Montreal, Quebec--(Newsfile Corp. - October 7, 2024) - Amex Exploration Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) ("Amex" or the "Company") is pleased to announce that further to its press release of October 1, 2024, it has upsized its non-brokered private placement to up to 4,710,000 units of the Company (the "Units") at a price of C$1.15 per Unit (the "Offering Price") for aggregate proceeds of C$5,416,500 (the "Offering").

Each Unit will consist of one common share (a "Common Share") and one half of one Common Share purchase warrant (each whole warrant, a "Warrant") of the Company. Each Warrant will be exercisable to acquire one Common Share for a period of 24 months following the Closing Date of the Offering at an exercise price of C$1.40 per common share, subject to adjustment in certain events.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 - Prospectus Exemptions ("NI 45-106"), the Units will be offered for sale to purchasers resident in Canada and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the "Listed Issuer Financing Exemption"). Because the Offering is being completed pursuant to the Listed Issuer Financing Exemption, the Units issued pursuant to the Offering will not be subject to a hold period pursuant to applicable Canadian securities laws.

There is an amended offering document related to the Offering that can be accessed under the Company's issuer profile on SEDAR+ at www.sedarplus.ca and on the Company's website at amexexploration.com. Prospective investors should read the amended offering document before making an investment decision.

The Company will use the proceeds of the Offering to fund the advancement of the Company's Preliminary Economic Study on its wholly owned 100% owned high-grade Perron Gold Project and general working capital purposes. The Company is well funded for its current exploration program.

The Offering is scheduled to close on or about October 15, 2024 (the "Closing Date") and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the TSX Venture Exchange.

The securities referred to in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, "U.S. Persons" (as such term is defined in Regulation S under the U.S. Securities Act) absent such registration or an applicable exemption from the registration requirements of the U.S. Securities Act. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.

About Amex

Amex Exploration Inc. has made significant gold discoveries on its 100% owned high-grade Perron Gold Project located ~110 kilometres north of Rouyn-Noranda, Quebec, consisting of 117 contiguous claims covering 4,518 hectares. The project is well-serviced by existing infrastructure, on a year-round road, 10 minutes from an airport and just outside the town of Normétal (~8 km). In addition, the project is in close proximity to a number of major gold producers' milling operations. The project host both bulk tonnage and a high-grade gold style mineralization. Since January 2019, Amex has intersected significant gold mineralization in multiple gold zones and discovered copper-rich VMS zones.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements

This news release contains forward-looking statements. All statements, other than of historical facts, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, the planned exploration program on the HGZ and Denise Zone, the expected positive exploration results, the extension of the mineralized zones, the timing of the exploration results, the ability of the Company to continue with the exploration program, the availability of the required funds to continue with the exploration and the potential mineralization or potential mineral resources are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "to earn", "to have', "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to meet expected, estimated or planned exploration expenditures, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, general business and economic conditions, changes in world gold markets, sufficient labour and equipment being available, changes in laws and permitting requirements, unanticipated weather changes, title disputes and claims, environmental risks as well as those risks identified in the Company's annual Management's Discussion and Analysis. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described and accordingly, readers should not place undue reliance on forward-looking statements. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/225904

Montreal, Quebec--(Newsfile Corp. - October 17, 2024) - Amex Exploration Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) ("Amex" or the "Company") is pleased to announce that further to its press releases of October 1, 2024 and October 7, 2024, it has upsized its non-brokered private placement to up to 5,734,000 units of the Company (the "Units") at a price of C$1.15 per Unit (the "Offering Price") for aggregate proceeds of C$6,594,100 (the "Offering").

Each Unit will consist of one common share (a "Common Share") and one half of one Common Share purchase warrant (each whole warrant, a "Warrant") of the Company. Each Warrant will be exercisable to acquire one Common Share for a period of 24 months following the Closing Date of the Offering at an exercise price of C$1.40 per common share, subject to adjustment in certain events.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 - Prospectus Exemptions ("NI 45-106"), the Units will be offered for sale to purchasers resident in Canada and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the "Listed Issuer Financing Exemption"). Because the Offering is being completed pursuant to the Listed Issuer Financing Exemption, the Units issued pursuant to the Offering will not be subject to a hold period pursuant to applicable Canadian securities laws.

The Company has filed an amended and restated offering document dated October 17, 2024, (amending and restating the offering documents dated October 1, 2024, and October 7, 2024 (collectively, the "Offering Document")) (the "Amended and Restated Offering Document") which can be accessed under the Company's issuer profile on SEDAR+ at www.sedarplus.ca and on the Company's website at amexexploration.com. Prospective investors should read the Amended and Restated Offering Document before making an investment decision. The Amended and Restated Offering Document amends the Offering Document to reflect the increased size of the Offering, including the revised use of proceeds and use of available funds.

The Company will use the proceeds of the Offering to fund the advancement of the Company's Preliminary Economic Study on its wholly owned 100% owned high-grade Perron Gold Project and general working capital purposes. The Company is well funded for its current exploration program.

The Offering is scheduled to close on or about October 18, 2024 (the "Closing Date") and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the TSX Venture Exchange.

The securities referred to in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, "U.S. Persons" (as such term is defined in Regulation S under the U.S. Securities Act) absent such registration or an applicable exemption from the registration requirements of the U.S. Securities Act. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.

About Amex

Amex Exploration Inc. has made significant gold discoveries on its 100% owned high-grade Perron Gold Project located ~110 kilometres north of Rouyn-Noranda, Quebec, consisting of 117 contiguous claims covering 4,518 hectares. The project is well-serviced by existing infrastructure, on a year-round road, 10 minutes from an airport and just outside the town of Normétal (~8 km). In addition, the project is in close proximity to a number of major gold producers' milling operations. The project host both bulk tonnage and a high-grade gold style mineralization. Since January 2019, Amex has intersected significant gold mineralization in multiple gold zones and discovered copper-rich VMS zones.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking statements

This news release contains forward-looking statements. All statements, other than of historical facts, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, the planned exploration program on the HGZ and Denise Zone, the expected positive exploration results, the extension of the mineralized zones, the timing of the exploration results, the ability of the Company to continue with the exploration program, the availability of the required funds to continue with the exploration and the potential mineralization or potential mineral resources are forward-looking statements. Forward-Looking statements are generally identifiable by use of the words "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "to earn", "to have', "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-Looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to meet expected, estimated or planned exploration expenditures, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, general business and economic conditions, changes in world gold markets, sufficient labour and equipment being available, changes in laws and permitting requirements, unanticipated weather changes, title disputes and claims, environmental risks as well as those risks identified in the Company's annual Management's Discussion and Analysis. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described and accordingly, readers should not place undue reliance on forward-looking statements. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/226901

Montreal, Quebec--(Newsfile Corp. - October 18, 2024) - Amex Exploration Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) ("Amex" or the "Company") is pleased to announce that further to its press releases of October 1, 2024, October 7, 2024 and October 17, 2024, it has successfully closed it's non-brokered private placement through the issuance of 5,734,000 units of the Company (the "Units") at a price of C$1.15 per Unit (the "Offering Price") for aggregate proceeds of C$6,594,100 (the "Offering").

Each Unit was comprised of one common share (a "Common Share") and one half of one Common Share purchase warrant (each whole warrant, a "Warrant") of the Company. Each Warrant is exercisable to acquire one Common Share for a period of 24 months following the Closing Date of the Offering at an exercise price of C$1.40 per common share, subject to adjustment in certain events.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 - Prospectus Exemptions ("NI 45-106"), the Units were offered for sale to purchasers resident in Canada and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the "Listed Issuer Financing Exemption"). Because the Offering is being completed pursuant to the Listed Issuer Financing Exemption, the Units issued pursuant to the Offering will not be subject to a hold period pursuant to applicable Canadian securities laws.

The Company will use the proceeds of the Offering to fund the advancement of the Company's Preliminary Economic Study on its wholly owned 100% owned high-grade Perron Gold Project and general working capital purposes. The Company is well funded for its current exploration program. In connection with the Offering, certain eligible finders received cash commissions in the aggregate of $34,212.50.

The Offering constituted a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") as an insider of the Company acquired 870,000 Units pursuant to the Offering. The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101, as the Company is not listed on a specified market and the fair market value of the participation in the Offering by the insider does not exceed 25% of the market capitalization of the Company in accordance with MI 61-101. The Company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the of the Offering, which the Company deems reasonable in the circumstances in order to complete the Offering in an expeditious manner.

In addition, the Company is pleased to announce that it has filed a National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") Mineral Resource Estimate ("MRE") technical report for AMEX's 100% owned Perron gold project in Quebec, Canada, with an effective date of September 05, 2024 (the "Report"). Report results were previously announced in AMEX's news release dated September 5, 2024.

GoldMinds Geoservices Inc. is responsible for the overall Report and was prepared in collaboration with Laurentia Exploration Inc. The Qualified Persons ("QPs"), as defined under NI 43-101, are Claude Duplessis, Eng., Merouane Rachidi, P.Geo., Ph.D, and Jérôme Augustin P.Geo. Ph.D.

The Report is available on Company's website (www.amexexploration.com) and on SEDAR+ (www.sedarplus.ca).

The securities referred to in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, "U.S. Persons" (as such term is defined in Regulation S under the U.S. Securities Act) absent such registration or an applicable exemption from the registration requirements of the U.S. Securities Act. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.

