When I first wrote about Abitibi Metals (CSE: AMQ), I described it as a Canadian mining story unfolding in real time — a project with pedigree, a CEO with fire in his belly, and an asset base that could redefine value in Québec’s Abitibi Greenstone Belt.
Since then, the story has only grown stronger. Much stronger. Today, Abitibi is sitting on over $17 million in cash, a clean capital structure with no warrants, and the endorsement of some of the most respected names in finance, including BMO Capital Markets. Add in a fully funded exploration program, strategic support from the Québec government, and the steady hand of CEO Jon Deluce, and you begin to see why this is shaping up to be one of Canada’s most exciting junior mining stories.
A Fortress Balance Sheet in a Shaky Market
The mining exploration sector has had no shortage of struggles lately. Juniors everywhere are scrambling for capital, often forced into deeply dilutive financings or creative deals that leave shareholders underwater.
Not Abitibi.
Through a series of smart, well-timed moves, the company has raised a treasury that now exceeds $17 million, giving it the financial strength to push forward aggressively with exploration through at least Q1 2027. That kind of runway is almost unheard of in the exploration space.
And here’s the kicker: no warrants. It might sound like a small detail, but in resource exploration it’s massive. Warrants usually act like a shadow supply hanging over a stock, dragging on price and sentiment. By raising money cleanly, Abitibi showed both respect for its shareholders and confidence in its future. It pulled off what so many others can’t seem to manage.
Institutional Validation: The BMO Endorsement
Perhaps even more telling than the size of the cash balance is who helped build it.
Earlier this year, BMO Capital Markets stepped up to lead a bought-deal financing for Abitibi — a rare endorsement for a company of its size. Alongside BMO, SIDEX (a Québec government-linked fund dedicated to developing the province’s mining sector) also came in with a private placement.
This dual validation speaks volumes. BMO doesn’t attach its name lightly—and if I’m not mistaken, AMQ is the smallest market-cap company they’ve backed in this way. SIDEX, for its part, has a track record of supporting Québec success stories. Together, their involvement signals confidence not only in the B26 copper-gold deposit, but also in the management team driving it forward.
The B26 Project: Copper, Gold, and Untapped Potential
The jewel in Abitibi’s crown is the B26 Project, a copper-gold deposit in Québec’s Abitibi region. Originally explored and held by SOQUEM (the province’s resource development arm), B26 has long been recognized as a significant deposit — but it took a public-market vehicle like Abitibi to unlock its full potential.
Current drilling is focused on expansion. The Phase III program, fully funded and underway, is targeting 20,000 metres of drilling aimed at extending mineralization at depth and along strike. Early results have been eye-catching: intercepts of over 4% CuEq in high-grade zones, and long runs of >1% CuEq demonstrating both grade and scale.
Geophysical surveys (VTEM and gravity) suggest there’s much more to be found — and with the cash in place and the team motivated, Abitibi has the freedom to keep drilling, keep growing, and keep building a case for a future resource update that could dwarf what we know today.
The 2024 resource estimate already positioned B26 as a standout in the Abitibi with 11.3Mt at 2.13% CuEq (Indicated) and 7.2Mt at 2.21% CuEq (Inferred). On a contained-metal basis, this equates to roughly 554M lbs copper, 343M lbs zinc, ~369,000 oz gold, and ~13M oz silver. At Abitibi’s current 50% interest, that means effective ownership of about 277M lbs copper, 172M lbs zinc, 185,000 oz gold, and 6.7M oz silver. Should the Company increase its stake to 80%, the attributable endowment would grow to nearly 443M lbs copper, 275M lbs zinc, 295,000 oz gold, and 10.6M oz silver.
This scale is important context for the latest Phase 3 results. Hole 269W3 not only returned one of the strongest intercepts to date - 3.65% CuEq over 21.1m within 69m at 1.55% CuEq - but also confirmed that grades and widths are improving at depth in a zone already carrying meaningful gold credits. Step-outs of 40m and 100m further demonstrate that the system remains wide open, with mineralization extending well beyond the 2024 block model.
For Abitibi, this isn’t just about adding tonnage—it’s about upgrading the overall quality of the resource. Higher grades at depth, combined with confirmation of mineralization outside the current envelope, set the stage for a significant resource expansion in the next update. With hundreds of millions of pounds of copper already on the books and the potential to lift both scale and grade, B26 is steadily maturing into a deposit of global relevance—one that could anchor Abitibi’s long-term growth and strategic positioning in the critical-minerals sector.
And here’s another power move: Abitibi just brought on Louis Gariepy as VP of Exploration. This is no afterthought hire — he’s got 30+ years of global mining creds, deep experience across Québec and Latin America, and a track record of delivering big projects.
He’s the kind of name that gives you confidence the B26 story isn’t smoke and mirrors — management is backing it up with real technical muscle. His appointment isn’t just a signal. It’s a clear statement.
And right alongside, they’ve added Laurent Eustache as EVP. He’s got two decades in the mining game, with time at SIDEX plus hands-on exploration and finance experience. It’s another serious add — a guy who knows both the rocks and the capital markets.
