Investor Insight
LaFleur Minerals is advancing a vertically integrated gold development platform anchored by the PEA-stage Swanson Gold Project and its 100 percent-owned Beacon Gold Mill. The company is advancing its mine-to-mill strategy through recommissioning of the Beacon Gold Mill and proposed offtake and prepayment facility agreement with Trafigura.
Overview
LaFleur Minerals (CSE: LFLR, OTCQB: LFLRF) is a Québec-focused gold development company advancing a vertically integrated mine-to-mill platform in the Abitibi Greenstone Belt. The company’s strategy combines development of the PEA-stage Swanson Gold Project with ownership of the fully permitted Beacon Gold Mill, providing existing processing infrastructure to support a phased mine-to-mill development strategy.
The Swanson Gold Project is the cornerstone of the company’s exploration and development strategy. The updated 2026 mineral resource estimate outlines 160.3 koz Au of indicated resources and 66.8 koz Au of inferred resources and is supported by extensive historical drilling and recent diamond drilling by LaFleur. The recently completed preliminary economic assessment further supports advancement of the project, outlining robust economics and a phased development strategy.
The Beacon Gold Mill provides a strategic processing asset located approximately 66 kilometres from the Swanson Gold Project. The fully permitted mill has an initial processing capacity of 750 tpd and is undergoing final recommissioning. As of September 1, 2026, the mill recommissioning program was approximately 95 percent complete with remaining tasks including repairs and upgrades to the tailings storage facility to be completed in Q4.
LaFleur is also progressing proposed agreements with Trafigura comprising a prepayment facility of up to C$30 million and a gold doré purchase agreement to support development of the Swanson Gold Deposit and processing operations at the Beacon Gold Mill.
The proposed agreements remain subject to definitive documentation, final due diligence, regulatory approvals, and customary closing conditions. Together with the acquisition of the McKenzie East Gold Project, multi-phase diamond drilling program at Swanson, and an experienced management and technical team, these initiatives support the company’s strategy of building a district-scale gold development platform in Québec.
Company Highlights
- District-scale land package: Controls more than 200 square kilometres of mineral claims in Québec’s Abitibi Greenstone Belt near Val-d’Or.
- Growing gold resource: The 2026 mineral resource estimate (MRE) for the Swanson Gold Project outlines 160.3 koz indicated resource (2.96 Mt at 1.69 g/t gold) and 66.8 koz inferred resource (1.08 Mt at 1.93 g/t gold).
- Vertically integrated platform: Owns the 100 percent-owned Beacon Gold Mill, a fully permitted processing facility with an initial capacity of 750 tonnes per day (tpd) and expansion potential to 1,250 tpd to support future production.
- Strong project economics: The preliminary economic assessment (PEA) outlines an after-tax net present value (5 percent) of C$101 million, a 65 percent internal rate of return, and a 1.8-year payback period, based on a conservative US$2,750 per ounce gold price.
- Low-capital development: Initial capital expenditure estimated at C$31 million including upgrading the Beacon Gold Mill to 1,250 tpd while leveraging existing infrastructure.
- Competitive operating costs: Estimated all-in sustaining costs (AISC) of US$1,569 per ounce.
- Mill recommissioning nearly complete: Mechanical reconditioning and recommissioning of the Beacon Gold Mill was approximately 95 percent complete as of September 1, 2026, with the remaining tasks to be completed in Q4.
- Proposed Trafigura agreements: LaFleur and Trafigura continue to work toward definitive documentation for a proposed prepayment facility of up to C$30 million and a gold doré purchase agreement. Trafigura completed a site visit in August as part of their due diligence. The proposed agreements remain subject to final due diligence, regulatory approvals, and customary closing conditions.
- District expansion: Recently acquired a 100 percent interest in the McKenzie East Gold Project, strengthening its land position in the Val-d’Or district near the Beacon Gold Mill.
- Expanded diamond drilling program at Swanson Deposit: The Company continues to drill deeper at the Swanson Deposit and below the current pit shell in the PEA, with promising gold results indicating the mineralized zones continue at much deeper depths.
Key Projects
Swanson Gold Project
The Swanson Gold Project is LaFleur Minerals’ flagship asset and the foundation of its vertically integrated development strategy. Located in Québec’s prolific Abitibi Greenstone Belt near Val-d’Or, the Swanson Gold Project includes a total of 481 claims and 1 mining lease (200.7 km2 in size) along a major gold-bearing structural corridor. The property benefits from excellent infrastructure, including excellent road access, and proximity to the CN rail line.
