LaFleur Minerals Inc.
Golden Timing: Fast-Tracking Production Amid Record Gold Prices
Published: Dec 19, 2025
Author: FRC Analysts
Disclosure: LaFleur Minerals Inc. has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions.
Company Details
Sector – Basic Materials / Industry – Other Industrial Metals & Mining
Trading Information
Ticker & Exchange – LFLR.CN
Report Highlights
- LFLR aims to complete a Preliminary Economic Assessment (PEA), and an updated resource estimate, next month, on its advanced-stage Swanson gold project in Quebec. Mineralized material will be processed at its fully permitted 750 tpd Beacon mill, located 50 km away.
- We anticipate the PEA will confirm minimal CAPEX (US$20-$30M), and a fast-track production timeline of under one year.
- We believe the current resource at Swanson can support 10+ years of operations, averaging 10-15 Koz of gold annually, with higher production in the initial years from higher-grade ore.
- At 10 Koz/year production, we estimate operating profit of ~US$25 M per year at today’s gold price vs the current MCAP of just US$27M. This implies that shares are trading at 1.1x operating profit (sector: 4.2x), highlighting a significant valuation gap.
- An independent study estimates the mill restart to cost US$4M, and US$52M for full replacement. Given the current MCAP of US$27M, we note the market is not only undervaluing the mill, but also overlooking the Swanson project, capable of 10+ years of production.
- The company is conducting a 10-hole drill program to potentially validate historical drilling, fill gaps in the resource model, and confirm high-grade continuity.
- With gold near record highs, we anticipate robust M&A activity over the next 12 months as larger companies target juniors. We remain positive on gold prices, supported by US$ weakness, and strong safe-haven demand amid economic and geopolitical uncertainty.
- LFLR is currently pursuing a $6M private placement. Upcoming catalysts include resource expansion/upgrades, a PEA, mill restart, potential custom milling agreements, and project financing.
Price and Volume (1-year)
| YTD | 12M | |
| LFLR | 46% | 38% |
| TSXV | 53% | 62% |
| GOEX | 168% | 170% |
| Gold | 67% | 65% |
*$1.66 M raised since Q2-FY2026; currently pursuing a $6M equity financing
* Qualified Person: Louis Martin, P.Geo. (OGQ), Exploration Manager and Technical Advisor of LFRL
* LaFleur Minerals has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions.
Portfolio Summary
Fundamental Research Corp. Equity Rating Scale:
Fundamental Research Corp. Equity Rating Scale (ratings are not a recommendation to acquire, dispose of, or take no action regarding a security; the definition of our ratings are explained below):
- Buy – Fair value is 12% above the current market price; or risk and reward is favorable
- Hold – Fair value is between 5% to 12% above the current market price
- Sell – Fair value is 5% above, or less, than the current market value; or risk and reward is unfavorable
- Suspended or Rating N/A – Coverage and ratings suspended until more information can be obtained from the company regarding recent events.
Fundamental Research Corp. – Risk Rating Scale:
- (Low Risk) – The company operates in an industry where it has a strong position (for example a monopoly, high market share etc.) or operates in a regulated industry. The future outlook is stable or positive for the industry. The company generates positive free cash flow and has a history of profitability. The capital structure is conservative with little or no debt.
- (Below Average Risk) – The company operates in an industry where the fundamentals and outlook are positive. The industry and company are relatively less sensitive to systematic risk than companies with a Risk Rating of 3. The company has a history of profitability and has demonstrated its ability to generate positive free cash flows (though current free cash flow may be negative due to capital investment). The company’s capital structure is conservative with little to modest use of debt.
- (Average Risk) – The company operates in an industry that has average sensitivity to systematic risk. The industry may be cyclical. Profits and cash flow are sensitive to economic factors although the company has demonstrated its ability to generate positive earnings and cash flow. Debt use is in line with industry averages, and coverage ratios are sufficient.
- (Speculative) – The company has little or no history of generating earnings or cash flow. Debt use is higher. These companies may be in start-up mode or in a turnaround situation. These companies should be considered speculative.
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Definition of FRC’s Fair Value Estimate – Our fair value estimate is the theoretical value of the company’s equity using widely accepted methods of valuation such as discount cash flow or comparables. IT IS NOT A TARGET PRICE or PREDICTION OF THE FUTURE STOCK PRICE.
Disclaimers and Disclosure
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The distribution of FRC’s ratings are as follows: BUY (69%), HOLD (3%), SELL / SUSPEND (28%). Yorkton Equity Group Inc.
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