Amex Exploration enters May with an awkward setup — a stock that nearly doubled from its lows but shed 7.5% this week alone, while its most consequential shareholder, Eldorado Gold, now controls more than a quarter of the company.
The week's price action was rough across the junior gold space. AMX closed at CAD 4.72 on Wednesday, down 3.9% on the day and 7.5% on the week. That pullback follows an extraordinary one-month run of 36% — the stock was well below CAD 3.50 in late March. Peers moved in lockstep on the way down: JAG fell 13.2% on the week, DC dropped 11.8%, and KNT gave back 8.5%. The retreat looks sector-wide rather than company-specific, with gold junior sentiment softening after a strong run.
The analyst community sees significant upside at current levels. The mean price target is CAD 7.06 — roughly 50% above Wednesday's close — though that estimate comes from a very thin coverage base, and readers should treat it with appropriate caution given AMX's micro-cap profile on the TSXV. Valuation multiples are unhelpful; PE and EV/EBITDA are both deeply negative, consistent with a pre-revenue exploration company that is still building its resource base at the Perron gold project in Quebec. The ORTEX short score of 43.1 sits in the 20th percentile of the universe — not a heavily shorted name by any measure.
The positioning story is straightforward, and bears no sign of aggression. Short interest is a tiny 0.65% of free float, effectively inconsequential for a stock of this type. It roughly doubled over the past month, which sounds dramatic, but that takes the absolute share count from around 330,000 to 657,000 — a rounding error against a register of over 147 million shares. Availability is wide open at nearly 300%, meaning roughly three shares are available to borrow for every one currently lent out. Cost to borrow doubled over the past week to just under 3%, but it had been running well above 10% as recently as early April; the direction is down, not up. Nothing in the borrow market points to meaningful pressure in either direction.
The more structurally important story is ownership. Eldorado Gold stepped in last December to buy 14.87 million shares at CAD 4.00 per share from Eric Sprott — a transaction worth roughly CAD 59 million that moved Eldorado to a 26.2% stake and made it the dominant institutional holder. Sprott's exit was clean; the parallel buy/sell on the same date and volume left the register materially changed. Eldorado's presence as a major gold producer with strategic interest in Perron gives AMX a different character than most TSXV exploration names — it carries an implicit endorsement from a buyer with the balance sheet to act again. Sprott himself was an active buyer through April and May 2025 at prices well below CAD 1.10, so that December exit at four times his entry represents a very different kind of signal.
The next catalyst to watch is any update from the Perron project drilling programme. A mid-April GlobeNewswire headline flagged the broader theme that gold majors are actively shopping for juniors amid a reserve crisis — a macro current that AMX sits directly in front of, given Eldorado's existing foothold on the share register.
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