Fundamental Research Corp. has reiterated a BUY rating for LaFleur Minerals Inc. with a fair value estimate of C$1.10 per share, driven by higher gold prices and the company's accelerated production strategy. The research firm highlighted LaFleur's advanced-stage Swanson gold project in Quebec, noting that mineralized material is expected to be processed at the company's fully permitted 750-tonne-per-day Beacon mill located approximately 50 kilometers away, enabling a fast-track path to production with estimated initial capital expenditure of US$20 million to US$30 million.
According to Fundamental Research Corp., the current resource at Swanson is expected to support more than 10 years of operations with average annual production of 10,000 to 15,000 ounces of gold, generating estimated operating profit of approximately US$25 million per year at current gold prices. The report emphasized that the market is significantly undervaluing both the Beacon mill and the Swanson resource relative to LaFleur's market capitalization, while pointing to near-term catalysts including a preliminary economic assessment, resource expansion drilling, mill restart activities and potential custom milling opportunities as drivers that could unlock additional shareholder value.
The research coverage is important because it highlights a potentially undervalued opportunity in the gold mining sector at a time when gold prices remain elevated. LaFleur's strategy of utilizing existing infrastructure—the fully permitted Beacon mill—represents a capital-efficient approach to bringing gold production online more quickly than traditional greenfield projects. This could provide investors with exposure to gold production with lower upfront capital requirements and reduced execution risk compared to building new processing facilities from scratch.
The implications extend beyond LaFleur's specific operations to the broader mining industry, demonstrating how companies can leverage existing assets to accelerate production timelines. The potential for custom milling agreements at the Beacon mill could create additional revenue streams while supporting regional mining development in Quebec's Abitibi Gold Belt. For investors, the combination of a BUY rating, specific valuation target, and identified catalysts provides a clear framework for evaluating the investment opportunity.
The research report noted that the Swanson gold project is supported by a fully permitted 750-tonne-per-day Beacon mill with minimal restart costs and potential for 10+ years of production. Upcoming catalysts include a preliminary economic assessment and updated resource estimate in January 2026, bulk sampling, mill restart and potential toll milling agreements. To view the full report, visit https://ibn.fm/WQm8q.
For the mining industry, LaFleur's approach represents a model for how junior mining companies can potentially reach production more efficiently by utilizing existing permitted infrastructure rather than navigating the lengthy and costly process of obtaining new permits. This could influence how other companies structure their development strategies, particularly in established mining jurisdictions like Quebec where permitted mills represent valuable assets. The research coverage provides independent validation of LaFleur's strategy and highlights the gap between the company's current market valuation and the potential value of its assets.
