Abitibi Metals

I've trimmed a little AMQ in favour of SCMI because I get a much shorter, and cheaper, path to production with SCMI – but I am keeping some AMQ because I think that the resource has the scale, location, and grade to attract a larger miner as an investor and/or partner. Drill results should be ongoing for AMQ as it chases B26 at depth and explores for other deposits in the greater area with its ample treasury.

So AMQ delivered an updated resource estimate since my last note and it did not disappoint. The total measured + indicated resource at B26 came in at 25 million tonnes which places AMQ in some rare company in the world of VMS deposits – it's a biggie. Drilling is ongoing, with the goal of growing the resource further, and I suspect that the preliminary economic assessment (PEA) that's due around mid-year will show robust numbers and will be the next catalyst for the stock. AMQ's B26 deposit (man, does it ever need a better name) has scale that is approaching FOM's McIlvenna Bay deposit and it has nearby exploration potential similar to that which FOM did/does. I sold half of my AMQ in the mid-70's as part of my across-the-board cash raise, but if anything I'm actually looking to buy that stock back ahead of the PEA. I'm not exactly sure of the timing of the PEA, so I'm not going to get too cute with this one. The stock might need to digest its recent move higher a little bit, but its market cap is attractive given the scale of the resource that is in play.

AMQ was a beneficiary of my recent FOM and ASCU sales as I looked down-market for something smaller that I thought could attract the attention of larger industry players and/or institutions. I've followed AMQ for some time and bought a starter position in the mid-30's late in 2025, but I tripled that position recently. Last week, the company announced a new COO, David Bernier. David was most recently the COO for Foran Mining, where he led the advancement of the McIlvenna Bay deposit from feasibility, through detailed engineering, and into construction. Mr. Bernier's decision to join AMQ is a big plus for me given his knowledge of polymetallic VMS deposits – which is exactly what AMQ's B26 deposit is.

B26 is actually more of a copper-gold deposit as opposed to copper-zinc like McIlvenna Bay, which I see as a positive. Another positive is the scale of B26, which already weighs in at 18 million tonnes at a grade of over 2% CuEq. An updated resource is expected before the end of March that could take the resource to 25–30 million tonnes, which is a monster in the realm of VMS deposits. Haywood knows the name the best on the street, so anyone reading this can call their friendly Haywood broker for more details.

Additional assays from step-out drilling adjacent to a 17.9% CuEq hit over 6.3 metres are expected any day, and while I wouldn't necessarily expect a repeat of those grades, additional success in that high-grade zone could be received favourably by the market. I'll concede that the AMQ chart is parabolic, but given that FOM has a $3 billion market cap now, I don't mind trying to catch what looks like it could be FOM's copper-gold doppelgänger at a market value of about $125 million.