resource model and PEA without rework. | Months 2–4 |
| 4. Processing operability input (Processing Plant) | Operator review of the flotation flowsheet in development, covering:
We advise the metallurgical team and do not replace the lab/QP. | Months 2–4 |
| 5. ESG and community engagement framework (ESG) | Stakeholder map, Indigenous and community engagement plan, and environmental baseline priorities (ARD/metal leaching, water, tailings) aligned with Québec permitting, ready to accompany the PEA. | Months 2–5 |
Commercial terms
$300KUS$120k cash: US$90k fixed-fee diagnostic (50% on mobilisation, 50% on report) plus a US$30k Phase 2 cash retainer.
US$180k in AMQ common shares:
- US$75k base, issued quarterly in arrears against invoiced services;
- US$105k at-risk tranche, invoiced and issued only after KPI verification.
Shares are issued under TSXV Policy 4.3 (Shares for Debt) at a price no lower than the permitted Discounted Market Price on the invoice date, subject to TSXV acceptance and a 4-month hold. Consultant stock options under the company's security-based compensation plan (Policy 4.4) are an alternative. No warrants.
Fee is ~4.5% of the illustrative US$6.6M/yr value at stake. That is deliberately below our usual 10–15% of first-year value because most of the value is study-level and only realised if B26 is built; only ~US$0.5M/yr (drilling productivity) is near-term cash. No fee is linked to PEA results (NPV, IRR, grades), to preserve QP independence. Equity is priced at market and only issued for services already rendered, which avoids issuing unvested securities. Discovery Silver's participation right should be checked in case any issuance triggers top-up rights.
Results-linked fees
35% of the fee depends on resultsTotal fee is US$300k: US$120k cash (40%) and US$180k equity (60%). The US$90k diagnostic is a fixed cash fee. Phase 2 pairs a US$30k cash retainer with US$75k of base shares and a US$105k at-risk share tranche (35% of total) tied to drilling productivity and delivery of the PEA input pack. No fee is linked to study outcomes.
| Phase | Duration | Fee | Paid in | Paid or vests when |
|---|---|---|---|---|
| Phase 1 – PEA operability & drill-productivity diagnostic | 5 weeks | $90K | Cash | Signed engagement letter: 50% on mobilisation, 50% on delivery of diagnostic report and PEA input gap list |
| Phase 2 – Implementation base (SIC on drilling, data governance, PEA input pack, ESG framework) | ~4 months | $105K | Mixed | Management/board approval of Phase 2 and TSXV acceptance. US$30k cash retainer monthly; US$75k in shares issued quarterly in arrears for services rendered |
| Phase 2 – At-risk KPI tranche | Measured at end of month 4 | $105K | Equity | Invoiced and settled in shares only on verified achievement of the fee-linked KPIs, pro-rated by KPI achieved |
| KPI | Baseline | Target | Measured by |
|---|---|---|---|
| Drill metres per rig per operating shift Linked to fee | To be set in Phase 1 from contractor daily logs (last 3 months; not publicly disclosed) | +8% vs baseline, sustained over final 6 weeks | Drill contractor daily reports and company drilling database, weekly |
| Rig non-productive hours (standby, waiting on water/access/core handling, moves) Linked to fee | To be set in Phase 1 from contractor logs | -20% vs baseline (excluding force majeure such as wildfire evacuation orders) | Contractor time sheets reconciled to SIC boards, weekly |
| PEA operability input pack delivered to QP (UG method options, stope dilution basis vs 10% assumption, first-pass schedule, mining/processing cost build-up) Linked to fee | Current MRE assumptions: C$60.50/t mining, C$24/t processing, 10% dilution, 90% mining recovery | Complete, documented pack delivered by agreed date and accepted by management as fit for QP review (no linkage to PEA NPV/IRR) | Management sign-off against agreed deliverable checklist |
| Assay turnaround and QA/QC exception rate | To be set in Phase 1 | Turnaround tracked for 100% of samples; QA/QC failures closed within agreed SLA | Drill database and lab certificates, monthly |
| Community & Indigenous engagement framework | No structured programme disclosed | Stakeholder map and engagement plan approved by management | Management approval |
Why now and next steps
The PEA inputs are being set now. Metallurgy results (Aug 19) and the Sep 17 drilling update are feeding the next resource and PEA, and once a QP freezes mining-method, dilution and cost assumptions they are expensive to reopen. Three rigs are running through year-end after a wildfire interruption, so every productivity gain this season converts Inferred tonnes sooner. A new CFO and SVP Corp Dev, the 100% ownership deal with deferred milestones (C$6M at FS or within 3 years) and a fresh C$30.75M treasury mean the company can fund a small diagnostic, and has a clock running to reach feasibility.
- 1.30-minute call with the CEO and the B26 technical lead to confirm PEA consultant, timeline and development-concept thinking.
- 2.Request drill contractor daily logs (last 3 months), MRE assumptions file and metallurgical programme scope under NDA.
- 3.Agree Phase 1 fixed-fee diagnostic (US$90k, 5 weeks) and mobilise a site visit.
- 4.Present diagnostic findings and PEA input gap list to management and, with consent, to Discovery Silver.
- 5.Agree Phase 2 KPIs and baselines; company counsel to prepare the TSXV Policy 4.3 / 4.4 filings for the equity component.
