Episode Details

Interview with Jon Deluce, President & CEO of Abitibi Metals

Our previous interview: https://www.cruxinvestor.com/posts/abitibi-metals-cseamq-all-known-questions-answered-june-2026-10851

Recording date: 29th September 2026

Abitibi Metals (CSE:AMQ) is a Québec-focused copper developer whose flagship asset is the B26 polymetallic VMS deposit, located near the former Selbaie mine in the Abitibi region. The deposit hosts just over 25 million tonnes, split between 12.96 million tonnes Indicated at 2.08% CuEq and 12.34 million tonnes Inferred at 2.20% CuEq.

B26 was explored for about 25 years by SOQUEM, the Québec government's exploration subsidiary, which spent more than $30 million defining an initial resource of around 11 million tonnes. Abitibi optioned the project in November 2023, completed the seven-year option in two and a half years, and bought the final 20% interest in June 2026. That transaction also halved the royalty to a 1% NSR and gave Abitibi a 10-year right of first refusal on SOQUEM's surrounding land. CEO Jonathon Deluce notes that these prospects sit within about 12 kilometres of B26, which could support a district-scale strategy.

Drilling in 2026 has totalled just under 30,000 metres, with three rigs running through year-end. The company says it has met its internal target for converting Inferred resources to Indicated and is now focused on growth. The next resource update targets 30 to 35 million tonnes. A September release reported 1.25% CuEq over 60.2 metres, including 3.72% CuEq over 9.2 metres, from the eastern side of the deposit. Deeper drilling in the Western Down-Plunge Zone returned 1.45% CuEq over 14.1 metres. Abitibi also plans a deep step-out at about 1.5 kilometres vertical depth to test for higher-grade feeder mineralisation, and it is following up a possible new zone 1.5 kilometres to the west.

The company has begun development work earlier than most explorers. Environmental baseline and hydrogeology studies are underway under Dave Bernier, formerly COO of Foran Mining, whose team permitted McIlvenna Bay in 18 months. Phase 2 metallurgy reported 98% copper recovery from chalcopyrite-dominant mineralisation and the potential for a 22% to 30% copper concentrate.

Management has been strengthened with Ben Pullinger, former CEO of ATEX Resources, Keith Gorman as CFO and Louis Gariépy as VP Exploration. Discovery Silver is a strategic shareholder following the May financing and has a regional processing footprint that could suit B26.

Abitibi holds about $34 million in cash and expects to finish 2026 with $28 million to $29 million. That funds a 40,000-metre programme, development work and a potential acquisition through 2027, ahead of an updated resource and a PEA. The company's market capitalisation has grown from about $40 million a year ago to around $170 million.

Near-term catalysts include regional drilling in Q1 2027, results from the deep step-out, acquisitions from the surrounding pipeline, and the next resource update. Key risks include the early stage of economic studies, exploration uncertainty on new targets and copper price exposure. Deluce says a takeover by a producer is the most likely path to full shareholder value, although the team is building the capability to develop B26 independently if needed.

View Abitibi Metals' company profile: https://www.cruxinvestor.com/companies/abitibi-metals

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