Globex Mining Enterprises Inc. announced that IAMGOLD Corporation have started open pit mining and processing gold ore from the Fayolle Property located in Clericy township, Quebec, on which Globex retains a two% Net Smelter Royalty (NSR). Per information contained in the NI 43-101 Technical Report and Mineral Resource Estimate of the Fayolle Gold Project published by Monarch Gold in 2019, the Fayolle deposit has a Measured and Indicated Resource of 706,400 tonnes grading 4.89 g/t Au based upon a gold price of $1,300 per ounce. IAMGOLD obtained a mining lease in March 2023 and immediately started mining activity.

Ore is being treated at the Westwood mill. Current 2023 production guidance is 10-15,000 ounces. Globex is pleased that IAMGOLD has initiated mining on the property which Globex believes has significant additional exploration potential.

In addition to the 2% NSR on the Fayolle property, Globex has a 2% NSR on the adjoining Destorbelle Gold Property to the west and owns 100% the Victoria Gold property to the southeast and east both of which have gold mineralization in drill holes and/or in surface exposures.