The updated 2026 mineral resource estimate (MRE) outlines 160.3 koz of indicated resources (2.96 Mt at 1.69 g/t gold) and 66.8 koz of inferred resources (1.08 Mt at 1.93 g/t gold), representing approximately 30 percent growth in indicated resources compared to the 2024 historical estimate. The mineralized zone measures approximately 475 metres long, 425 metres wide and extends to approximately 500 metres depth, remaining open in all directions. Drilling continues at deeper depths to confirm continuity and gold grades below the existing pit shell.
The project is supported by more than 36,000 metres of historical drilling completed at the Swanson Deposit and over 20,000 metres completed by LaFleur on the Swanson Deposit, and Jolin, Bartec, and Jackson targets. Existing infrastructure includes a decline portal and underground ramp extending to approximately 80 metres below surface. The company is also in the process of permitting a 100,000-tonne open-pit bulk sample within the Swanson mining lease representing approximately 3 percent of the current resource.
The recently completed preliminary economic assessment outlines robust project economics while leveraging the nearby Beacon Gold Mill. Together, the Swanson Gold Project and Beacon Gold Mill form the foundation of LaFleur’s integrated mine-to-mill development strategy.
Beacon Gold Mill & Property
The Beacon Gold Mill is a key component of LaFleur’s vertically integrated development strategy. Located approximately 20 kilometres east of the city of Val-d’Or and 66 kilometres from the Swanson Gold Project, the fully permitted processing facility has an initial capacity of 750 tonnes per day (tpd) and is expected to process mineralized material from the Swanson Gold Project while providing long-term potential for custom milling as part of a regional hub-and-spoke strategy.
The preliminary economic assessment includes an expansion to 1,250 tpd as part of the project’s C$31 million initial capital expenditure, with longer-term expansion potential to more than 3,000 tpd through the addition of a parallel processing circuit. Direct access to the CN Rail line provides a low transportation cost compared to hauling by trucks, supporting the project’s operating cost profile.
As of September 1, 2026, recommissioning of the Beacon Gold Mill was approximately 95 percent complete with remaining tasks including maintenance and upgrades to the tailings storage facility to be completed in Q4 2026. Major processing circuits, including crushing, grinding, filtration, ore storage, thickening and reagent systems, were substantially complete. The company plans to complete the remaining mechanical work and proceed to staged commissioning and restart, subject to the timely delivery of the remaining long-lead equipment and completion of maintenance and upgrade work on the tailings storage facility.
LaFleur is also progressing proposed agreements with Trafigura comprising a proposed prepayment facility of up to C$30 million and a gold doré purchase agreement to support development of the Swanson Gold Deposit and processing operations at the Beacon Gold Mill. The proposed agreements remain subject to definitive documentation, final due diligence, regulatory approvals, and customary closing conditions.
McKenzie East Gold Project
The McKenzie East Gold Project expands LaFleur’s district-scale presence in Québec’s Val-d’Or mining camp. The property is adjacent to Fresnillo’s McKenzie Break deposit and is located near established infrastructure, including the Beacon Gold Mill.
The acquisition strengthens the company’s regional land position and complements its strategy of building a district-scale gold development platform. Its proximity to both the Swanson Gold Project and the Beacon Gold Mill provides opportunities to leverage existing infrastructure while advancing exploration across the broader portfolio.
Management Team
Andrew Elinesky - CEO
Andrew Elinesky is an experienced senior executive and financial leader who has worked on building and leading companies in Canada, the United States, and the United Kingdom. With over two decades in financing, acquisitions, operational development and corporate growth, he previously held roles in companies such as Sabre Gold Mines Corp and McEwen Mining.
Paul Ténière – President and Director
Paul Ténière has more than 25 years of experience in mine development, geology and project management. He has held senior leadership roles across multiple mining companies, is a former Senior Listings Manager and Mining Expert at the TSX and TSX Venture, and is a recognized expert in NI 43-101 compliance and technical reporting.
Harry Nijjar – CFO
Harry Nijjar is a financial expert with extensive experience in corporate finance, regulatory compliance, and capital markets. Harpreet has advised numerous public and private mining companies on strategic financial planning and investor relations.
Kal Malhi – Chairman
A successful entrepreneur and the founder of Bullrun Capital, Kal Malhi has raised over $300 million for various public and private companies across multiple industries, including mining, biotechnology and technology.
Jean Lafleur – Senior Advisor
A highly respected geologist with over 40 years of experience in the mining sector, Jean Lafleur has led multiple exploration programs and mining projects, contributing to major gold discoveries worldwide.
