09:13 AM EDT, 06/02/2026 (MT Newswires) -- GLOBEX MINING ENTERPRISES ( GLBXF ) provided Tuesday an update as regards the Mont Sorcier iron deposit located in the Chibougamau area of Quebec.

Globex noted it retains a 1% Gross Metal Royalty on iron production from the property, and it reproduced some background details as announced by Cerrado Gold Inc. ( CRDOF ) in its 2026 Q1 report issued May 27, 2026.

"In Canada, at the company's Mont Sorcier High grade, 67%, Iron project, work continued on delivering a Bankable Feasibility study. The company expects to release the results of a Bankable Feasibility study by the end of Q2 2026, and it now anticipates submitting the Environmental and Social Impact Assessment in early Q1 2027. As a result, permits are now expected no earlier than around year end 2028, suggesting construction could commence around the end of Q1 2029 due to the winter season. We note that recent comments by policymakers indicate a desire to accelerate the permitting process; however, no clear timeline for how this will impact Mont Sorcier is available at this time."

GMX added: "The Mont Sorcier project is being designed as an 8 Mtpa concentrate operation, compared with 5 Mtpa in the PEA, to reflect strong demand for high-grade 67% iron concentrates with low silica and alumina suitable for the direct reduction iron (DRI) or pellet feed markets, the fastest growing segments of the iron ore market for which premium prices are expected. Development is expected to occur in two phases, with Phase 1 producing 4 Mtpa and a second 4 Mtpa expansion targeted approximately three years after start-up."

Globex said it awaits results of the feasibility study on the Mont Sorcier iron ore deposit. The increased throughput forecast by Cerrado will come in the second phase of construction, it added.

Shares in GMX were down $0.075 or 3.6% to $1.995 yesterday.