About Amex

Amex Exploration Inc. has made significant gold discoveries on its 100% owned high-grade Perron Gold Project located ~110 kilometres north of Rouyn-Noranda, Quebec, consisting of 117 contiguous claims covering 4,518 hectares. The project is well-serviced by existing infrastructure, on a year-round road, 10 minutes from an airport and just outside the town of Normétal (~8 km). In addition, the project is in close proximity to a number of major gold producers' milling operations. The project host both bulk tonnage and a high-grade gold style mineralization. Since January 2019, Amex has intersected significant gold mineralization in multiple gold zones and discovered copper-rich VMS zones.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking statements

This news release contains forward-looking statements. All statements, other than of historical facts, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, the planned exploration program on the HGZ and Denise Zone, the expected positive exploration results, the extension of the mineralized zones, the timing of the exploration results, the ability of the Company to continue with the exploration program, the availability of the required funds to continue with the exploration and the potential mineralization or potential mineral resources are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "to earn", "to have', "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to meet expected, estimated or planned exploration expenditures, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, general business and economic conditions, changes in world gold markets, sufficient labour and equipment being available, changes in laws and permitting requirements, unanticipated weather changes, title disputes and claims, environmental risks as well as those risks identified in the Company's annual Management's Discussion and Analysis. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described and accordingly, readers should not place undue reliance on forward-looking statements. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/227137

Montreal, Quebec--(Newsfile Corp. - November 6, 2024) - Amex Exploration Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) ("Amex or the Company") is pleased to announce that it has expanded the mineralized footprint of the Central Polymetallic Zone ("CPZ") (see number 9 in Figure 1 for location). The new high-grade intercept has the potential to extend the CPZ by 100 m beyond its currently defined area (see Figures 2-4). Additionally, recent drilling in the High Grade and Team Zones have intercepted mineralization outside of the Perron Project's disclosed resource (please see press release dated September 5, 2024) . This drilling was completed after the drillhole database cutoff on June 30, 2024 and the majority of intercepts fall outside of the modelled underground stopes and open pits (see Figures 5-7) meaning they have the potential to grow the existing resource. Finally, Amex has also successfully expanded the latest discovery on the Perron Project, the JT Zone. The mineralized dike of the JT Zone has now been defined to approximately 450 m of strike, with a thickness of 60 m, plunging to the east. The zone is located approximately 750 m to the north-northwest of the High Grade Zone ("HGZ") and approximately 600 m to northwest of the Team Zone. The same late diabase dike that cuts the HGZ can also be seen cutting the JT Zone (see Figure 8). The mineralized dike remains open to the east at depth (see Figure 9). For a full list of today's drill results and collar locations, please see Tables 1-5 below.

Since publishing the NI 43-101 Mineral Resource Estimate at Perron, the Amex Exploration team has been optimizing the drilling plan to target expansion of the open pit and underground stope shapes identified in the resource. Numerous areas across the project have been outlined for expansion due to a lack of drilling. This process will be even further refined when the mine plan is in hand from the upcoming Preliminary Economic Assessment (PEA), expected in the current quarter.

Amex currently has over 5,000 samples waiting for analysis across its range of lab partners but expects this backlog to begin decreasing over the coming weeks.

Drill Highlights Include:

Central Polymetallic Zone:

• PE-24-801 returned 1.80 m of 134.36 g/t Au, including 0.50 m of 480.73 g/t Au at a vertical depth of ~435 m

High Grade Zone:

• PE-21-347W6 returned 9.60 m of 5.06 g/t Au, including 0.50 m of 69.62 g/t Au at a vertical depth of ~1075 m
• PE-24-797 returned 1.00 m of 20.40 g/t Au, including 0.50 m of 35.47 g/t Au at a vertical depth of ~380 m

Team Zone:

• PE-24-789 returned 0.60 m of 62.50 g/t Au at a vertical depth of ~270 m
• PE-24-683EXT returned 1.30 m of 24.62 g/t Au at a vertical depth of ~590 m and 6.10 m of 3.35 g/t Au at a vertical depth of ~649 m
• PE-24-781 returned 0.60 m of 52.01 g/t Au at a vertical depth of ~165 m

JT Zone:

• PEX-24-235 returned 77.00 m of 0.84 g/t Au, including 22.10 m of 1.15 g/t Au at a vertical depth of ~240 to 310 m
• PEX-24-236 returned 63.20 m of 0.59 g/t Au at a vertical depth of ~280 to 335 m

Jacques Trottier, PhD, Executive Chairman of Amex Exploration commented, "This is a significant drill hole for the CPZ, which hadn't seen drilling for a number of years while other areas were being worked on. It demonstrates that there is high-grade gold to be found across the entire Perron Property. This drill hole also displays that while the CPZ primarily hosts broad, gold-rich polymetallic mineralization, it is also capable of producing focused stringers of sulfides with extreme amounts of native gold. By referring to Figure 5, it can be observed that there is a gap in drilling between today's intercept and the main CPZ body. The Amex team is excited to test if this extremely gold-rich stringer grows in size as it approaches its anticipated source."

Aaron Stone, P.Geo, Vice President Exploration of Amex Exploration added, "Today's visually spectacular intercept was a very exciting find for the team, I have personally never seen such an abundance of gold surrounding a sphalerite stringer. I too look forward to following up on the potential continuation of this extremely rich, previously unknown area of the CPZ. All of today's results did not make it into the resource estimate in addition to all other assays published after the June 30, 2024 MRE database cutoff, which included 30.85 g/t Au over 6.35 m from the release dated July 31, 2024. Therefore, results from this date onwards will also not be included in our upcoming PEA but show the potential to grow existing ounces at Perron."

Figure 1: Geological map of the Perron Project, showing each of the significant mineralized zones identified to date.

Figure 2: Geological map of the Central Beaupré Block, showing gold mineralization greater than 0.50 g/t Au, highlighting today's result from PE-24-801. Cross section A-B is displayed in Figure 3.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2667/229040_b739c9d324581bd0_003full.jpg

Figure 3: Geological cross section of the Central Beaupré Block, centered on drill hole PE-24-801, showing the different lithologies and mineralized zones intercepted by the hole.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2667/229040_b739c9d324581bd0_004full.jpg

Figure 4: Photos of visible gold from drill hole PE-24-801. High-grade mineralization is represented by a quartz-carbonate-sulfide vein with visible gold, hosted in a mafic intrusion. Abbreviation: VG - Visible Gold.

Figure 5: Geological map of the Eastern Gold Zone, showing gold mineralization greater than 0.50 g/t Au and the location of today's released holes.

Today's drill holes from the High Grade and Team Zones were planned in conjunction with resource geologists after the release of the Company's recently announced Mineral Resource Estimate ("MRE") in areas that were identified to expand upon the modelled mineralization envelopes. Even with the excellent density of drill holes in the upper portion of the HGZ, several areas were observed as not closed and remained open for growth in close proximity to the surface.

Since the combination of the 210 and E3 zones with the Team Zone (please see press release dated April 24, 2024), much drilling was planned to test the continuity of the system and continue expanding upon it. Today's results in the Team Zone are a progression of that work.

Figure 6: Longitudinal section of the High Grade Zone looking to the south with the location of today's released drill holes.

Figure 7: Photos of visible gold from the High-Grade Zone (PE-21-347W6) and the JT Zone (PEX-24-225). Mineralization is represented by gold bearing quartz-carbonate-sulfide veins with visible gold hosted in the aphanitic Beaupré rhyolite. Abbreviation: VG - Visible Gold.

In addition, the Company is continuing to investigate the structural significance of the JT dike, as well as other dikes of similar composition at Perron, on the emplacement of gold within the Beaupré Block. A chronology study has begun on these dikes to better understand their relationship with the gold-bearing lithologies of the Property. Results obtained from the thin section analysis completed on samples taken from the JT Dike have shown that free gold exists within the system. Samples were taken to study the gold's relationship with sulfides within the dike and gold grains were found to be free within the matrix and along the borders of sulfide grains rather than being trapped within the sulfides themselves (see Figures 10 and 11). This is a positive sign for the metallurgical recovery of the zone. Metallurgical test samples have been sent to SGS Laboratories in Quebec City and are pending.

Finally, Amex has begun working on trenching the JT Zone to expose the mineralized dike at surface. The goals of this work are to obtain more detailed structural information of the dike, observe its contacts and relationship with the Beaupré rhyolite and conduct channel sampling across the zone. See Figures 12 and 13 for the progress of the trench.

Mr. Trottier stated, "I am pleased to see the trench exposing the JT Dike at surface is progressing well and I believe the channel sampling and mapping program in the trench will unlock some important information. The zone has been expanded significantly in the last few months and remains open at depth. Multiple studies are ongoing as we continue to learn more and more about the zone and its potential structural significance for gold emplacement within the Beaupré Block."

Figure 8: Geological map of the JT Zone, showing gold mineralization greater than 0.50 g/t Au. Thick low-grade mineralization is hosted in a felsic to intermediate dike situated within the Beaupré Block. Some high-grade results can also be observed that are found within quartz veining hosted in the aphanitic rhyolite.

Figure 9: Longitudinal section of the JT Zone looking to the south with the location of today's released drill holes.

Figure 10: Thin section image showing free gold grains found within the matrix of the JT Dike. Abbreviations: Au: Gold; Ep: Epidote; Fsp: Feldspar; Po: Pyrrhotite.

Figure 11: Thin section image showing gold grains found along the borders of sulfide grains within the matrix of the JT Dike. Abbreviations: Au: Gold; Ap: Apatite; Fsp: Feldspar; Po: Pyrrhotite; Sp: Sphalerite.

Figure 12: Drone captured image showing the progress of trenching work at the JT Zone.

Figure 13: Photo taken at the trench of the JT Zone displaying the progress of work and the ongoing channel sampling program across the dike.

Table 1: Assay results from hole PE-24-801 located in the Central Polymetallic Zone area.

*Metal factor is defined as gold grade multiplied by core length.

Table 2: Assay results from the High Grade Zone and Denise Zone.

**Metal factor is defined as gold grade multiplied by true thickness

Table 3: Assay results from the Team Zone

*Metal factor is defined as gold grade multiplied by core length (g/t Au *m)

Table 4: Assay results from the JT Zone at Perron.

*Metal Factor is defined as gold grade multiplied by core length.

Table 5: Drillhole coordinates for today's results.

Qualified Person and QA&QC

Jérôme Augustin P.Geo. Ph.D., (OGQ 2134), an Independent Qualified Person as defined by Canadian NI 43-101 standards, has reviewed and approved the geological information reported in this news release. The drilling campaign and the quality control program have been planned and supervised by Jérôme Augustin. Core logging and sampling were completed by Laurentia Exploration. The quality assurance and quality control protocols include insertion of blank or standard samples every 10 samples on average, in addition to the regular insertion of blank, duplicate, and standard samples accredited by Laboratoire Expert during the analytical process. For all analyses targeting gold mineralization, gold values are estimated by fire assay with finish by atomic absorption. Values over 3 ppm Au are reanalyzed by fire assay with finish by gravimetry by Laboratoire Expert Inc, Rouyn-Noranda. Samples containing visible gold mineralization are analyzed by metallic sieve. For additional quality assurance and quality control, all samples were crushed to 90% less than 2 mm prior to pulverization, in order to homogenize samples which may contain coarse gold. The Qualified Person has not completed sufficient work to verify the historical information on the Property or neighbouring projects, particularly in regards to historical drill results. However, the Qualified Person believes that drilling and analytical results were completed to industry standard practices. The information provides an indication of the exploration potential of the Property but may not be representative of expected results.

