THEORSINGES, Quebec, Oct. 20, 2025 (GLOBE NEWSWIRE) — GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, LS Exchange, TTMzero, Düsseldorf and Quotrix Düsseldorf stock exchangespecified and GLBXF – OTCQX International in the USA) is pleased to provide shareholders with a brief update on the Mont-Sorcier high purity iron deposit, which Globex retains a gross metal royalty of one percent (1%). Below is a short text from today's Press release Cerrado Gold in which they provided additional information about the progress of work in Mont-Sorcier. They have made significant progress drilling 17,000 meters of infill to upgrade the resource to Proven and Probable categories and deliver a feasibility study by the second quarter of 2026. Cerrado's press release is presented in full below.
Update of the Mont Sorcier project
“As part of the Mont Sorcier high purity iron project, all key work streams continued to work on the feasibility study and the Company completed an infill drilling program to update sufficient resources in the Proven and Probable categories. More than 17,000 meters have been drilled and the results will be included in a new mineral reserve estimate to support the feasibility study.” which is scheduled for completion in the second quarter of 2026.
The Banking Feasibility Study aims to provide a detailed updated economic study of the project's potential as outlined in the previous NI 43-101 2022 Preliminary Economic Assessment (“PEA”), which resulted in the net present value of the project.8% worth US$1.6 billion based on iron concentrates containing 65% iron. As previously highlighted, new testing work has now demonstrated the ability to supply high purity DRI grade iron concentrate with an iron content of over 67%, increasing the project's position to supply a much sought-after product to support the growing demand resulting from the transition to green steel.
Cerrado is developing its 100%-owned Mont Sorcier high-purity, high-grade direct reduced iron project located on the traditional Cree territory of Iyou Istchee James Bay in the municipality of Chibougamo. The Mont Sorcier project has the potential to produce premium iron concentrate over a long mine life at low operating costs and low capital intensity. In addition, its high-quality, high-purity products are facilitating the transition of steel producers from blast furnaces to electric arc furnaces, helping to decarbonize the industry and achieve sustainability goals.”
This press release was written by Jack Stoch, P. Geo., President and CEO of Chibougamau Independent Mines Inc. as a Qualified Person (QP) under NI 43-101.
This press release was written by Jack Stoch, P. Geo., executive chairman and chief executive officer of Globex, in his capacity as a qualified person (QP) pursuant to NI 43-101.
| We are looking for a safe harbor. | Foreign Private Issuer 12g3 – 2(b) |
| CUSIP number 379900 50 9 LEI 529900XYUKGG3LF9PY95 |
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| For more information contact: | |
| Jack Stoch, professor of geographical sciences, director-acc. Executive Chairman and CEO Globex Mining Enterprises Inc. 86, 14th Street Rouyn-Noranda, Quebec Canada J9X 2J1 |
Tel: 819.797.5242. Fax: 819.797.1470 [email protected] www.globexmining.com |
Forward-Looking Statements: Except for historical information, this press release may contain certain “forward-looking statements.” These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause actual results, levels of activity and performance to differ materially from Globex Mining Enterprises Inc.'s expectations and forecasts. (Globex). No assurance can be given that any of the events anticipated in the forward-looking information will occur or will occur, or, if any of them occur, how Globex will benefit from them. A more detailed discussion of risks is available in the Annual Information Form filed by Globex at SEDARplus.ca
