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.
Subscribe for free to get exclusive insights and fair value data.
Price and Volume (1-year)
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
Portfolio Summary Location Map
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: L ouis Martin, P.Geo . (OGQ), Exploration Manager of LFLR Source: Company 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
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.
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
Significant Assays from the Swanson and Bartec Targets
Source: Company
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
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
We believe the project has resource expansion potential as the deposit remains open at depth, and along strike Additional assay results pending, expected
Q1-2026 Bulk sampling could recover over 4koz of gold; program expected to start mid-2026, pending permits
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
Near-Term Plans Updated resource estimate and PEA (January 2026) Resource upgrade and expansion drilling Project financing Commence bulk sampling (mid-2026)
Financials
Source: FRC / Company
Options foradditional cash flows through toll milling
Multiple upcoming catalysts
Source: FRC / Company
FRC Valuation
Strengthening balance sheet$1.90 M in cash at the end of September 2025 Subsequently, LFLR completed a $1.66M equity financing, and is currently pursuing an additional $6 M raise In-the-money options and warrants can bring in up to $4 M 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 As with any mining project, our valuation is highly sensitiveto gold prices
Source: FRC
Maintaining a risk rating of 4 (Speculative)