About Amex

Amex Exploration Inc. has made significant gold discoveries on its 100% owned high-grade Perron Gold Project located ~110 kilometres north of Rouyn-Noranda, Quebec, consisting of 117 contiguous claims covering 4,518 hectares. The project is well-serviced by existing infrastructure, on a year-round road, 10 minutes from an airport and just outside the town of Normétal (~8 km). In addition, the project is in close proximity to a number of major gold producers' milling operations. The project host both bulk tonnage and a high-grade gold style mineralization. Since January 2019, Amex has intersected significant gold mineralization in multiple gold zones and discovered copper-rich VMS zones.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements

This news release contains forward-looking statements. All statements, other than of historical facts, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, the planned exploration program on the HGZ and Denise Zone, the expected positive exploration results, the extension of the mineralized zones, the timing of the exploration results, the ability of the Company to continue with the exploration program, the availability of the required funds to continue with the exploration and the potential mineralization or potential mineral resources are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "to earn", "to have', "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to meet expected, estimated or planned exploration expenditures, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, general business and economic conditions, changes in world gold markets, sufficient labour and equipment being available, changes in laws and permitting requirements, unanticipated weather changes, title disputes and claims, environmental risks as well as those risks identified in the Company's annual Management's Discussion and Analysis. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described and accordingly, readers should not place undue reliance on forward-looking statements. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/229040

• Pre-Tax IRR 59.5% and NPV C$948 M at US$2,000/oz Au
• Average Annual production of 124,000 oz Au, for years 1 to 5 over a 10-year LOM
• Cumulative Undiscounted Pre-Tax Cash Flow of C$1,333 M

Montreal, Quebec--(Newsfile Corp. - November 13, 2024) - Amex Exploration Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) ("Amex" or the "Company") is pleased to announce the results of the NI 43-101 compliant Preliminary Economic Assessment (the "PEA") for its wholly-owned Perron gold project (the "Project"), located near the town of Normétal in the province of Quebec, Canada. The PEA was prepared in collaboration with independent engineering and geological firms Evomine, Bumigeme, Alphard, GoldMinds and Laurentia Exploration.

PEA Technical Presentation details

In connection with this news release, AMEX will hold a conference call and audio webcast on November 13, 2024, at 10 am EDT, followed by a question-and-answer session.

To access the call please register here:
https://us02web.zoom.us/webinar/register/WN_0Yr91YVLSOeYZJKt1Fbmpg#/registration

You may also access the conference call on a listen-only basis via webcast at our website www.amexexploration.com. The audio webcast will be archived on www.amexexploration.com.

All dollar ($) amounts in this news release are in Canadian dollar ($) unless otherwise indicated.

Perron Preliminary Economic Assessment Highlights:

The following assumes a gold price of US$2,000/ounce ("oz") and a C$/US$ exchange rate of 1.35:1.

• 1,750 tonnes per day ("tpd") production rate with a Life-Of-Mine ("LOM") of 10 years;
• Average diluted grades for gold ("Au") at 5.26 grams per tonne ("gpt");
  • Years 1 to 5: average diluted grade at 6.49 gpt Au.
• Average annual production of 101,000 oz Au, or 1,014,000 million oz Au over LOM;
  • Years 1 to 5: average annual production of 124,000 oz Au (620,000 oz Au).
• LOM All-in sustaining cash costs ("AISC") of US$807/oz Au;
  • Years 1 to 5: AISC of US$739/oz Au.
• Initial Capital Expenditure ("Capex") of $229 million;
• LOM Sustaining Capex of $230 million;
• Pre-tax IRR of 59.5% and After-tax IRR of 40.2%;
• Pre-tax NPV of $948 million and After-tax NPV of $525 million;
• Cumulative Pre-tax Undiscounted Net Free Cash Flow of $1,333 million and Cumulative After-tax Undiscounted Net Free Cash Flow of $767 million; and
• Pre-tax payback period of 1.5 years and After-tax payback period of 1.8.

CEO Commentary:

"This PEA marks an important milestone for AMEX and reaffirms our view that our fully owned Perron Project is a high-quality asset and has the potential of being a highly profitable stand-alone mining operation with minimal environmental impact" said Victor Cantore, President and Chief Executive Officer of AMEX Exploration. "The Project represents a strong combination of high-margin production and modest capital requirements, with the opportunity for significant resource growth in the future."

"This PEA demonstrates Perron's early potential based on a database close date of June 30^th, 2024. Since the closing of the database, drilling has continued at depth and laterally and has already shown excellent high-grade intercepts beyond the currently defined mineral resource. This successful additional drilling demonstrates the continuation of mineralization and the upside potential for further resource and mine life additions in the future as we progress exploration."

Table 1: PEA Study Economic Analysis Highlights

Table 2: PEA Physical Highlights

Table 3: PEA Study Financial Highlights

*Inclusive of gold sales net of royalty ($62M) in pre-production period

1. The PEA is preliminary in nature and is based, in part, on Inferred Mineral Resources. Inferred Mineral Resources are considered too geologically speculative to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that the economic forecasts on which the PEA is based will be realized.
2. The economic analysis of the project was carried out using a discounted cash flow approach on a pre-tax and after-tax basis with a discount rate of 5%.
3. Revenue was based on a long-term gold price of $2,000/oz in USD.
4. Cost estimates were prepared in C$.
5. An exchange rate of 0.74 USD per 1.00 CAD was assumed.

• Underpinned by world class infrastructure, the Perron PEA demonstrates a top-tier high margin gold mining operation in the stable jurisdiction of Quebec, Canada. The Project is located within the prolific Abitibi region, one of the most prolific gold belts in the world.

• The PEA results confirm that Perron has the potential to be a stand-alone and highly profitable operation with an excellent internal rate of return (IRR) and after-tax net present value (NPV) at a range of gold prices.

• The PEA shows that Perron has the potential to be a mine with limited environmental impact, utilizing the mined out open pits to store tailings and therefore avoiding the construction of a tailings management facility.

Mining

The mine will be operated as a mechanized underground operation, which will be complemented by open pit production. The mine will have an overall average production rate of 1,750 tpd of mineralized material over a 10-year production period that is preceded by a 2-year pre-production period.

The selected underground mining method is longitudinal longhole stoping with cemented rockfill. Stope dimensions average 17.5 m in length, 25 m in height, and 5.7 m in width (LOM average) with a minimum mining width of 3.0 m. The different sectors of the mine will be accessed via ramps and drifts to allow the efficient circulation of mobile mining equipment and to satisfy ventilation and emergency egress requirements. Mineralized material will be extracted using a fleet of owner-operated equipment that includes 10 tonne LHDs and 42 tonne haul trucks.

Five open pits are included in the mine plan and utilize conventional truck and shovel mining that will be executed by a contractor. The pits will begin to be mined in the preproduction period, with material completely extracted by year 4 as they are sequenced such that they can be used to manage all tailings generated by the mill.

Figure 1: Mine Design

Table 4: Mine Physicals

Processing

A total of 1,750 tpd of material will be processed in a plant that consists of primary crushing, followed by a grinding circuit consisting of a semi-autogenous grinding mill of 5.5 m diameter x 1.8 m long in an opened circuit and a ball mill of 4.0 m diameter x 6.7 m long in a closed circuit with cyclones - SABC circuit. A gravity circuit followed by leaching will recover coarse gold from the cyclone underflow, while the cyclone overflow, at a P80=74 microns, is treated in a six (6) tank carbon-in-leach circuit, followed by SO2/air cyanide destruction. Gold will be recovered in an adsorption-desorption-recovery circuit and electrowinning cells, with gold room recovery and production of bullion bars.

The CIL tailings after the cyanide destruction will be pumped to a high-rate thickener to increase the slurry density to 62-64 % solid and pumped to empty pits.

The process plant gold recovery is estimated to average 95.0% over the LOM.

The process plant building will include a laboratory, mill offices, a dry and an electrical and mechanical shop.

Figure 2: Flowsheet

Table 5: Gold Production by Source

Figure 3: Gold Production

Infrastructure

The Project is approximately 5 kilometers from the town of Normétal, Quebec and is accessible via a well-maintained forestry road. The Project will require construction of the following supporting infrastructure items: 1,750 tpd process plant complex, offices, dry, maintenance shop and warehouse; gatehouse; 5 kilometers of 120kV transmission lines; 120 kV main substation; final effluent water treatment plant; surface water management facility, including ditches, pond and pumping stations; service and haulage roads; potable water and sewage systems; underground mine portal, mine ventilation systems (intake and exhaust) and waste dump and overburden storage facilities. No camp will be required considering the nearby qualified labor pool.

Figure 4: Suggested Infrastructures Arrangement

Figure 5: General site arrangement

Workforce

During the 18-month construction period of the mine, the workforce will peak at approximately 250 people, this is in addition to employees who would be required for open pit and underground mining and G&A.

During steady state operations, the average number of employees (mine, process plant and G&A) is estimated at 164 people, excluding contractors (open-pit mining, contract services, etc.).

Tailings

The tailings storage plan will take advantage of open pits that will be mined in the first half of the mine life. Process plant rejects will be thickened and pumped to the mined-out pits sequentially for permanent storage. Tailings will then consolidate over time and excess water will either be used for processing requirements or discharged to the environment once quality conditions are met. This concept aims to limit the environmental impact of the Perron Project, to limit the risks related to traditional Tailings Management Facility (TMF) stability, to simplify short-term and long-term monitoring and to greatly reduce the capital and operating costs related to tailings management.

