What were some key developments for Emperor Metals in 2024?

Emperor Metals had a transformative 2024, centered on its Duquesne West project along the Porcupine-Destor Fault. Initially obscure by lack of a 3D model, the site revealed untapped potential during the 2023 drilling campaign. A key breakthrough came when the host rock surrounding high-grade gold lenses was also found to carry gold, supporting an open-pit vision. In 2024, infill drilling confirmed this with a standout intercept of 21.7 m at 35.2 g/t in the open pit environment, including 2.5 m at 301 g/t. With strong recoveries and low sulfide content, Emperor sees the potential for a 2–3 g/t open pit with high-grade underground upside.

How does the Lac Pelletier project enhance Emperor’s portfolio?

In early 2025, Emperor Metals acquired Lac Pelletier, a deposit previously divided between surface rights held with El Dorado Gold and underground rights with Maritime Resources. The deposit contains an outlined 227,000 oz of gold, with potential to quickly double. Lac Pelletier features 3.3 km of previous underground development and completed scoping, pre-feasibility, and feasibility studies, and a mining permit in place of 1,000 t/d, including two bulk samples averaging 4.35 g/t with 96% recovery, totaling over an estimated US$70 million of previous investment. Now consolidated under Emperor Metals, our plan targets 1,000 t/d production yielding around 40,000 oz/y over a 10-year mine life, with potential to expand to over a million oz. Deeper extensions down to a kilometer or more could multiply resources significantly.

What are the next steps at these projects?

Two years of work at Duquesne West culminated in our MRE published in July 2025. It more than doubled the historical resource, increasing it by 104% to a total inferred gold resource of 1.46 million oz. Our next steps at Duquesne West are to keep working to surpass the 2 million oz milestone, growing our resource through systematic exploration. Our summer drill program, totaling around 8,000-10,000 m, is set to begin in August 2025.

At Lac Pelletier, we are conducting a gap study to identify required updated permits and understand production restart. Since the site has been abandoned and is underwater, permits will need updating, including environmental ones up to five years old. Early engineering assessments estimate about two years to bring the project back into production, aiming for operational status by Q4 2027/Q1 2028. 

How does gold’s high price set Emperor up for growth?

Assuming US$2,500 gold and producing 40,000 oz/y, we are looking at approximately US$100 million in revenue. We plan to leverage existing mills in the district rather than building our own, which is a major advantage compared to many other juniors in Canada. Local mills are currently under capacity, allowing us to avoid the lengthy permitting process and high capital expenditures of constructing new milling facilities.

This toll milling approach reduces CapEx significantly, promising a good rate of return and a quick payback period. This cash flow would allow us to self-fund our team expansion, acquire larger assets, and scale the business without relying on external financing. The vision is bold, ambitious, and firmly focused on growth and financial strength.

Should more companies be leveraging artificial intelligence, like Emperor?

AI technology saves time and money, making it essential for mining companies to adopt or risk falling behind. It enables rapid model building that traditionally takes years, but still requires experienced geologists to input and interpret complex data correctly. We use the MapteK platform, customized to simplify extensive geological data for accurate modeling. Far from replacing jobs, AI is creating new opportunities – our AI-identified deposit at Duquesne West is expected to generate in excess of 100 future jobs. Overall, AI enhances efficiency, accelerates discovery, and supports workforce growth in the mining sector.

What are the key catalysts we can expect over the next year?

We plan to launch a financing round to raise US$3-5 million, depending on share price to minimize dilution. With the MRE’s boost to investor confidence, we will be drilling at Duquesne West to grow our ounces, aiming to surpass 2 million oz of gold and continuing to attract majors and institutions. At Lac Pelletier, we plan to double resources and possibly deliver a 43-101 report by year-end or next year, progressing toward a revamped feasibility study, if needed.