Mont Sorcier Iron Vanadium Update

Chibougamau Independent Mines Inc. (CBG-TSXV) and Globex Mining Enterprises Inc. (GMX-TSX) have provided a significant update concerning the Mont Sorcier iron vanadium deposit located near Chibougamau, Quebec. This update, based on recent data from Cerrado Gold Inc. (TSX.V: CERT), highlights ongoing developments at the Mont Sorcier project, particularly in metallurgical testing and project feasibility.

Cerrado's latest findings reveal promising results from detailed metallurgical testing, reaffirming the potential to produce high-grade iron concentrate exceeding 67% iron content, with silica and alumina levels maintained below 2.3%. The current focus of the testing includes flotation processes, variability assessments, and optimization of grind size and reagents, which are critical for laying the groundwork for an NI 43-101 Bankable Feasibility Study (BFS) targeted for completion by the end of Q1 2026. This study will delve deeper into the project’s viability, building on the favorable Preliminary Economic Assessment (PEA) published in 2022, which projected a net present value (NPV) of approximately US$1.6 billion based on a 65% iron concentrate.

Chibougamau Independent Mines holds a 2% Gross Metal Royalty on iron and vanadium production from Mont Sorcier, while Globex holds a 1% Gross Metal Royalty on iron. The progress reported is significant for enhancing investor confidence and the subsequent potential economics of the project.

Jack Stoch, president of both companies, emphasizes the commitment of all involved consultants toward achieving the BFS objectives. This news release also includes standard forward-looking statements cautioning that outcomes may differ from expectations due to various risks and uncertainties.

As of May 1, 2025, the Mont Sorcier iron vanadium project near Chibougamau, Quebec, appears to be a promising venture for investors in the mining sector, particularly given recent updates from both Chibougamau Independent Mines Inc. and Globex Mining Enterprises Inc. The ongoing metallurgical testing at the Mont Sorcier site, targeting high-purity iron concentrates with grades exceeding 67%, suggests a significant opportunity for the production of a high-value product. The preliminary economic assessment (PEA) indicated a net present value (NPV) of approximately $1.6 billion at a grade of 65% iron, and with continued advancements in metallurgy and process optimization, the potential for increased returns seems plausible.

Investors should note the critical elements that are contributing to this project's attractiveness. The scheduled completion of the Bankable Feasibility Study (BFS) by Q1 2026 will provide essential insights into the viability and projected financial performance of the Mont Sorcier project. Moreover, Chibougamau's 2% Gross Metal Royalty and Globex's 1% royalty on iron production signify that both companies have a vested interest in the project's success, aligning their financial performance with that of the Mont Sorcier production.

While the outlook is positive, investors must remain cognizant of the inherent risks highlighted by the companies, such as fluctuations in market demand for iron and vanadium, operational challenges, and regulatory hurdles. Given these parameters, strategic investment in Chibougamau Independent (CBG-TSXV) and Globex (GMX-TSX) could provide exposure to a potentially lucrative project, albeit with the understanding that due diligence and market monitoring remain essential. Overall, Mont Sorcier stands out as a compelling opportunity within the strategic metallurgy landscape.