Figure 6: Visual of in-pit tailings disposal

Capital Expenditure

The total initial construction capital expenditure ("CAPEX") is forecasted at $229M after accounting for $62M in gold sales revenues (pre-production credits). Capitalized mine development prior to commercial production is expected to be approximately $112M, comprised of $38M related to open pit mining and $74M related to underground mining. The majority of the capitalized open pit mining is driven by the strategic decision to complete the mining of a small open pit in the pre-production period in order to be able to start disposing tailings at the commissioning of the process plant. The construction capital accounts for the site development, water treatment and infrastructure area including a truck shop, warehouse and an administration facility. Additionally, the capital estimate includes $15.1M of EPCM and indirect costs and a contingency of $25M.

Quotations from reputable suppliers were obtained for most of the large and high-cost equipment required for the plant, mine and site infrastructure. For other equipment and supplies, cost estimates were based on comparable projects, historical data or derived through consultants' in-house databases.

Table 6: Capital Expenditure

The sustaining capex ("SUSEX") is estimated to be $238M, including $8M of closure and rehabilitation costs. Underground mining SUSEX is earmarked for mining development, additional equipment, replacement units, and major repairs. Other sustaining capex captures in-pits tailings storage, infrastructures and G&A.

Table 7: Sustaining Capital Expenditure

Operating Costs

Life of Mine (LOM) total operating cost is estimated at US$633 per ounce of gold produced, as summarized below. The LOM total AISC is estimated to be US$807 per ounce of gold produced based on average annual gold production of 101,000 ounces over the 10 years of mine life. This cost structure places the Project in the bottom quartile of the global gold cost curve, which is mostly due to the high-grade nature of the mineralized material and to the simplicity of mining.

Table 8: Operating Costs

Financial Analysis

At base case gold price of US$2,000/oz and exchange rate of 1.35, the Project generates after-tax Net Present Value ("NPV") of $525M using 5% discount rate and an after-tax Internal Rate of Return ("IRR") of 40.2% with a payback period of 1.8 years from the commencement of commercial production. The Project generates cumulative free cash flow of $767M and average annual free cash flow of $100M over the 10 years production period. Total taxes payable over LOM at the base case gold price is $566M.

Figure 7: After-Tax FCF

The PEA financial economic analysis is significantly influenced by gold prices. At spot prices of US$2,600/Au oz and exchange rate of 1.39, the Project generates an after-tax NPV of $914M and an after-tax IRR of 59.7% with a payback period of 1.2 years. A sensitivity analysis was performed on the gold price, CAPEX, overall OPEX and exchange rate.

Table 9 & 10: Sensitivity Analysis on NPV (5%) and IRR

Permitting and Environment

The opening and operation of a mine that has a production capacity equal to or less than 2,000 tonnes per day is not subjected to an environmental impact assessment ("EIA") according to chapter Q-2 of the Environmental Quality Act ("EQA") for the emission of a ministerial decree. As modelled in the PEA, the Perron Project would therefore not submit to processes of and EIA and to the Bureau d'audiences publiques sur l'environnement (''BAPE''), as per current regulation, as the estimated production of 1,750 tonnes per day is below the threshold. However, an application for a ministerial authorization will need to be submitted to the Ministère de l'Environnement, de la Lutte contre les changements climatiques, de la Faune et des Parcs (''MELCCFP''). Studies will be required as part of this application including, hydrological studies, hydrogeological and geochemical analysis, soil quality analysis, surface water, groundwater and sediment quality, characterization of the natural environment, including water bodies, wetlands, species with special status and wildlife inventories for certain species.

The acquisition of baseline environmental knowledge on the Perron property began several years ago and is still ongoing today. An environmental scoping study has been carried out, and to date, no major environmental issues have been identified in the work undertaken. Additional environmental work is planned to be carried out in 2025 such as a geochemical characterization program, various environmental inventories and social engagement with the local stakeholders.

Stakeholder Engagement

The aboriginal community concerned by Amex's activities is the Abitibiwinni First Nation which is an Algonquin First Nation residing primarily in the community of Pikogan in the Abitibi-Temiscamingue region. The Pikogan community, also called Abitibiwinni, is located three (3) kilometers from the town of Amos on the west bank of the Harricana River. The Perron project is located on a part of the ancestral territory of the Algonquin Anishinabeg Nation. A relationship of trust and respect has been built with the Abitibiwinni First Nation Council over the years by demonstrating transparency and consideration. With respect to local communities near the project, Normétal, Valcanton and Saint-Lambert are the main municipalities surrounding the Perron project.

Amex has always prioritized engaging stakeholders and implementing communication and consultation plans. Communication plans include a summary of the work completed on the property every six months as well as the company's orientations for the coming months.

Active participation in the communities through sponsorship, investment, etc. is part of AMEX's core values and aids in fostering good long-term relationships. AMEX will continue consulting, supporting and informing all stakeholders at all stages of the project development.

Exploration Update

The PEA was based upon the Mineral Resource Estimate ("MRE") for which the drill database was closed on June 30, 2024 (please see press release dated September 5, 2024). Since this date, Amex has drilled approximately a further 28,000 m on the Perron Property. This drilling has been demonstrating the growth potential that exists across several zones at Perron.

The Company has displayed in recent months that the High Grade Zone ("HGZ") is open not only at depth but also remains open in certain areas close to surface. The Denise Zone has fantastic potential for expansion in multiple directions, which is significant given its proximity to the HGZ. The latest press release (dated November 6, 2024) showed the growth potential of several zones and that exceptionally high-grade gold can be found across the entirety of the Perron Property.

Since obtaining the MRE, the Amex Exploration team has been optimizing drill planning to target expansion of the open pit and underground stope shapes identified in the resource. Numerous areas across the project have been outlined for expansion due to a lack of drilling. With the PEA now in hand, drill planning will be further refined to prioritize the growth of economic ounces and importantly identify where additional tonnage can be added to the earlier years of the mine life to further enhance the mine's optimization.

Figure 8: Example (from the HGZ) to display that drilling completed after the database cutoff of June 30, 2024 has the potential to add economic stopes to the existing resource (Assays from PE-24-797 fall outside current PEA stopes)

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2667/229753_180e0785949a581c_009full.jpg

Figure 9: Additional example of high-grade gold intercepted in drilling completed after the database cutoff that holds the potential to significantly expand upon the existing defined resource (from CPZ-Grey Cat-Gratien area)

Mineral Resource Estimate

The Perron Project hosts mineral resources as detailed in the NI 43-101 compliant Mineral Resource Estimate with an effective date of September 5, 2024, which can be found on SEDAR+. The mineral resources that have flowed to the mine plan are contained within five different zones (High Grade, Denise, Gratien, Grey Cat and Team) over a strike length of 2,900 meters and span from surface to a depth of approximately 1,400 meters. Each zone is characterized by multiple tabular panels, which mainly trend ENE and dip vertically to sub-vertically.

Table 11: Summary of Mineral Resources

1. The mineral resource estimate is compliant with CIM 2019 standards and guidelines for reporting mineral resources and reserves.
2. Resources are presented undiluted and in situ and are considered to have reasonable prospects for economic extraction. The resources at surface are constrained by pit optimization surfaces and the underground resources are constrained by mineable shapes.
3. The database comprised a total of 1,533 drill holes for 547,361 metres of drilling (which includes historical drilling completed by previous operators) in the extent of the mineral resource, of which (312,051.20 metres) 264,462 samples were assayed as of June 30th, 2024, grid spacing are variable (The Genesis file is Amex_24 Aout 2024_MR.gnft and where the database file is BD_AMEX_08 Jul 2024_MR.accdb).
4. All NQ core assays reported by AMEX were obtained by analytical methods described below under "QA&QC".
5. Geological interpretation of the deposits was based on lithologies, mineralized zones orientation and the mineral observations. Each zone has its own characteristic of mineral occurrence and amount of free gold.
6. Interpretation was initially made from cross-sections at intervals, and then completed in GENESIS, a modelling software, where selections of mineralization intervals were combined to generate mineralization wireframes. Envelopes are generally subvertical with various plunges.
7. The mineral resource estimate encompasses a total of 189 envelopes, sub-vertical gold-bearing envelopes/domains each defined by individual wireframes with a minimum true thickness of 2.0 metres.
8. Samples were composited within the mineralization envelopes into 1.0 metre length composites. A value of zero grade was applied in cases of core not assayed.
9. High grade capping was done on composite data and established using a statistical analysis on a per-zone basis for gold. Capping varied from 5 g/t Au to 200 g/t Au and was applied on composites within each specific envelope.
10. Density values were applied on the different mineralized zones (t/m3) varied from 2.67 to 2.83 from core measurement.
11. Inverse distance squared grade estimation is used. The trial of Ordinary Kriging (OK) was rejected due to smearing and non-effective representation of high-grade areas.
12. Most of the estimates are based on a block dimension of 2m North, 2m East and 2m height and estimation parameters determined by variography. The High-Grade zone has blocks of 2.5m East x 5m Z (Elevation) x 0.5m North.
13. Estimates use metric units (metres, tonnes and g/t). Metal contents are presented in troy ounces (metric tonne x grade / 31.10348).
14. GoldMinds is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political or marketing issues, or any other relevant issue not reported in the technical report, that could materially affect the mineral resource estimate.

Qualified Persons

The qualified persons independent of the issuer, responsible for the technical information in this Press Release are Stephen Coates, P.Eng. of Evomine, Alexandre Burelle, P.Eng. of Evomine, Florent Baril, P.Eng. of Bumigeme, Claude Bissonnette, PMP, P.Eng. of Alphard, Pascale Pierre, Ph.D., P.Eng. of Alphard, Claude Duplessis P.Eng. of GoldMinds, Merouane Rachidi, Ph.D., P.Geo. of GoldMinds, and Jérôme Augustin, Ph.D., P.Geo. of Laurentia Exploration. They declare that they have read this press release and that the scientific and technical information relating to the resource estimate and preliminary economic assessment presented therein are correct.

Disclosure

Non-GAAP financial measures

The Company has included certain non-GAAP financial measures in this document. These financial measures are not defined under IFRS and should not be considered in isolation. The Company believes that these financial measures, together with financial measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. The inclusion of these financial measures is meant to provide additional information and should not be used as a substitute for performance measures prepared in accordance with IFRS. These financial measures are not necessarily standard and therefore may not be comparable to other issuers.

