Fundamental Research Corp. has reiterated a BUY rating for LaFleur Minerals Inc. with a fair value estimate of C$1.10 per share, citing the company's accelerated production strategy and the advanced-stage Swanson gold project in Quebec. The research firm's report, available at https://ibn.fm/WQm8q, highlights a low-capex, quick-to-production profile driven by higher gold prices and strategic assets. The Swanson project is supported by LaFleur'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 the report, 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. At current gold prices, this production profile could generate estimated operating profit of approximately US$25 million per year. The research emphasizes that the market is significantly undervaluing both the Beacon mill and the Swanson resource relative to LaFleur's market capitalization, suggesting substantial upside potential for investors. Near-term catalysts identified in the report include a preliminary economic assessment (PEA) and updated resource estimate scheduled for January 2026, along with bulk sampling, mill restart activities, and potential toll milling agreements.
These developments could unlock additional shareholder value as the company progresses toward production. The report notes that the Swanson project benefits from easy road access to several nearby gold mills, further enhancing its development potential. LaFleur's consolidated land package along a major structural break hosts multiple gold deposits and showings that comprise the Swanson Gold Project, which covers approximately 18,304 hectares in Quebec's Abitibi Gold Belt near Val-d'Or. Fundamental Research Corp.'s analysis suggests that LaFleur Minerals represents an undervalued opportunity in the gold mining sector, with a clear path to production and multiple near-term catalysts that could drive share price appreciation.
The company's focus on district-scale gold projects in a proven mining jurisdiction, combined with existing infrastructure, positions it for potential success in bringing the Swanson project into production. The research firm's assessment indicates that the combination of low capital requirements, existing permitted infrastructure, and a favorable gold price environment creates a compelling investment case. The undervaluation thesis is central to the BUY recommendation, with the report suggesting that current market pricing does not adequately reflect the asset value or production timeline. This creates a scenario where investors could benefit from both operational milestones and market revaluation as the project advances toward its production goals in a stable mining jurisdiction.
