Lafleur MineralsCSE:LFLR

As of March 2026, the company reports a resource of just over 200,000 ounces at a 0.5 gram per ton cut-off for the open pit. Earlier (June 2025), they reported almost 200,000 ounces at Swanson. The company points to significant exploration upside: a million-ounce target within the project (March 2026), a 500,000–1 million ounce target for Swanson specifically (September 2025), and potential for 2–4 million ounces in the broader area (September 2025). To pursue this, management says they have generated over 50 drilling targets, narrowed to 20 to 25 holes, with a 5,000-meter drilling program aimed at increasing existing resources to well over a million ounces (June 2025). The company also notes that the Swanson project area has grown from around 5,000 hectares to over 166 square kilometers (June 2025).

As of June 2025, they were applying to the Quebec government for a large bulk sample permit of 80,000 to 100,000 tons at Swanson, which sits on an existing mining lease. By October 2025 the company reported that the mining lease was in place.

The company assumes it can operate at 750 tons per day after recommissioning and reach 1,250 tons per day through additional upgrades, with a potential future expansion to up to 5,000 tons per day via a CIL circuit not currently planned. They assume the Swanson ore—described as an orogenic gold system with quartz veins and a sulfide (pyrite) component—can be processed at the Beacon Gold Mill, which has been on care and maintenance for about 18 months and was in excellent condition but requires maintenance and repairs. Management cites past metallurgical testing by Nikico Eagle and plans further testing on historical drill core and new drilling, noting they have approximately 5,000 tons of existing stockpile available for test material and ore sorting capability. A stated risk is that additional environmental work is needed, and the company assumes ore can be processed at the mill from the top 300 meters of depth.

They estimate all-in sustaining costs of $1,569/oz and a payback period of about seven years (March 2026 release). On the capital expenditure side, the company said it has obtained firm trucking costs from contractors and noted that capex relates to mill restart and maintenance (October 2025 release).

The company also states that the 5,000 meter drilling program at Swanson is fully funded by existing flow-through funds (June 2025).

In June 2025, the company reported that drilling permits for Swanson were expected imminently, with a two-month drilling program planned there, while the Beacon Mill was targeted for restart by the end of 2025 and full production by early 2026, following tailing storage facility repairs during summer and fall. By October 2025, the CEO said first production was expected within the next 12 months, with a study due by the end of that year and a first-phase bulk sample of 80,000 to 100,000 tons planned; Swanson was described as coming into play in early 2026, and mill recommissioning was pegged for halfway through that year. In March 2026, management reiterated a first-production target for the end of 2026.

The company also notes that the 50 km trucking distance from Swanson to the Beacon Mill positions it favourably on the cost curve. Regarding the market, the company reports that multiple interested parties — including institutional equity, debt facilities, and streaming companies — have expressed interest in funding the Beacon Mill.