All-in sustaining cost

All in sustaining cost is a non-GAAP financial measure calculated based on guidance published by the World Gold Council ("WGC"). The WGC is a market development organization for the gold industry and is an association whose membership comprises leading gold mining companies. Although the WGC is not a mining industry regulatory organization, it worked closely with its member companies to develop these metrics. Adoption of the all-in sustaining cost metric is voluntary and not necessarily standard, and therefore, this measure presented by the Company may not be comparable to similar measures presented by other issuers. The Company believes that the all-in sustaining cost measure complements existing measures and ratios reported.

All-in sustaining cost includes both operating and capital costs required to sustain gold production on an ongoing basis. Sustaining operating costs represent expenditures expected to be incurred that are considered necessary to maintain production. Sustaining capital represents expected capital expenditures comprising mine development costs, including capitalized waste, and ongoing replacement of mine equipment and other capital facilities, and does not include expected capital expenditures for major growth projects or enhancement capital for significant infrastructure improvements.

About Amex

Amex Exploration Inc. has made significant gold discoveries on its 100% owned high-grade Perron Gold Project located ~110 kilometres north of Rouyn-Noranda, Quebec, consisting of 117 contiguous claims covering 4,518 hectares. The project is well-serviced by existing infrastructure, on a year-round road, 10 minutes from an airport and just outside the town of Normétal (~8 km). In addition, the project is in close proximity to a number of major gold producers' milling operations. The project host both bulk tonnage and a high-grade gold style mineralization. Since January 2019, Amex has intersected significant gold mineralization in multiple gold zones and discovered copper-rich VMS zones.

For further information please contact:

Victor Cantore
President and Chief Executive Officer
Amex Exploration: +1-514-866-8209

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements

This news release contains forward-looking statements. All statements, other than of historical facts, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, the planned exploration program on the HGZ and Denise Zone, the expected positive exploration results, the extension of the mineralized zones, the timing of the exploration results, the ability of the Company to continue with the exploration program, the availability of the required funds to continue with the exploration and the potential mineralization or potential mineral resources are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "to earn", "to have', "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to meet expected, estimated or planned exploration expenditures, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, general business and economic conditions, changes in world gold markets, sufficient labour and equipment being available, changes in laws and permitting requirements, unanticipated weather changes, title disputes and claims, environmental risks as well as those risks identified in the Company's annual Management's Discussion and Analysis. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described and accordingly, readers should not place undue reliance on forward-looking statements. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/229753

• Pre-Tax IRR 59.5% and NPV C$948 M at US$2,000/oz Au
• Average Annual production of 124,000 oz Au, for years 1 to 5 over a 10-year LOM
• Cumulative Undiscounted Pre-Tax Cash Flow of C$1,333 M

Montreal, Quebec--(Newsfile Corp. - November 13, 2024) - Amex Exploration Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) ("Amex" or the "Company") is pleased to announce the results of the NI 43-101 compliant Preliminary Economic Assessment (the "PEA") for its wholly-owned Perron gold project (the "Project"), located near the town of Normétal in the province of Quebec, Canada. The PEA was prepared in collaboration with independent engineering and geological firms Evomine, Bumigeme, Alphard, GoldMinds and Laurentia Exploration.

PEA Technical Presentation details

In connection with this news release, AMEX will hold a conference call and audio webcast on November 13, 2024, at 10 am EDT, followed by a question-and-answer session.

To access the call please register here:
https://us02web.zoom.us/webinar/register/WN_0Yr91YVLSOeYZJKt1Fbmpg#/registration

You may also access the conference call on a listen-only basis via webcast at our website www.amexexploration.com. The audio webcast will be archived on www.amexexploration.com.

All dollar ($) amounts in this news release are in Canadian dollar ($) unless otherwise indicated.

Perron Preliminary Economic Assessment Highlights:

The following assumes a gold price of US$2,000/ounce ("oz") and a C$/US$ exchange rate of 1.35:1.

• 1,750 tonnes per day ("tpd") production rate with a Life-Of-Mine ("LOM") of 10 years;
• Average diluted grades for gold ("Au") at 5.26 grams per tonne ("gpt");
  • Years 1 to 5: average diluted grade at 6.49 gpt Au.
• Average annual production of 101,000 oz Au, or 1,014,000 million oz Au over LOM;
  • Years 1 to 5: average annual production of 124,000 oz Au (620,000 oz Au).
• LOM All-in sustaining cash costs ("AISC") of US$807/oz Au;
  • Years 1 to 5: AISC of US$739/oz Au.
• Initial Capital Expenditure ("Capex") of $229 million;
• LOM Sustaining Capex of $230 million;
• Pre-tax IRR of 59.5% and After-tax IRR of 40.2%;
• Pre-tax NPV of $948 million and After-tax NPV of $525 million;
• Cumulative Pre-tax Undiscounted Net Free Cash Flow of $1,333 million and Cumulative After-tax Undiscounted Net Free Cash Flow of $767 million; and
• Pre-tax payback period of 1.5 years and After-tax payback period of 1.8.

CEO Commentary:

"This PEA marks an important milestone for AMEX and reaffirms our view that our fully owned Perron Project is a high-quality asset and has the potential of being a highly profitable stand-alone mining operation with minimal environmental impact" said Victor Cantore, President and Chief Executive Officer of AMEX Exploration. "The Project represents a strong combination of high-margin production and modest capital requirements, with the opportunity for significant resource growth in the future."

"This PEA demonstrates Perron's early potential based on a database close date of June 30^th, 2024. Since the closing of the database, drilling has continued at depth and laterally and has already shown excellent high-grade intercepts beyond the currently defined mineral resource. This successful additional drilling demonstrates the continuation of mineralization and the upside potential for further resource and mine life additions in the future as we progress exploration."

Table 1: PEA Study Economic Analysis Highlights

Table 2: PEA Physical Highlights

Table 3: PEA Study Financial Highlights

*Inclusive of gold sales net of royalty ($62M) in pre-production period

1. The PEA is preliminary in nature and is based, in part, on Inferred Mineral Resources. Inferred Mineral Resources are considered too geologically speculative to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that the economic forecasts on which the PEA is based will be realized.
2. The economic analysis of the project was carried out using a discounted cash flow approach on a pre-tax and after-tax basis with a discount rate of 5%.
3. Revenue was based on a long-term gold price of $2,000/oz in USD.
4. Cost estimates were prepared in C$.
5. An exchange rate of 0.74 USD per 1.00 CAD was assumed.

• Underpinned by world class infrastructure, the Perron PEA demonstrates a top-tier high margin gold mining operation in the stable jurisdiction of Quebec, Canada. The Project is located within the prolific Abitibi region, one of the most prolific gold belts in the world.

• The PEA results confirm that Perron has the potential to be a stand-alone and highly profitable operation with an excellent internal rate of return (IRR) and after-tax net present value (NPV) at a range of gold prices.

• The PEA shows that Perron has the potential to be a mine with limited environmental impact, utilizing the mined out open pits to store tailings and therefore avoiding the construction of a tailings management facility.

Mining

The mine will be operated as a mechanized underground operation, which will be complemented by open pit production. The mine will have an overall average production rate of 1,750 tpd of mineralized material over a 10-year production period that is preceded by a 2-year pre-production period.

The selected underground mining method is longitudinal longhole stoping with cemented rockfill. Stope dimensions average 17.5 m in length, 25 m in height, and 5.7 m in width (LOM average) with a minimum mining width of 3.0 m. The different sectors of the mine will be accessed via ramps and drifts to allow the efficient circulation of mobile mining equipment and to satisfy ventilation and emergency egress requirements. Mineralized material will be extracted using a fleet of owner-operated equipment that includes 10 tonne LHDs and 42 tonne haul trucks.

Five open pits are included in the mine plan and utilize conventional truck and shovel mining that will be executed by a contractor. The pits will begin to be mined in the preproduction period, with material completely extracted by year 4 as they are sequenced such that they can be used to manage all tailings generated by the mill.

Figure 1: Mine Design

Table 4: Mine Physicals

Processing

A total of 1,750 tpd of material will be processed in a plant that consists of primary crushing, followed by a grinding circuit consisting of a semi-autogenous grinding mill of 5.5 m diameter x 1.8 m long in an opened circuit and a ball mill of 4.0 m diameter x 6.7 m long in a closed circuit with cyclones - SABC circuit. A gravity circuit followed by leaching will recover coarse gold from the cyclone underflow, while the cyclone overflow, at a P80=74 microns, is treated in a six (6) tank carbon-in-leach circuit, followed by SO2/air cyanide destruction. Gold will be recovered in an adsorption-desorption-recovery circuit and electrowinning cells, with gold room recovery and production of bullion bars.

The CIL tailings after the cyanide destruction will be pumped to a high-rate thickener to increase the slurry density to 62-64 % solid and pumped to empty pits.

The process plant gold recovery is estimated to average 95.0% over the LOM.

The process plant building will include a laboratory, mill offices, a dry and an electrical and mechanical shop.

Figure 2: Flowsheet

Table 5: Gold Production by Source

Figure 3: Gold Production

Infrastructure

The Project is approximately 5 kilometers from the town of Normétal, Quebec and is accessible via a well-maintained forestry road. The Project will require construction of the following supporting infrastructure items: 1,750 tpd process plant complex, offices, dry, maintenance shop and warehouse; gatehouse; 5 kilometers of 120kV transmission lines; 120 kV main substation; final effluent water treatment plant; surface water management facility, including ditches, pond and pumping stations; service and haulage roads; potable water and sewage systems; underground mine portal, mine ventilation systems (intake and exhaust) and waste dump and overburden storage facilities. No camp will be required considering the nearby qualified labor pool.

Figure 4: Suggested Infrastructures Arrangement

Figure 5: General site arrangement

Workforce

During the 18-month construction period of the mine, the workforce will peak at approximately 250 people, this is in addition to employees who would be required for open pit and underground mining and G&A.

During steady state operations, the average number of employees (mine, process plant and G&A) is estimated at 164 people, excluding contractors (open-pit mining, contract services, etc.).

