Former Foran Executives Join Abitibi as B26 Technical Studies Start Before 2027 PEA

• Abitibi Metals has hired Foran Mining's Chief Operating Officer and Chief Financial Officer, who advanced McIlvenna Bay to construction, as B26 moves from exploration toward development.
• Metallurgical, geotechnical, and hydrogeological work is running alongside drilling, with a Preliminary Economic Assessment (PEA) targeted for 2027.
• Rougher flotation testwork recovered 98.2% of copper into a concentrate grading 23.7% copper, with cleaner, locked-cycle and zinc-zone tests under way.
• B26 holds 12.96 million tonnes Indicated at 2.08% copper equivalent and 12.34 million tonnes Inferred at 2.20% on a previously permitted and mined property.
• With about C$34 million in cash and no warrants, the company says it is funded through 2027, though building a mine would require substantial additional capital.

Abitibi Metals (CSE: AMQ | OTCQB: AMQFF | FSE: FW0) has begun metallurgical, geotechnical, and hydrogeological studies at B26 while drilling continues, ahead of a Preliminary Economic Assessment (PEA) targeted for 2027. The company has owned 100% of the copper-gold volcanogenic massive sulfide (VMS) deposit since June 2026, when it acquired the remaining interest from SOQUEM, which retains a 1% net smelter return (NSR) royalty. B26 lies about 7 km southeast of the former Selbaie Mine in Québec's Abitibi region, and up to 3 drill rigs are working on site for the rest of 2026.

A Management Bench With VMS Construction Experience

The 2026 hires added mine development and finance experience. Dave Bernier joined as Chief Operating Officer (COO) in January 2026 after serving as COO of Foran Mining, where he advanced McIlvenna Bay to construction. He brings more than 30 years of mine development and operating experience, including a term as Canadian Country Manager for Pan American Silver. Bernier leads the technical workstreams now underway. Keith Gorman, formerly Director of Financial Planning & Analysis at Foran, became Chief Financial Officer in July 2026. His background covers mining finance across development and operations, including senior roles at Kirkland Lake Gold and Alamos Gold's Young-Davidson Mine.

Exploration and corporate development leadership came from companies that were acquired or re-rated during each executive's tenure. Louis Gariépy, Vice President Exploration since February 2025, held the same role at O3 Mining through its acquisition by Agnico Eagle. Ben Pullinger joined as Senior Vice President, Corporate Development & Growth, in July 2026 and led ATEX Resources to a market capitalization above C$1.5 billion in under 4 years. President & Chief Executive Officer of Abitibi Metals, Jonathon Deluce, credits Bernier with permitting McIlvenna Bay from scratch in 18 months.

Studies Running in Parallel With the Drill Program

Abitibi initiated an internal scoping study in the first quarter of 2026 and is running technical studies through the second to fourth quarters, with the PEA targeted for 2027. Its conceptual development schedule places first-phase metallurgical, geotechnical, hydrogeology, and whole-rock characterization work alongside B26 drilling, followed by a second phase of each, with infill drilling continuing throughout to convert Inferred tonnes to Indicated.

Deluce tied the decision to begin technical studies before the PEA to the company's strategic shareholder base:

"Starting these time-consuming processes early is something strategic partners like Discovery Silver value."

An environmental baseline program is scheduled to begin in 2027, and Indigenous and community engagement is ongoing, with formal consultation included in the same schedule. The company works with First Nations-partnered drilling contractors and supports training programs.

The company has drilled just under 30,000 m so far in 2026, balancing expansion with infill conversion. Management's target for the next resource update is 30 million to 35 million tonnes, up from about 25 million tonnes today; that figure is a target, not a resource estimate. Expansion results feed the same update: on September 17, 2026, hole 1274-25-366-W1 returned 1.25% copper equivalent over 60.2 m from 548.8 m, including 3.72% CuEq over 9.2 m, on the eastern side of the deposit.

Brownfield Infrastructure & Early Metallurgy

B26 is on a previously permitted and mined property near the former Selbaie operation, with existing road and 120-kilovolt power infrastructure, year-round road access and access to rail. The deposit averages about 8 m wide, dips at about 80 degrees, and forms stacked lenses with more than 1.5 kilometers of strike and high-grade zones near surface. The company describes this geometry as amenable to conventional underground mining methods. B26 itself has not yet entered permitting.

On August 19, 2026, Abitibi reported rougher flotation testwork by SLR Consulting in Cornwall, UK, on a larger, more representative copper-zone composite. The test recovered 98.2% of copper into a rougher concentrate grading 23.7% copper, and the company describes the flotation kinetics as rapid, which it says could point to a potentially simple circuit. Cleaner, locked-cycle, and zinc-zone flotation tests are underway to feed the PEA. Separately, the 2026 resource estimate uses recovery assumptions from earlier SGS testwork: 98.3% for copper, 96.1% for zinc, 90% for gold and 72.1% for silver.

The jurisdiction has supported the pace so far. SOQUEM, a Québec government subsidiary, explored B26 for 25 years and invested more than $30 million before optioning it to Abitibi in November 2023. 

Deluce linked the speed of that transaction to provincial priorities:

"The Québec government is focused on job creation and fast-tracking resource development. We completed a 7-year option agreement in just 2.5 years."

Funding, Open Risks & the 2027 Milestones

Abitibi held about C$34 million in cash with no warrants outstanding, and the company states it is funded through 2027, covering the period to the PEA. Management projects year-end 2026 cash of C$28 million to C$29 million. The 40,000-meter Phase 4 program is fully funded within an 80,000 m 2-year plan, and Discovery Silver holds 9.9% of the company after a strategic investment in May 2026.

No economic study has been completed, mineral resources are not reserves, and 12.34 million tonnes of the resource are Inferred. Metallurgical results so far come from laboratory-scale rougher flotation, and zinc recoveries have not been reported. Wildfires suspended drilling in 2026, and a mine build would require substantial additional capital.

The next resource update, cleaner and locked-cycle metallurgical results, a winter 2027 regional follow-up program, the start of the environmental baseline, and the 2027 PEA will test whether the parallel technical work supports a development case for B26.

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