Disclosure: LaFleur Minerals Inc. has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions.
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Price and Volume (1-year)
*$1.66 M raised since Q2-FY2026; currently pursuing a $6M equity financing
* Qualified Person: Louis Martin, P.Geo. (OGQ), Exploration Manager and Technical Advisor of LFRL
* LaFleur Minerals has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions.
Portfolio Summary
Location Map
LFLR’s portfolio features the advanced-stage Swanson gold project, and the fully permitted 750 tpd Beacon mill
Located in the southern part of Quebec’s Abitibi Gold Belt, close to several senior gold producers
The Swanson property is 66 km north of Val-d’Or, with the Beacon mill 50 km away
Well-established infrastructure with roads, rail, power, and nearby gold mills
750 tpd Beacon Mill (Merrill Crowe)
Source: Company
The Swanson property includes surface and underground infrastructure, featuring a 500 m ramp to the deposit 80 m below surface
The mill was refurbished in 2022 by the previous owner for $20M, and is currently in good condition, with a permitted tailings facility
2024 Resource Estimate
Qualified Person: Louis Martin, P.Geo. (OGQ), Exploration Manager of LFLR
Source: Company
Previous owners delineated a high-grade, small-tonnage open-pit resource
The current resource envelope measures 475 m long x 425 m wide x 500 m deep; 84% of resources are open-pittable
LFLR has completed a 5,283 m (24-hole) resource expansion drill program, targeting 50 prospects across Swanson, Jolin, Bartec, and Marimac.
Key Targets
Source: Company
We believe the project has resource expansion potential as the deposit remains open at depth, and along strike
The program returned high-grade, near-surface gold assays, including 7.47 g/t Au over 1.35 m and 7.68 g/t Au over 1 m , confirming continuity and expansion potential. Step-out drilling extended mineralization southeast and northwest.
Significant Assays from the Swanson and Bartec Targets
Source: Company
Additional assay results pending, expected Q1-2026
The company is currently conducting a 10-hole program to validate historical drilling, infill gaps in the resource model, and confirm high-grade continuity. LFLR is also conducting geological and engineering planning for an 80,000 tonne bulk sampling program at Swanson, with processing planned at the Beacon m ill. Data from this program will support the upcoming PEA .
Source: Company
Bulk sampling could recover over 4 koz of gold; program expected to start mid-2026, pending permits
Management is currently completing Beacon mill restart work , with six months of repairs and maintenance anticipated. LFLR is also pursuing toll milling opportunities from nearby advanced-stage gold projects to generate additional cash flow from the mill. Potentially compatible deposits are shown on the map below.
Gold deposits and mines within a 50 km radius of the Beacon Mill
Source: Company
Options for additional cash flows through toll milling
Near-Term Plans
Multiple upcoming catalysts
Financials
Strengthening balance sheet
$1.90M in cash at the end of September 2025
Subsequently, LFLR completed a $1.66M equity financing, and is currently pursuing an additional $6M raise
Source: FRC / Company
In-the-money options and warrants can bring in up to $4M
FRC Valuation
Our DCF model returned a fair value estimate of $1.10/share (previously $1.04/share), driven by higher gold prices, partially offset by share dilution since our previous report in August 2025
Source: FRC
As with any mining project, our valuation is highly sensitive to gold prices
We are reiterating our BUY rating, and raising our fair value estimate from $1.04 to $1.10 /share. We base our valuation solely on our DCF model, as few projects offer a similar low-CAPEX, quick-to-production profile. We believe the market significantly undervalues the Beacon m ill , and the Swanson resource, highlighting a clear valuation gap . Upcoming catalysts such as the PEA, drill results, potential custom milling agreements, and project financing could unlock substantial value.
Risks
We believe the company is exposed to the following key risks (not exhaustive):
Maintaining a risk rating of 4 (Speculative)