Tailings

The tailings storage plan will take advantage of open pits that will be mined in the first half of the mine life. Process plant rejects will be thickened and pumped to the mined-out pits sequentially for permanent storage. Tailings will then consolidate over time and excess water will either be used for processing requirements or discharged to the environment once quality conditions are met. This concept aims to limit the environmental impact of the Perron Project, to limit the risks related to traditional Tailings Management Facility (TMF) stability, to simplify short-term and long-term monitoring and to greatly reduce the capital and operating costs related to tailings management.

Figure 6: Visual of in-pit tailings disposal

Capital Expenditure

The total initial construction capital expenditure ("CAPEX") is forecasted at $229M after accounting for $62M in gold sales revenues (pre-production credits). Capitalized mine development prior to commercial production is expected to be approximately $112M, comprised of $38M related to open pit mining and $74M related to underground mining. The majority of the capitalized open pit mining is driven by the strategic decision to complete the mining of a small open pit in the pre-production period in order to be able to start disposing tailings at the commissioning of the process plant. The construction capital accounts for the site development, water treatment and infrastructure area including a truck shop, warehouse and an administration facility. Additionally, the capital estimate includes $15.1M of EPCM and indirect costs and a contingency of $25M.

Quotations from reputable suppliers were obtained for most of the large and high-cost equipment required for the plant, mine and site infrastructure. For other equipment and supplies, cost estimates were based on comparable projects, historical data or derived through consultants' in-house databases.

Table 6: Capital Expenditure

The sustaining capex ("SUSEX") is estimated to be $238M, including $8M of closure and rehabilitation costs. Underground mining SUSEX is earmarked for mining development, additional equipment, replacement units, and major repairs. Other sustaining capex captures in-pits tailings storage, infrastructures and G&A.

Table 7: Sustaining Capital Expenditure

Operating Costs

Life of Mine (LOM) total operating cost is estimated at US$633 per ounce of gold produced, as summarized below. The LOM total AISC is estimated to be US$807 per ounce of gold produced based on average annual gold production of 101,000 ounces over the 10 years of mine life. This cost structure places the Project in the bottom quartile of the global gold cost curve, which is mostly due to the high-grade nature of the mineralized material and to the simplicity of mining.

Table 8: Operating Costs

Financial Analysis

At base case gold price of US$2,000/oz and exchange rate of 1.35, the Project generates after-tax Net Present Value ("NPV") of $525M using 5% discount rate and an after-tax Internal Rate of Return ("IRR") of 40.2% with a payback period of 1.8 years from the commencement of commercial production. The Project generates cumulative free cash flow of $767M and average annual free cash flow of $100M over the 10 years production period. Total taxes payable over LOM at the base case gold price is $566M.

Figure 7: After-Tax FCF

The PEA financial economic analysis is significantly influenced by gold prices. At spot prices of US$2,600/Au oz and exchange rate of 1.39, the Project generates an after-tax NPV of $914M and an after-tax IRR of 59.7% with a payback period of 1.2 years. A sensitivity analysis was performed on the gold price, CAPEX, overall OPEX and exchange rate.

Table 9 & 10: Sensitivity Analysis on NPV (5%) and IRR

Permitting and Environment

The opening and operation of a mine that has a production capacity equal to or less than 2,000 tonnes per day is not subjected to an environmental impact assessment ("EIA") according to chapter Q-2 of the Environmental Quality Act ("EQA") for the emission of a ministerial decree. As modelled in the PEA, the Perron Project would therefore not submit to processes of and EIA and to the Bureau d'audiences publiques sur l'environnement (''BAPE''), as per current regulation, as the estimated production of 1,750 tonnes per day is below the threshold. However, an application for a ministerial authorization will need to be submitted to the Ministère de l'Environnement, de la Lutte contre les changements climatiques, de la Faune et des Parcs (''MELCCFP''). Studies will be required as part of this application including, hydrological studies, hydrogeological and geochemical analysis, soil quality analysis, surface water, groundwater and sediment quality, characterization of the natural environment, including water bodies, wetlands, species with special status and wildlife inventories for certain species.

The acquisition of baseline environmental knowledge on the Perron property began several years ago and is still ongoing today. An environmental scoping study has been carried out, and to date, no major environmental issues have been identified in the work undertaken. Additional environmental work is planned to be carried out in 2025 such as a geochemical characterization program, various environmental inventories and social engagement with the local stakeholders.

Stakeholder Engagement

The aboriginal community concerned by Amex's activities is the Abitibiwinni First Nation which is an Algonquin First Nation residing primarily in the community of Pikogan in the Abitibi-Temiscamingue region. The Pikogan community, also called Abitibiwinni, is located three (3) kilometers from the town of Amos on the west bank of the Harricana River. The Perron project is located on a part of the ancestral territory of the Algonquin Anishinabeg Nation. A relationship of trust and respect has been built with the Abitibiwinni First Nation Council over the years by demonstrating transparency and consideration. With respect to local communities near the project, Normétal, Valcanton and Saint-Lambert are the main municipalities surrounding the Perron project.

Amex has always prioritized engaging stakeholders and implementing communication and consultation plans. Communication plans include a summary of the work completed on the property every six months as well as the company's orientations for the coming months.

Active participation in the communities through sponsorship, investment, etc. is part of AMEX's core values and aids in fostering good long-term relationships. AMEX will continue consulting, supporting and informing all stakeholders at all stages of the project development.

Exploration Update

The PEA was based upon the Mineral Resource Estimate ("MRE") for which the drill database was closed on June 30, 2024 (please see press release dated September 5, 2024). Since this date, Amex has drilled approximately a further 28,000 m on the Perron Property. This drilling has been demonstrating the growth potential that exists across several zones at Perron.

The Company has displayed in recent months that the High Grade Zone ("HGZ") is open not only at depth but also remains open in certain areas close to surface. The Denise Zone has fantastic potential for expansion in multiple directions, which is significant given its proximity to the HGZ. The latest press release (dated November 6, 2024) showed the growth potential of several zones and that exceptionally high-grade gold can be found across the entirety of the Perron Property.

Since obtaining the MRE, the Amex Exploration team has been optimizing drill planning to target expansion of the open pit and underground stope shapes identified in the resource. Numerous areas across the project have been outlined for expansion due to a lack of drilling. With the PEA now in hand, drill planning will be further refined to prioritize the growth of economic ounces and importantly identify where additional tonnage can be added to the earlier years of the mine life to further enhance the mine's optimization.

Figure 8: Example (from the HGZ) to display that drilling completed after the database cutoff of June 30, 2024 has the potential to add economic stopes to the existing resource (Assays from PE-24-797 fall outside current PEA stopes)

Figure 9: Additional example of high-grade gold intercepted in drilling completed after the database cutoff that holds the potential to significantly expand upon the existing defined resource (from CPZ-Grey Cat-Gratien area)

Mineral Resource Estimate

The Perron Project hosts mineral resources as detailed in the NI 43-101 compliant Mineral Resource Estimate with an effective date of September 5, 2024, which can be found on SEDAR+. The mineral resources that have flowed to the mine plan are contained within five different zones (High Grade, Denise, Gratien, Grey Cat and Team) over a strike length of 2,900 meters and span from surface to a depth of approximately 1,400 meters. Each zone is characterized by multiple tabular panels, which mainly trend ENE and dip vertically to sub-vertically.

Table 11: Summary of Mineral Resources

1. The mineral resource estimate is compliant with CIM 2019 standards and guidelines for reporting mineral resources and reserves.
2. Resources are presented undiluted and in situ and are considered to have reasonable prospects for economic extraction. The resources at surface are constrained by pit optimization surfaces and the underground resources are constrained by mineable shapes.
3. The database comprised a total of 1,533 drill holes for 547,361 metres of drilling (which includes historical drilling completed by previous operators) in the extent of the mineral resource, of which (312,051.20 metres) 264,462 samples were assayed as of June 30th, 2024, grid spacing are variable (The Genesis file is Amex_24 Aout 2024_MR.gnft and where the database file is BD_AMEX_08 Jul 2024_MR.accdb).
4. All NQ core assays reported by AMEX were obtained by analytical methods described below under "QA&QC".
5. Geological interpretation of the deposits was based on lithologies, mineralized zones orientation and the mineral observations. Each zone has its own characteristic of mineral occurrence and amount of free gold.
6. Interpretation was initially made from cross-sections at intervals, and then completed in GENESIS, a modelling software, where selections of mineralization intervals were combined to generate mineralization wireframes. Envelopes are generally subvertical with various plunges.
7. The mineral resource estimate encompasses a total of 189 envelopes, sub-vertical gold-bearing envelopes/domains each defined by individual wireframes with a minimum true thickness of 2.0 metres.
8. Samples were composited within the mineralization envelopes into 1.0 metre length composites. A value of zero grade was applied in cases of core not assayed.
9. High grade capping was done on composite data and established using a statistical analysis on a per-zone basis for gold. Capping varied from 5 g/t Au to 200 g/t Au and was applied on composites within each specific envelope.
10. Density values were applied on the different mineralized zones (t/m3) varied from 2.67 to 2.83 from core measurement.
11. Inverse distance squared grade estimation is used. The trial of Ordinary Kriging (OK) was rejected due to smearing and non-effective representation of high-grade areas.
12. Most of the estimates are based on a block dimension of 2m North, 2m East and 2m height and estimation parameters determined by variography. The High-Grade zone has blocks of 2.5m East x 5m Z (Elevation) x 0.5m North.
13. Estimates use metric units (metres, tonnes and g/t). Metal contents are presented in troy ounces (metric tonne x grade / 31.10348).
14. GoldMinds is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political or marketing issues, or any other relevant issue not reported in the technical report, that could materially affect the mineral resource estimate.

Qualified Persons

The qualified persons independent of the issuer, responsible for the technical information in this Press Release are Stephen Coates, P.Eng. of Evomine, Alexandre Burelle, P.Eng. of Evomine, Florent Baril, P.Eng. of Bumigeme, Claude Bissonnette, PMP, P.Eng. of Alphard, Pascale Pierre, Ph.D., P.Eng. of Alphard, Claude Duplessis P.Eng. of GoldMinds, Merouane Rachidi, Ph.D., P.Geo. of GoldMinds, and Jérôme Augustin, Ph.D., P.Geo. of Laurentia Exploration. They declare that they have read this press release and that the scientific and technical information relating to the resource estimate and preliminary economic assessment presented therein are correct.

