Falco Resources - KPMG study finds Falco's Horne 5 project is projected to contribute $8.8 billion to Québec GDP
There’s good news from our client Falco Resources Ltd. (TSX-V: FPC) which last week announced the results of a third-party Socioeconomic Impact Study, conducted by KPMG, for its flagship Horne 5 Project in Rouyn-Noranda, Québec. The report outlines the significant economic and labour opportunities of the Horne 5 Project, based on the project’s updated feasibility study report filed on 27th July 2026.
About Falco
Falco is one of the largest mineral claim holders in the province of Québec, with an extensive portfolio of properties in the Abitibi-Témiscamingue greenstone belt. Falco holds rights to approximately 60,000 hectares of land in the Noranda Camp, which includes 13 former gold and base metal mine sites. Falco’s main asset is the Horne 5 Project located beneath the former Horne mine, which was operated by Noranda from 1927 to 1976 and produced 11.6 million ounces of gold and 2.5 billion pounds of copper. Osisko Gold Group Inc. is Falco’s largest shareholder, with a 16% interest.
KPMG Socioeconomic Impact Study
The KPMG report confirms that over the Horne 5 Project’s anticipated lifespan, its direct and indirect contribution to Gross Domestic Product (GDP) within the Québec economy at the provincial level is currently estimated at $8.8 billion. All dollar figures in the report are Canadian dollars.
KPMG’s analysis considers approximately $12.1 billion of project expenditures over 15 years, including pre-production investments, recurring operating costs, and site maintenance and reclamation expenses.
Economic Impact of the Horne 5 Project
Pre-Production & Construction Phase (4 Years)
Provincial Impact (Québec): $914.4 million in GDP ($228.6 million per year), 4,318 jobs in person-years, and $59.4 million in provincial tax revenue.
Regional Impact (Abitibi-Témiscamingue): $644.6 million in GDP ($161.1 million per year), 2,075 jobs in person-years, and $3.5 million in local tax revenue.
$32.7 million in federal tax revenue.
Operational and Closure Phases (15 Years)
Provincial Impact: $7.9 billion in GDP ($524.5 million per year), 18,485 jobs in person-years, and $3.5 billion in provincial tax revenue ($233.6 million per year).
Regional Impact: $6.5 billion in GDP ($435.8 million per year), 11,808 jobs in person-years, and $37.5 million in local tax revenue.
$1.4 billion in federal tax revenue ($95.6 million per year).
Overall, 82% of the direct and indirect added value generated by the project is expected to accrue to the Abitibi-Témiscamingue region, which is expected to retain 61% of the jobs supported by the project.
Falco Resources 5-year share price chart
Additional Highlights from the KPMG Report
Workforce Development: The Horne 5 Project will support workforce training and skills development, with a focus on trades and technical roles.
Local Community: Significant employment and business opportunities, in addition to infrastructure improvements.
Environmental Sustainability: Falco is committed to minimising the project’s environmental footprint through the use of modern technologies, responsible water and tailings management, and the reuse of existing mining infrastructure wherever practicable.
Supply Chain and Export Potential: The project will strengthen provincial supply chain for critical minerals.
Government Alignment: The project supports Québec and Canada’s strategic priorities for critical minerals and responsible resource development, while contributing to domestic mineral supply and long-term economic growth.
The complete KPMG report is available to read at THIS LINK but in French only.
CEO comment
Luc Lessard, Falco’s President and CEO, stated: “KPMG’s analysis demonstrates the scale of Horne 5’s potential economic contribution to Québec, and particularly Abitibi-Témiscamingue. With an estimated $8.8 billion contribution to the Québec GDP, more than 22,800 direct and indirect jobs in person-years and approximately $5.1 billion in municipal, provincial and federal tax revenues over the Project’s life, Horne 5 has the potential to generate substantial and lasting economic benefits. Importantly, KPMG estimates that 82% of the value added generated in Québec would accrue to Abitibi-Témiscamingue, reinforcing the Project’s significance to the region.”
Read our initiation of coverage note on Falco Resources HERE
Disclosures
Falco Resources is a corporate client of Optimo Research Ltd.
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