Sirios–OVI Mining C$23M Quebec deal: project scale and upside for mine planners
Reviewed by Joe Ashwell

First reported on MINING.com
30 Second Briefing
Sirios Resources will acquire private explorer OVI Mining in a C$23 million all-share deal, consolidating the Cheechoo, Corvet Est and Plex gold assets in Quebec’s Eeyou Istchee James Bay district about 725 km north of Montreal. Cheechoo currently hosts 34.9 million indicated tonnes at 1.12 g/t Au (1.3 Moz) and 42.7 million inferred tonnes at 1.23 g/t Au (1.68 Moz), while historic drilling totals 21,000 m at Corvet Est and 38,000 m at Plex. The merged company, expected to close in Q1 2026 under a new name, will be led by OVI CEO Jean-Félix Lepage with Osisko’s Sean Roosen joining the board, signalling a more aggressive development push around Dhilmar’s nearby Éléonore mine.
Technical Brief
- Sirios will issue 131,905,657 new shares to OVI holders, pricing OVI at ~C$0.17/share.
- Combined equity value post-announcement reached ~C$63 million, with Sirios’ share price peaking at C$0.40.
- Transaction consideration totals about C$23 million (≈US$17 million), structured entirely as an all-share deal.
Our Take
Cheechoo’s 1.3 Moz indicated and 1.68 Moz inferred gold inventory at grades around 1.1–1.2 g/t positions Sirios among the larger early-stage gold stories in Quebec in our database, which is dominated by smaller sub-million-ounce James Bay prospects.
With Sirios valued at about C$63 million on its historic C$0.40/share peak, the implied market capitalisation per ounce of Cheechoo gold is low compared with several other Quebec gold developers in our coverage, suggesting room for re-rating if the OVI acquisition de-risks the project path to 2026.
The concentration of assets in Eeyou Istchee James Bay and proximity to Canadian Malartic and Éléonore means Sirios is moving into a corridor where existing infrastructure and established operators like Agnico Eagle Mines and Osisko Mining can materially influence future JV, toll-milling, or consolidation options.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
Related Articles
Related Industries & Products
Mining
Geotechnical software solutions for mining operations including CMRR analysis, hydrogeological testing, and data management.
Construction
Quality control software for construction companies with material testing, batch tracking, and compliance management.
CMRR-io
Streamline coal mine roof stability assessments with our cloud-based CMRR software featuring automated calculations, multi-scenario analysis, and collaborative workflows.
HYDROGEO-io
Comprehensive hydrogeological testing platform for managing, analysing, and reporting on packer tests, lugeon values, and hydraulic conductivity assessments.
GEODB-io
Centralised geotechnical data management solution for storing, accessing, and analysing all your site investigation and material testing data.