Disclosure

Non-GAAP financial measures

The Company has included certain non-GAAP financial measures in this document. These financial measures are not defined under IFRS and should not be considered in isolation. The Company believes that these financial measures, together with financial measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. The inclusion of these financial measures is meant to provide additional information and should not be used as a substitute for performance measures prepared in accordance with IFRS. These financial measures are not necessarily standard and therefore may not be comparable to other issuers.

All-in sustaining cost

All in sustaining cost is a non-GAAP financial measure calculated based on guidance published by the World Gold Council ("WGC"). The WGC is a market development organization for the gold industry and is an association whose membership comprises leading gold mining companies. Although the WGC is not a mining industry regulatory organization, it worked closely with its member companies to develop these metrics. Adoption of the all-in sustaining cost metric is voluntary and not necessarily standard, and therefore, this measure presented by the Company may not be comparable to similar measures presented by other issuers. The Company believes that the all-in sustaining cost measure complements existing measures and ratios reported.

All-in sustaining cost includes both operating and capital costs required to sustain gold production on an ongoing basis. Sustaining operating costs represent expenditures expected to be incurred that are considered necessary to maintain production. Sustaining capital represents expected capital expenditures comprising mine development costs, including capitalized waste, and ongoing replacement of mine equipment and other capital facilities, and does not include expected capital expenditures for major growth projects or enhancement capital for significant infrastructure improvements.

About Amex

Amex Exploration Inc. has made significant gold discoveries on its 100% owned high-grade Perron Gold Project located ~110 kilometres north of Rouyn-Noranda, Quebec, consisting of 117 contiguous claims covering 4,518 hectares. The project is well-serviced by existing infrastructure, on a year-round road, 10 minutes from an airport and just outside the town of Normétal (~8 km). In addition, the project is in close proximity to a number of major gold producers' milling operations. The project host both bulk tonnage and a high-grade gold style mineralization. Since January 2019, Amex has intersected significant gold mineralization in multiple gold zones and discovered copper-rich VMS zones.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements

This news release contains forward-looking statements. All statements, other than of historical facts, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, the planned exploration program on the HGZ and Denise Zone, the expected positive exploration results, the extension of the mineralized zones, the timing of the exploration results, the ability of the Company to continue with the exploration program, the availability of the required funds to continue with the exploration and the potential mineralization or potential mineral resources are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "to earn", "to have', "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to meet expected, estimated or planned exploration expenditures, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, general business and economic conditions, changes in world gold markets, sufficient labour and equipment being available, changes in laws and permitting requirements, unanticipated weather changes, title disputes and claims, environmental risks as well as those risks identified in the Company's annual Management's Discussion and Analysis. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described and accordingly, readers should not place undue reliance on forward-looking statements. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/229756

Montreal, Quebec--(Newsfile Corp. - December 27, 2024) - Amex Exploration Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) ("Amex" or the "Company") is pleased to announce that the Corporation has filed the NI 43-101 compliant Preliminary Economic Assessment ("PEA") technical report for AMEX's 100% owned Perron gold project in Quebec, Canada, with an effective date of September 5, 2024 (the "Report"). Report results were previously announced in AMEX's news release dated November 13, 2024.

The Qualified Persons ("QP") for this Technical Report are the following:

• Claude Duplessis, P. Eng.  GoldMinds Geoservices Inc.
• Merouane Rachidi, P. Geo., Ph.D.  GoldMinds Geoservices Inc.
• Jérôme Augustin, P. Geo., Ph.D.  Laurentia Exploration Inc.
• Stephen Coates, P. Eng.  Evomine Consulting Inc.
• Alexandre Burelle, P. Eng.  Evomine Consulting Inc.
• Florent Baril, P. Eng.  Bumigeme Ing.
• Claude Bissonnette, P. Eng.,  PMP Groupe Alphard Inc.
• Pascale Pierre, P. Eng., Ph. D.  Groupe Alphard Inc.

The full Report entitled "NI 43-101 Technical Report, Preliminary Economic Assessment, Perron Project, Quebec, Canada" can be found on the Company's website (www.amexexploration.com) and on SEDAR+ (www.sedarplus.ca).

Stephen Coates, P. Eng., an independent "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects (the "Qualified Person"), has reviewed this press release and declares that the technical information relating to the preliminary economic assessment presented therein is correct.

About Amex

Amex Exploration Inc. has made significant gold discoveries on its 100% owned high-grade Perron Gold Project located ~110 kilometres north of Rouyn-Noranda, Quebec, consisting of 117 contiguous claims covering 4,518 hectares. The project is well-serviced by existing infrastructure, on a year-round road, 10 minutes from an airport and just outside the town of Normétal (~8 km). In addition, the project is in close proximity to a number of major gold producers' milling operations. The project host both bulk tonnage and a high-grade gold style mineralization. Since January 2019, Amex has intersected significant gold mineralization in multiple gold zones and discovered copper-rich VMS zones.

For further information please contact:

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements

This news release contains forward-looking statements. All statements, other than of historical facts, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, the planned exploration program on the HGZ and Denise Zone, the expected positive exploration results, the extension of the mineralized zones, the timing of the exploration results, the ability of the Company to continue with the exploration program, the availability of the required funds to continue with the exploration and the potential mineralization or potential mineral resources are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "to earn", "to have', "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to meet expected, estimated or planned exploration expenditures, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, general business and economic conditions, changes in world gold markets, sufficient labour and equipment being available, changes in laws and permitting requirements, unanticipated weather changes, title disputes and claims, environmental risks as well as those risks identified in the Company's annual Management's Discussion and Analysis. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described and accordingly, readers should not place undue reliance on forward-looking statements. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/235376

Montreal, Quebec--(Newsfile Corp. - October 1, 2024) - Amex Exploration Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) ("Amex" or the "Company") is pleased to announce a non-brokered private placement of up to 3,400,000 units of the Company (the "Units") at a price of C$1.15 per Unit (the "Offering Price") for aggregate proceeds of C$3,910,000 (the "Offering").

Each Unit will consist of one common share (a "Common Share") and one half of one Common Share purchase warrant (each whole warrant, a "Warrant") of the Company. Each Warrant will be exercisable to acquire one Common Share for a period of 24 months following the Closing Date of the Offering at an exercise price of C$1.40 per common share, subject to adjustment in certain events.

The Company is pleased to advise that Offering is supported by key strategic investors, Eric Sprott, through 2176423 Ontario Ltd., and Eldorado Gold Corporation (TSX: ELD) (NYSE: EGO) ("Eldorado").

"This financing is bolstered by investment from key existing shareholders, and we thank them for their continued endorsement of our work at Perron. Our recently released mineral resource estimate focused on high-grade ounces, and we believe our upcoming PEA, expected to be released in Q4 2024, will demonstrate robust economics on the Perron project," said Victor Cantore, President and CEO of Amex Exploration.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 - Prospectus Exemptions ("NI 45-106"), the Units will be offered for sale to purchasers resident in Canada and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the "Listed Issuer Financing Exemption"). Because the Offering is being completed pursuant to the Listed Issuer Financing Exemption, the Units issued pursuant to the Offering will not be subject to a hold period pursuant to applicable Canadian securities laws.

There is an offering document related to the Offering that can be accessed under the Company's issuer profile on SEDAR+ at www.sedarplus.ca and on the Company's website at amexexploration.com. Prospective investors should read the offering document before making an investment decision.

The Company will use the proceeds of the Offering to fund the advancement of the Company's Preliminary Economic Study on its wholly owned 100% owned high-grade Perron Gold Project and general working capital purposes. The Company is well funded for its current exploration program.

The Offering is scheduled to close on or about October 15, 2024 (the "Closing Date") and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the TSX Venture Exchange.

The securities referred to in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, "U.S. Persons" (as such term is defined in Regulation S under the U.S. Securities Act) absent such registration or an applicable exemption from the registration requirements of the U.S. Securities Act. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.

About Amex

Amex Exploration Inc. has made significant gold discoveries on its 100% owned high-grade Perron Gold Project located ~110 kilometres north of Rouyn-Noranda, Quebec, consisting of 117 contiguous claims covering 4,518 hectares. The project is well-serviced by existing infrastructure, on a year-round road, 10 minutes from an airport and just outside the town of Normétal (~8 km). In addition, the project is in close proximity to a number of major gold producers' milling operations. The project host both bulk tonnage and a high-grade gold style mineralization. Since January 2019, Amex has intersected significant gold mineralization in multiple gold zones and discovered copper-rich VMS zones.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements

This news release contains forward-looking statements. All statements, other than of historical facts, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, the planned exploration program on the HGZ and Denise Zone, the expected positive exploration results, the extension of the mineralized zones, the timing of the exploration results, the ability of the Company to continue with the exploration program, the availability of the required funds to continue with the exploration and the potential mineralization or potential mineral resources are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "to earn", "to have', "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to meet expected, estimated or planned exploration expenditures, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, general business and economic conditions, changes in world gold markets, sufficient labour and equipment being available, changes in laws and permitting requirements, unanticipated weather changes, title disputes and claims, environmental risks as well as those risks identified in the Company's annual Management's Discussion and Analysis. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described and accordingly, readers should not place undue reliance on forward-looking statements. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/225304

Montreal, Quebec--(Newsfile Corp. - April 24, 2024) - Amex Exploration Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) ("Amex or the Company") is pleased to announce that after continuing to advance its geological understanding on the Perron Project, further drilling identified similarities between the Team Zone, 210 and E3 gold zones, therefore making it logical to combine the three. The consolidated gold zones will retain the name Team Zone, which creates one larger mineralized corridor straddling the Normétal fault on the northeastern side of the Beaupré Block (See Figure 1). The decision is geologically driven as all three zones display remarkable similarity in their lithologies, structures and mineralization style (Figure 5).

The Company is also pleased to announce further drill results from these zones (See Figure 4 and Tables 1 and 2). With up to 14 known zones across the Perron property, this decision will improve simplicity and will save time in the ongoing modelling process and drill data compilation.