Shareholder Structure: Built for Leverage
The absence of warrants is only one part of Abitibi’s enviable shareholder setup. The company also boasts a tight share structure, with meaningful insider ownership (the family owns about 30%) and very strong institutional participation.
This means that when new discoveries hit the wire, the upside is not blunted by a wall of cheap paper flooding the market. Every dollar of new value created has a direct impact on shareholders — a rare dynamic in today’s junior markets.
Oh yea, and don’t miss this — Haywood just slapped a $0.60 price target on the stock. That’s not retail chatter, that’s a serious shop putting a real number out there. It adds yet another layer of validation to the story.
The Jon Deluce Factor
At the center of all this is CEO Jon Deluce.
Jon’s background is a blend of technical, financial, and operational expertise. A CPA by training, he cut his teeth in capital markets and mining finance before moving into executive leadership. Along the way, he has built deep connections with both institutional investors and government partners — relationships that have clearly paid off in securing BMO and SIDEX backing. Those do not come easy.
But beyond the résumé, Jon brings something harder to quantify: grit.
Colleagues and investors alike describe him as a warrior, someone willing to fight for every inch of progress. He doesn’t chase fads or cut corners; he grinds out results, keeps the team focused, and makes decisions with long-term shareholder value in mind. In a sector where many CEOs are quick to dilute or spin a new narrative, Jon’s consistency and toughness stand out.
In the past year, while many juniors have withered under pressure, Abitibi has only grown stronger — a direct reflection of Jon’s leadership.
Jon has become a good friend and I can personally speak to his capabilities, focus and steadfast commitment to AMQ.
Sector Awakens, Company Surges
Copper and gold prices have been volatile, and the junior mining sector has suffered from lack of capital, thin liquidity, and waning investor interest. Charts across the sector look broken - up until very recently.
Abitibi has been quietly building momentum while many others threw in the towel.
That contrast matters. When sentiment inevitably shifts — and it always does in commodities — the companies that survive the storm with cash, clean structures, and active drill programs are the ones that roar the loudest on the rebound. Abitibi looks built for that moment.
What’s Next
Looking ahead, investors can expect:
Steady drill results from the 20,000-metre Phase III program.
Resource growth potential at B26 as new zones are defined and old ones extended.
Continued financial strength, with cash to weather the sector’s storm and keep building value.
Strategic interest — as copper grows ever more central to the global energy transition, assets like B26 in safe jurisdictions will draw attention from majors.
What About The Chart?
I’m glad you asked. One of my favourite check-boxes:
But first, full transparency — my own position. I’m now long just over 1.4 million shares at an average cost of about $0.37. I actually started buying at much higher prices, but Friday’s healthy move finally brought me back near book value. That was part of the push to write this update. I’m not price-sensitive when it comes to quality names, so I’ve been steadily accumulating this one over the past two years across both my corp and my RRSP with a very long term outlook:
I’m anchored at $0.37. That’s base camp. Next stop: altitude. Let’s go:
This chart is flashing bullish across the board. Breakout confirmed. RSI? Check. Upside price action on heavy volume, well above the moving averages? Check. MACD deep in positive territory after a golden cross earlier this month? Check. Everything is lining up for continued upside momentum. That said, no setup is bulletproof—pullbacks and head-fakes happen, so I’m keeping one eye open for a shakeout before the next leg higher.
Final Thoughts
The Abitibi story has moved well beyond its early chapters. With $17M+ in cash, a warrant-free structure, and dual validation from BMO and SIDEX, this isn’t your typical junior grinding it out — it’s executing. They’ve also leveled up the bench: Louis Gariepy (VP Exploration) and Laurent Eustache (EVP) bring the kind of technical depth and capital-markets savvy that actually moves projects forward. Oh, and Haywood’s $0.60 target doesn’t hurt.
The tape might be tough today, but assets and leadership like this don’t stay ignored forever. When sentiment turns, I expect Abitibi to move fast and hard.
For now, they’re doing what the best ExploreCos do: drilling, de-risking, delivering — step by step, metre by metre — with Jon Deluce leading the charge. I’ve disclosed my position above; size your own risk. Key watch items from here: results, follow-up holes, and any de-risking milestones that tighten the path to scale. Risks remain (drill outcomes, timelines, markets), but the setup keeps getting better.
-B
Disclaimer & Disclosure:
I’m not a financial advisor (obviously). This is opinion/education, not investment advice. I write about my own high-conviction positions and I may buy/sell at any time. Do your own due diligence and size your own risk. This article is not sponsored; I have no affiliation with Abitibi Metals or any companies mentioned.
(My last article was also not sponsored in any way and was a well timed intro to Hemisphere: https://braydensutton.substack.com/p/hemisphere-energy-a-masterclass-in )
Shameless plug: if you like the way I think about risk, patience, and process, you’ll probably like my book — same mindset, fewer charts, more scars:
Find it on Amazon: https://geni.us/MoneyMind or Audible.
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