Decision-makers
In suggested order of approach| Order | Person | What they care about | How to approach |
|---|---|---|---|
| 1 | B26 technical / exploration lead (name to be identified) Head of B26 project, exploration and PEA coordination Site OperationsHigh influence | Metreage delivered per season, resource conversion, assay turnaround, a PEA basis the QP will sign | Operator-to-operator: offer rig-productivity baselining from contractor logs and a practical review of mining-method and dilution assumptions; no criticism of the QP. |
| 2 | CEO (name to be confirmed) Chief Executive Officer ExecutiveHigh influence | Credible first PEA, share-price re-rating, keeping Discovery Silver and institutions onside, dilution | Short email and call: PEA assumptions (C$60.50/t, 10% dilution) drive how the study is read; small fixed-fee diagnostic, equity-heavy follow-on tied to KPIs. |
| 3 | Keith Gorman Chief Financial Officer ExecutiveHigh influence | Treasury use, C$5M/C$6M/C$6M SOQUEM payments, dilution, audit-ready contracts and share issuances | Show fee is small (US$300k), 60% in market-priced shares for services rendered, 35% at risk, with a clear TSXV Policy 4.3 route and drill-spend efficiency. |
| 4 | Ben Pullinger SVP Corporate Development and Growth ExecutiveMedium influence | Selbaie camp consolidation, strategic partner narrative, financing readiness | Position the operability review as an independent operator view that strengthens the PEA story for partners and future financiers. |
| 5 | Discovery Silver Corp. Strategic shareholder (~9.9%) with participation rights ShareholderHigh influence | Quality and credibility of B26 technical work; efficient use of capital it provided | With management consent, share the diagnostic summary; independent operator input to the PEA de-risks their investment. |
| 6 | SOQUEM Inc. (Investissement Québec) Former JV partner; royalty holder (1–2% NSR) and milestone payment counterparty; ~5% equity (secondary source) OtherMedium influence | Project advancing to FS/construction; responsible development and community relations in Québec | Via management: the ESG/community framework and operator-grade PEA accelerate the milestones that trigger their payments. |
| 7 | Deluce family office Shareholder (~7%; management + Deluce ~20% combined, secondary source) ShareholderMedium influence | Dilution discipline and value per share | Emphasise small, equity-aligned, KPI-contingent fee structure. |
Stakeholder angles
Who else can push management to engageLargest identified strategic holder (~9.9%) with rights to maintain its stake in future financings; will fund part of the next raise.
An operator-grade PEA basis (method, dilution, schedule, cost build-up) and a more productive drill programme mean their capital buys more converted tonnes and a study that holds up to lender and partner diligence.
Holds the B26 NSR (disclosed 2%, reported reduced to 1%) and is owed C$6M at FS and C$6M at construction decision.
A faster, more credible path to FS with a structured community/Indigenous engagement programme brings forward their milestone payments and royalty and aligns with Québec development priorities.
Board must approve share issuances for services and oversee the PEA spend; composition not verified.
Independent operations review before the PEA is locked is cheap insurance for a C$30M+ treasury, and the fee structure is mostly equity, at market and KPI-linked.
No lender, stream or offtaker identified; future project financiers will diligence the PEA/PFS basis.
Build a mine plan and ramp-up assumptions that future lenders can underwrite from the first study, avoiding a later reset.
Management and board
4 people- Keith GormanChief Financial Officer (appointed Jul 8, 2026)
- Ben PullingerSenior Vice President, Corporate Development and Growth (appointed Jul 16, 2026)
- Not verifiedChief Executive Officer (name not confirmed in research)
- Yann Camus, P.Eng. (SGS Canada)Principal author / QP of the 2026 NI 43-101 resource (external)
Trigger events
Why now- 2026-09-17Other
Drilling update (1.25% CuEq over 60.2 m); up to three rigs running for rest of 2026. Active field programme where productivity work applies.[20]
- 2026-09-16M And A
Early option exercise reported to reduce royalty to 1% and defer remaining payments to feasibility/construction milestones. Clock toward FS (C$6M at FS or within 3 years).[36]
- 2026-08-19Other
98.2% Cu recovery in initial testwork, to be incorporated into an upcoming PEA. PEA input window is open.[28]
- 2026-07-16Leadership Change
Ben Pullinger appointed SVP Corporate Development and Growth.[31]
- 2026-07-08Leadership Change
Keith Gorman appointed CFO.[38]
- 2026-07-08Operational Incident
Wildfire evacuation order suspended B26 drilling and field work; impact not quantified.[38]
- 2026-06-11M And A
100% ownership deal: C$5M cash due within 90 days of closing, plus C$6M/C$6M milestone payments.[33]
- 2026-05-18Financing
C$30.75M strategic financing closed; Discovery Silver ~9.9% with participation rights. Company can fund a small diagnostic.[13]
Recent news
11- 2026-09-17B26 drilling returns 1.25% CuEq over 60.2 m incl. 3.72% CuEq over 9.2 m; up to three rigs for remainder of 2026[20]
- 2026-09-16Early option exercise reported to cut B26 royalty to 1% and defer remaining payments to feasibility/construction milestones[36]
- 2026-08-19Initial metallurgical testwork: 98.2% copper recovery at B26[28]
- 2026-07-29New potential VMS zone intersected 1.5 km west of B26[23]
- 2026-07-16Ben Pullinger appointed SVP Corporate Development and Growth[31]
- 2026-07-08Wildfire risk halts B26 drilling; Keith Gorman appointed CFO[38]
- 2026-06-11Abitibi secures 100% ownership of B26 and Selbaie camp consolidation platform[33]
- 2026-05-18Closing of C$30.75M non-brokered financing led by Discovery Silver[13]
- 2026-04-23Non-brokered financing led by Discovery Silver with 9.9% strategic stake[5]
- 2026-03-12Early exercise of B26 option secures 80% ownership and operatorship[54]
- 2026-02-05B26 resource increased to 13.0 Mt Ind at 2.1% CuEq and 12.3 Mt Inf at 2.2% CuEq[18]