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 development strategy. The updated 2026 mineral resource estimate outlines 160.3 koz of indicated and 66.8 koz of inferred gold resources and is supported by extensive historical drilling, company validation drilling and existing underground infrastructure. 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 mechanical reconditioning and recommissioning. As of July 1, 2026, the program was approximately 84 percent complete and remained on budget. The company expects to complete the remaining mechanical work and proceed to staged commissioning during Q4 2026, subject to the timely delivery of the remaining long-lead equipment and completion of maintenance work on the tailings storage facility.
Refurbished rotary drum filtration circuit
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, due diligence, regulatory approvals and customary closing conditions. Together with the acquisition of the McKenzie East Gold Project 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 (2.96 Mt at 1.69 g/t gold) and 66.8 koz inferred (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 US$2,750 per ounce gold price.
- Low-capital development: Initial capital expenditure of C$31 million includes 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 progressing: Mechanical reconditioning and recommissioning of the Beacon Gold Mill was approximately 84 percent complete as of July 1, 2026, with the project remaining on budget.
- Proposed Trafigura agreements: LaFleur and Trafigura have extended the exclusivity and due diligence period to August 31, 2026 as they work toward definitive documentation for a proposed prepayment facility of up to C$30 million and a gold doré purchase agreement. The proposed agreements remain subject to due diligence, regulatory approvals and customary closing conditions.
- District expansion: 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.
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 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 estimate. The mineralized zone measures approximately 475 metres long, 425 metres wide and extends to approximately 500 metres depth, remaining open in all directions.
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 several gold targets such as Jolin, Bartec, and Jackson. Existing infrastructure includes a decline portal and underground ramp extending to approximately 80 metres below surface. The company is also evaluating a potential 100,000-tonne bulk sample with an estimated grade of 1.89 g/t gold, 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
The Beacon Mill facility
The Beacon Gold Mill is a key component of LaFleur’s vertically integrated development strategy. Located approximately 20 kilometres from 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 July 1, 2026, mechanical reconditioning and recommissioning of the Beacon Gold Mill was approximately 84 percent complete and remained on budget. Major processing circuits, including crushing, grinding, filtration, ore storage, thickening and reagent systems, were substantially complete. The company expects to complete the remaining mechanical work and proceed to staged commissioning during Q4 2026, subject to the timely delivery of the remaining long-lead equipment and completion of maintenance 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, 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
Kal Malhi – Chairman
Kal Malhi is the founder of Bullrun Capital and has raised more than $300 million for public and private companies across the mining, biotechnology and technology sectors. He brings extensive experience in capital markets, corporate finance and strategic growth initiatives.
Paul Ténière – Chief Executive Officer & Director
Paul Ténière, M.Sc., P.Geo. is a professional geologist and mining executive with more than 25 years of international experience in project development, technical reporting, capital markets and NI 43-101 compliance. He leads LaFleur’s corporate strategy and technical development as the company advances the Swanson Gold Project and Beacon Gold Mill.
Harry Nijjar – Chief Financial Officer & Corporate Secretary
Harry Nijjar is the managing director of Malaspina Consultants, providing chief financial officer 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.
Marc Ducharme – Vice President, Exploration
Marc Ducharme, P.Geo. is an exploration geologist with more than 35 years of experience in Québec’s Abitibi region and internationally. Formerly vice president of exploration at Probe Gold, he has led exploration programs from discovery through development and contributed to several gold discoveries, including the Kiena Deep deposit.
Louis Martin – Technical Advisor & Exploration Manager
Louis Martin, P.Geo. is a professional geoscientist with more than 40 years of experience in mineral exploration. He has contributed to multiple discoveries, including projects recognized with the AEMQ Discovery of the Year award, and has helped advance several exploration projects into production.
Peter Espig – Director
Peter Espig is president, chief executive officer and director of Nicola Mining Inc. He previously held senior investment positions with Goldman Sachs and Olympus Capital and brings extensive capital markets and corporate finance experience to the board.
Jeff Swinoga – Director
Jeff Swinoga is a mining executive with more than 27 years of experience in exploration, mine development and operations. He previously held senior leadership roles at Barrick Gold and served as chief executive officer of First Mining Gold.
Michael Kelly – Director
Michael Kelly previously served with the Canadian Armed Forces Military Police and the Royal Canadian Mounted Police. He is currently a partner at BullRun Capital and serves on the boards and audit committees of several public companies.
Jean Lafleur – Senior Advisor
Jean Lafleur is a geologist with more than 40 years of experience in the mining industry. He has led numerous exploration programs and contributed to gold discoveries in Canada and internationally.
Qualified Person
All scientific and technical information contained in this profile has been reviewed and approved by Marc Ducharme, P.Geo. (OGQ), Vice President of Exploration of LaFleur Minerals, and a Qualified Person as defined under National Instrument 43-101.
