Sirios Resources (TSX-V: SOI | OTCQB: SIREF): The Osisko-Backed Three-Million-Ounce Quebec Gold Project Trading at US$33 an Ounce
Disseminated on behalf of Sirios Resources. Full disclosure at bottom.
Two facts about Sirios Resources (🇨🇦SOI / 🇺🇸SIREF) matter most for an investor looking at this story for the first time.
The first is who is running it.
CEO Jean-Félix Lepage spent eight years at Newmont's Éléonore mine in Quebec, including running underground operations. Éléonore is one of the largest gold mines in the province. It sits less than 15 kilometres from Sirios's flagship Cheechoo project, in the same broader James Bay gold corridor. The CEO now running Sirios has spent a career on this geology, at the mine next door, before moving into development roles at O3 Mining and then taking the seat at Sirios.
The second is who is behind the company.
In early 2026, Sirios merged with OVI Mining Corp. to form a single Osisko-backed gold development company in the Eeyou Istchee James Bay region. Osisko has a long history of advancing gold projects in Canada from discovery through to development and acquisition. The combined company is now structured around moving Cheechoo from a defined resource into a Preliminary Economic Assessment.
That combination — an operator who ran underground at the mine next door, with an Osisko-backed development structure behind him — is unusual for a project at this stage.
Now here is what they actually have.
The resource
Cheechoo is a large, near-surface, open-pittable gold deposit in Quebec.
The current NI 43-101 mineral resource estimate is 1.26 million ounces Indicated (35 Mt at 1.12 g/t Au) and 1.69 million ounces Inferred (42.7 Mt at 1.23 g/t Au). Combined, the two categories total approximately 2.95 million ounces of gold. (Indicated and Inferred categories carry different confidence levels.)
In addition, Sirios has reported a conceptual exploration target of 31 to 40 million tonnes grading 1.27 to 1.45 grams per tonne gold across the property.
Metallurgical test work has indicated approximately 92 percent gold recoverability from Cheechoo material. The deposit geometry is open-pittable and mineralization extends from near surface, meaning the project avoids the capital cost overhead of underground mining.
For a roughly three-million-ounce in-ground gold project in a Tier-1 jurisdiction, that combination of grade, open-pit geometry and recovery is unusual.
The catalyst calendar
The 2026 drill program is the largest in Sirios's history. It is fully funded and structured in two phases.
Phase 1, approximately 25,000 metres, is in the ground now. The objective is to expand the existing resource and deliver an updated NI 43-101 mineral resource estimate before year-end 2026.
Phase 2, approximately 10,000 metres, is planned for Q1 2027 to extend follow-up targets and continue expansion. The combined program is 35,000 metres.
The updated resource is then designed to feed directly into a Preliminary Economic Assessment targeted for the first half of 2027. A PEA is the first formal economic study a junior gold developer publishes. It sizes capex, opex, recovery, mine plan and an indicative net present value. (A PEA is preliminary in nature, depends heavily on commodity price and capex assumptions.)
The catalyst path between now and mid-2027 is unusually concentrated for a project at this stage.
The market they are walking into
Central banks are buying gold at the fastest pace in decades. Gold has moved through US$4,000 an ounce. Rising sovereign debt, sticky inflation and broad geopolitical uncertainty have pushed institutional capital back into precious metals at a scale the equity sector has not seen for years.
The structural problem behind the price is that there are very few large-scale gold projects left in stable jurisdictions to deploy that capital into. A defined, open-pittable, three-million-ounce gold project in Quebec is exactly the kind of asset the majors and institutional gold capital have been looking for.
The valuation
This is where the video closed.
On a market-capitalisation-per-defined-ounce basis, Sirios is currently valued at approximately US$33 per in-ground ounce of gold. Recent transactions involving comparable Canadian gold development projects at the same stage have been done closer to US$50 per ounce. The gap exists in the public market data. It is not a price target.
Whether that gap closes depends on what the next twelve months of drilling, the resource update and the PEA actually deliver. It is not guaranteed to close. The catalyst calendar above is what is designed to address it.
What would make this not work
Drill programs sometimes deliver weaker results than expected. The updated resource estimate may come in below current levels, or may not convert a meaningful portion of Inferred ounces to Indicated. The CEO's experience at Éléonore and Osisko's involvement are evidence about the operators, they are not a guarantee of any specific outcome at Cheechoo.
What happens next
Drilling is in the ground. An updated NI 43-101 resource estimate is expected before year-end 2026. A Preliminary Economic Assessment is targeted for the first half of 2027.
If those milestones land, Sirios is no longer a junior valued at roughly US$33 per defined ounce. It is an advanced Quebec gold development project, run by someone who has actually built and operated a gold mine on the same geology, backed by an Osisko development structure, walking into a gold market that is structurally short of exactly this kind of asset.
We wrote the full report on it.