Sirios Resources Combines With OVI Mining To Advance Cheechoo Gold Project

• Sirios Resources completed a combination with OVI Mining in February 2026, integrating Osisko-backed capital markets expertise with district-scale gold assets.
• The combined entity anchors its portfolio on the Cheechoo Project, which hosts 3 million ounces of gold with favorable open-pit development metrics.
• Site preparation is complete and a 25,000-meter drilling campaign was executed as of June 2026, supporting a preliminary economic assessment scheduled for 2027.
• The strategic move aims to unlock shareholder value through disciplined project advancement while leveraging the Osisko development ecosystem for long-term growth.

Sirios Resources (TSXV:SOI) has advanced its flagship Cheechoo Project through a transformative corporate combination with OVI Mining, finalized in February 2026 . This transaction created a district-scale gold platform anchored by the Cheechoo deposit, complemented by the Corvet Est and PLEX projects . By integrating into the Osisko development ecosystem, Sirios strengthened its leadership team with proven mine-building and capital markets expertise . The combination retains Sirios’ long-standing geological knowledge of the James Bay region while adding structural advantages for capital allocation .

What Are The Key Metrics Of The Cheechoo Gold Project?

The Cheechoo Project is located in Québec’s Eeyou Istchee James Bay region, adjacent to Newmont’s Éléonore mine . The deposit hosts approximately 3 million ounces of gold, including 1.3 million ounces indicated and 1.7 million ounces inferred . Key development characteristics include a low strip ratio of 2.9:1 and high metallurgical recoveries of approximately 92 percent . These metrics support an attractive open-pit development model with favorable economics .

Strategic positioning adjacent to established infrastructure provides access to regional resources and logistical networks . The low strip ratio minimizes waste removal requirements, enhancing the viability of large-scale mining operations . High gold recoveries further improve the project's financial profile by maximizing output per ounce mined . Sirios is well-funded with recent treasury additions, supporting the advancement of Cheechoo toward a preliminary economic assessment scheduled for 2027 .

How Is Sirios Advancing Exploration And Development?

Operational progress at Cheechoo includes completed site preparation and the execution of its first 25,000-meter drilling campaign as of June 2026 . This drilling effort is focused on expanding the resource base and identifying additional high-grade zones . The company is advancing exploration across its broader portfolio, which includes the Corvet Est and PLEX projects . These assets offer significant exploration upside with large land packages and multiple underexplored mineralized zones .

The Aquilon project, optioned in partnership with Sumitomo Metal Mining Canada, provides further exploration upside with limited capital commitment . This strategic partnership allows Sirios to tap into external expertise while managing financial risk . Over three decades of continuous exploration in the region have established strong relationships with local and Indigenous communities . These relationships support disciplined project advancement and facilitate regulatory approvals for future development phases .

What Is The Market Relevance Of The OVI Mining Combination?

The acquisition of OVI Mining brings Osisko-backed capital markets expertise to Sirios Resources, strengthening its position in the gold sector . This transaction was designed to create a clear pathway toward re-rating and growth for the company . By combining technical exploration strengths with advanced capital markets capabilities, Sirios aims to accelerate project timelines . The Osisko development ecosystem provides proven mine-building leadership that complements Sirios' geological expertise .

The combined entity now controls a diversified portfolio of district-scale assets, offering significant long-term value potential . Investors are watching the preliminary economic assessment scheduled for 2027 as a key catalyst for the project's development . The integration of Sirios and OVI Mining represents a strategic move to consolidate resources and optimize operational efficiency . This combination positions Sirios to capitalize on the growing demand for gold and critical minerals in global markets .