The Toronto-based company finished almost 40,000 metres of drilling this year at the site about 500 km northwest of Quebec City.

The deposit is estimated to contain an inferred resource of approximately 11.6 million tonnes averaging 5.69 g/t gold.

The plant is to be completed by the end of this year and become operational in 2023.

Becancour is drawing corporate giants to the French-speaking Canadian province with its ambitions to make this industrial outpost, halfway between Montreal and Quebec City, a key gear for an EV battery supply chain to serve the continent.

Shares of Riley Gold surged 35.7% by midday Toronto time following the investment announcement.

Auteco has also welcomed the Mishkeegogamang Ojibway First Nation as shareholders via the issuance of five million ordinary shares to the community fund.

In July 2022, Wallbridge announced that it would be selling its portfolio of nickel projects to Archer to focus on its core gold mining assets.