LaFleur Minerals

Investor Insight

LaFleur Minerals is advancing a vertically integrated gold strategy that combines a growing resource base with ownership of a fully permitted processing facility in Québec’s Abitibi region. With the Beacon Gold Mill restart fully funded and ~30 percent of recommissioning work completed, the company provides investors with exposure to near-term production potential alongside district-scale exploration upside.

Overview

LaFleur Minerals (CSE:LFLR,OTCQB:LFLRF) is a Québec-focused near-term and development company advancing a scalable mining platform in the Abitibi Greenstone Belt. The company is focused on advancing its Swanson Gold Project while leveraging its existing, fully permitted infrastructure—the Beacon Gold Mill—to support a transition toward production.

A key differentiator is LaFleur’s vertically integrated model, combining resource development with mill ownership. This structure reduces reliance on third-party processing, lowers development capital requirements, and provides a clear logistics advantage with a potential CN Rail link between the mine and mill, enhancing scalability as the Company pursues a phased expansion approach towards 3,000-4,000 tpd capacity over the next few years, as outlined in its recently released PEA.

With a fully funded mill restart, an upgraded resource, and robust PEA economics in place, the company is positioned to deliver both near-term operational milestones (Q2 2026 gold pour) and longer-term resource growth.

Company Highlights

• District-Scale Land Position: Controls over 192 sq km of claims near Val-d’Or in Québec’s Abitibi belt.
• Flagship Resource Asset: Swanson Gold Project hosts a 2026 MRE of 160.3 koz Indicated and 66.8 koz Inferred (2.96 Mt @ 1.69 g/t gold indicated and 1.08 Mt @ 1.93 g/t gold inferred).
• Strategic Infrastructure Ownership: 100 percent-owned Beacon Gold Mill with 750 tpd capacity, fully permitted, refurbished, and positioned for a gold pour in Q2 2026.
• Robust Economics: PEA outlines a C$101 million after-tax NPV (5 percent), 65 percent IRR, and 1.8-year payback (Base Case: US$2,750/oz gold).
• Low Capital Intensity: Initial capex of C$31M is supported by existing infrastructure and includes an upgrade to 1,250 tpd mill throughput.
• Industry Competitive AISC: All-In Sustaining Costs (AISC) are estimated at US$1,569/oz.
• Tier-1 Jurisdiction: Québec ranks among the world’s top mining investment regions, the Abitibi Greenstone Belt is Canada’s largest gold-producing region.

Key Projects

Swanson Gold Project

The Swanson Gold Project is LaFleur’s cornerstone exploration asset, consolidating over 19,214 hectares (192 sq km) along a major gold-bearing structure in the Val-d’Or mining district. The project is accessible by both road and the CN Rail line.

Key Highlights:

• Resource Growth: The 2026 MRE represents a ~30 percent increase in indicated resources versus the 2024 MRE.
• Exploration Potential: The current mineralized zone is 475m (L) x 425m (W) x 500m (D) and remains open in all directions, with a long-term goal of increasing the resource toward 1 million ounces.
• Advanced Stage: The project benefits from over 36,000 meters of historical drilling and an additional 18,000 meters completed by LaFleur, leading to the updated MRE.
• Infrastructure: Includes a decline portal and ramp down to 80 meters depth from previous exploration work.
• Bulk Sample: The company is evaluating a ~100,000-tonne bulk sample with an estimated grade of 1.89 g/t gold, representing ~3 percent of the current resource.

Beacon Gold Mill – Strategic Processing Asset

The Beacon Gold Mill is the key to LaFleur's vertically integrated strategy. Located approximately 20 km from Val-d’Or and 66 km from Swanson, it is fully permitted, recently refurbished ($20 million worth of upgrades in 2022) and scheduled for a first gold pour in Q2 2026.

Key Operational and Cost Details:

• Staged Capacity Expansion:
  • Phase 1 (Initial): 750 tonnes per day (tpd).
  • Phase 2 (Base Case Upgrade): Expansion to 1,250 tpd is included in the C$31M initial capex (approx. C$15M cost). This upgrade is expected to lower mill operating costs from C$42/t to C$28/t.
  • Phase 3 (Expansion Optionality): Potential for a parallel circuit to reach 3,000+ tpd capacity, supporting a custom milling and regional hub-and-spoke strategy.
• Low Operating Cost Advantage: The mill benefits from direct access to the CN Rail line, which allows for mineralized material transport at an estimated C$5/t, compared to approximately C$15/t for trucking.
• Stockpiled Material: An estimated 10,000–20,000 tonnes of mineralized stockpiled material is available on-site for initial processing and trial runs.
• Operating Cost Breakdown (per tonne feed): Mining: $25, Rail: $5, Milling: $28, Reclamation: $4, G&A: $3.

Management Team

Kal Malhi – Chairman

Founder of Bullrun Capital, Kal Malhi has raised over $300 million for public and private companies across the mining, biotechnology, and technology sectors.

Paul Ténière – Chief Executive Officer & Director

Paul Ténière is a seasoned C-Suite mining executive and professional geologist with over 25 years of global experience in project development, capital markets, and NI 43-101 compliance. He has held senior roles across multiple mining companies and specializes in technical reporting.

Harry Nijjar – Chief Financial Officer & Corporate Secretary

Harry Nijjar is the managing director of Malaspina Consultants, providing CFO and financial advisory services across multiple industries. He is a Chartered Professional Accountant (CPA CMA) and holds a Bachelor of Commerce from the University of British Columbia.

Louis Martin – Technical Advisor & Exploration Manager

Louis Martin is a professional geoscientist with over 40 years of experience. He has contributed to several discoveries, including projects recognized with the AEMQ Discovery of the Year award, and has helped advance multiple projects into production.

Peter Espig – Director

Peter Espig is the president, CEO, and director of Nicola Mining Inc. and a seasoned financier. He previously served as Vice President at Goldman Sachs and Olympus Capital, bringing strong capital markets experience to the board.

Jeff Swinoga – Director

Jeff Swinoga is a highly respected mining executive with over 27 years of experience in exploration, development, and operations. He has held senior roles at major companies such as Barrick Gold and served as CEO of First Mining Gold, providing deep operational expertise.

Michael Kelly – Director

Former member of the Canadian Armed Forces Military Police and the Royal Canadian Mounted Police. He is currently a Partner at BullRun Capital Inc. and serves on the boards and audit committees of other public companies.

Jean Lafleur – Senior Advisor

Geologist with over 40 years of experience in the mining sector, having led numerous exploration programs and contributed to gold discoveries globally.

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.