Drill Highlights Include:

210 Gold Zone (which from now will form part of Team Zone)

• PE-22-586 returned 11.50 m of 4.57 g/t Au, including 3.00 m of 10.72 g/t Au at a vertical depth of ~115 m in the 210 Gold Zone;
• PE-23-639 returned 19.10 m of 3.23 g/t Au, including 1.40 m of 29.76 g/t Au at a vertical depth of ~190 m in the 210 Gold Zone;

Team Zone

• PE-23-680 returned 7.30 m of 4.97 g/t Au, including 0.50 m of 54.12 g/t Au at a vertical depth of ~35 m in the Team Gold Zone;
• PE-23-702 returned 2.10 m of 23.10 g/t Au, including 0.55 m of 83.98 g/t Au at a vertical depth of ~270 m in the Team Gold Zone;

Jacques Trottier, PhD, Executive Chairman of Amex Exploration commented, "The combination of these three gold zones is an important milestone on the Perron Project. As we've continued to add more drilling into this area and as our modelling work has advanced, it became clear that the three zone were geologically, structurally and spatially related. The larger consolidated Team Zone now covers a strike length of approximately 1.4 km and remains open to the northwest, southeast and at depth. Amex plans to add significant meterage to the Team Zone as we believe we have only just begun to unlock its value."

Figure 1: Geological map of the Perron Project, showing each of the significant mineralized zones identified to date, including the newly consolidated Team Gold Zone.

Figure 2: Geological map of the Team Gold Zone, showing gold mineralization greater than 0.50 g/t Au. The outline of the zone identified on the map represents the surface expression of mineralization at depth.

Figure 3: Image showing the modelled wireframes of the 210 Zone, the Team Zone and the E3 Zone, displaying the similarities of mineralization orientations.

Figure 4: Highlight photos of the Team Zone in drillholes PE-23-639, PE-23-680, PE-23-702 and PE-23-717. Gold mineralization is associated with tension style quartz-sulphide veins and contains visible gold. Abbreviation: VG - Visible Gold.

Figure 5: Gold bearing quartz-sulfide veins from the 210 Gold Zone, Team Zone and E3 Gold Zone. All gold zones share similar mineralization-style.

Table 1: Assay results from the Team Zone at Perron.

*Metal Factor is defined as gold grade multiplied by core length.

Table 2: Drillhole coordinates for today's results.

Qualified Person and QA&QC

Jérôme Augustin P.Geo. Ph.D., (OGQ 2134), an Independent Qualified Person as defined by Canadian NI 43-101 standards, has reviewed and approved the geological information reported in this news release. The drilling campaign and the quality control program have been planned and supervised by Jérôme Augustin. Core logging and sampling were completed by Laurentia Exploration. The quality assurance and quality control protocols include insertion of blank or standard samples every 10 samples on average, in addition to the regular insertion of blank, duplicate, and standard samples accredited by Laboratoire Expert during the analytical process. For all analyses targeting gold mineralization, gold values are estimated by fire assay with finish by atomic absorption. Values over 3 ppm Au are reanalyzed by fire assay with finish by gravimetry by Laboratoire Expert Inc, Rouyn-Noranda. Samples containing visible gold mineralization are analyzed by metallic sieve. For additional quality assurance and quality control, all samples were crushed to 90% less than 2 mm prior to pulverization, in order to homogenize samples which may contain coarse gold. The Qualified Person has not completed sufficient work to verify the historical information on the Property or neighbouring projects, particularly in regards to historical drill results. However, the Qualified Person believes that drilling and analytical results were completed to industry standard practices. The information provides an indication of the exploration potential of the Property but may not be representative of expected results.

About Amex

Amex Exploration Inc. has made significant gold discoveries on its 100% owned high-grade Perron Gold Project located ~110 kilometres north of Rouyn-Noranda, Quebec, consisting of 117 contiguous claims covering 4,518 hectares. The project is well-serviced by existing infrastructure, on a year-round road, 10 minutes from an airport and just outside the town of Normétal (~8 km). In addition, the project is in close proximity to a number of major gold producers' milling operations. The project host both bulk tonnage and a high-grade gold style mineralization. Since January 2019, Amex has intersected significant gold mineralization in multiple gold zones and discovered copper-rich VMS zones.

For further information please contact:

Victor Cantore
President and Chief Executive Officer
Amex Exploration: +1-514-866-8209

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements

This news release contains forward-looking statements. All statements, other than of historical facts, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, the planned exploration program on the HGZ and Denise Zone, the expected positive exploration results, the extension of the mineralized zones, the timing of the exploration results, the ability of the Company to continue with the exploration program, the availability of the required funds to continue with the exploration and the potential mineralization or potential mineral resources are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "to earn", "to have', "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to meet expected, estimated or planned exploration expenditures, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, general business and economic conditions, changes in world gold markets, sufficient labour and equipment being available, changes in laws and permitting requirements, unanticipated weather changes, title disputes and claims, environmental risks as well as those risks identified in the Company's annual Management's Discussion and Analysis. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described and accordingly, readers should not place undue reliance on forward-looking statements. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/206644

Montreal, Quebec--(Newsfile Corp. - June 27, 2024) - Amex Exploration Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) ("Amex or the Company") is pleased to announce that it has intersected gold mineralization in the deepest drilling to date in the western area of the Gratien Gold Zone ("Gratien"), on the Perron Project in the Abitibi region of Quebec (see Figure 1). The mineralization appears to be a new lens or 'stack' that make up the multiple stacked lenses of mineralization representing the Gratien Gold Zone (see Figure 2). The new drilling has opened up Gratien for significant expansion at depth, which also remains open to the west. With a total strike length of 1,200 m and growing, the Amex team believes Gratien has the potential to develop into an orebody of significant size and grade.

Notably, the new lens of mineralization was found within the rhyolite of the Upper Gratien Gold Zone, located within the Beaupré Block. The previous deepest intercepts in the western portion of Gratien were found within the andesite of the Normétal South Block. Amex believes this deep drilling has opened up a significant growth potential in the Upper Gratien Zone and appears to be on strike with the Grey Cat Zone, which is structurally compelling. See Figure 1 for a plan view of the geology of the Perron Project, Figure 2 for a plan view of the Gratien Gold Zone, Figure 3 for a longitudinal section of Gratien, Figure 4 for images of gold mineralization in Gratien, Table 1 for assay results, and Table 2 for drillhole coordinates.

Highlights include:

Deep Western Gratien Zone

• PEG-24-764 returned 7.40 m of 5.15 g/t Au, including 1.70 m of 17.32 g/t Au at a vertical depth of ~325 m in the Upper Gratien Gold Zone
• PEG-24-767 returned 1.20 m of 20.28 g/t Au, including 0.55 m of 42.88 g/t Au at a vertical depth of ~280 m in the Upper Gratien Gold Zone

Jacques Trottier, PhD, Executive Chairman of Amex Exploration commented, "We are impressed by the continuing growth in footprint that the Gratien Gold Zone is displaying. The zone had not been given much attention in previous years while the High-Grade and Denise Zones were being rapidly expanded upon, but with a focused drill program, Gratien is showing us what it can provide. Much more work remains to be done to continue expanding this exciting zone further at depth and to the west. The Company is excited by the prospect of higher-grade pockets within both the rhyolite of Upper Gratien and the andesite of Gratien Main. Our geological team on site has been working on improving the structural knowledge of the project. In addition, the newly discovered dike within the JT Zone is providing strong clues on the controls of the structural emplacement of gold mineralization within the entire Beaupré block and has given us exciting untested prospects that require drilling. The entirety of the Perron project remains ripe for further gold and VMS discoveries."

While today's results represent the deepest drilling to date in the western area of Gratien, all intercepts were made within 350 m of vertical depth or less, which remains to be relatively shallow. The Amex team is compelled by the expansion potential at Gratien with further deep drilling. Five drill rigs continue to operate on the Perron Project and the Company is forecasting 80,000 m of diamond drilling in 2024.

The Company also wishes to provide an update on the upcoming NI 43-101 resource estimate. Amex has decided that it will include the recently discovered JT Zone into the resource along with this year's drilling in the Gratien Zone. The Company is now aiming for a release towards the end of Q3 and remains on track for the release of the PEA in Q4. Amex would like to thank its shareholders for their continued patience as the Company strives to release a resource which highlights the growth potential of the Perron project.

Figure 1: Geological map of the Perron Project, showing each of the significant mineralized zones identified to date, including the Gratien Gold Zone.

Figure 2: Geological map of the Gratien Gold Zone, showing gold mineralization greater than 0.50 g/t Au. Two main gold zones occur at Gratien, hosted in an autoclastic rhyolite of the Beaupré Block (Upper Gratien) and in the mafic to intermediate volcanic rocks of the Normétal South Block (Gratien Main).

Figure 3: Longitudinal section of the Gratien Gold Zone looking to the south. Showing contoured metal factor (Au g/t*core length) and the location of today's released drill holes.

Figure 4: Highlight photos of the Gratien Gold Zone in drillholes PEG-24-764 and PEG-24-767. Gold mineralization is associated with centimetric quartz-carbonate-sulfide veins and contains visible gold. Abbreviation: VG - Visible Gold.

Table 1: Assay results from the Gratien Zone at Perron.

Table 2: Drillhole coordinates for today's results.

Qualified Person and QA&QC

Jérôme Augustin P.Geo. Ph.D., (OGQ 2134), an Independent Qualified Person as defined by Canadian NI 43-101 standards, has reviewed and approved the geological information reported in this news release. The drilling campaign and the quality control program have been planned and supervised by Jérôme Augustin. Core logging and sampling were completed by Laurentia Exploration. The quality assurance and quality control protocols include insertion of blank or standard samples every 10 samples on average, in addition to the regular insertion of blank, duplicate, and standard samples accredited by Laboratoire Expert during the analytical process. For all analyses targeting gold mineralization, gold values are estimated by fire assay with finish by atomic absorption. Values over 3 ppm Au are reanalyzed by fire assay with finish by gravimetry by Laboratoire Expert Inc, Rouyn-Noranda. Samples containing visible gold mineralization are analyzed by metallic sieve. For additional quality assurance and quality control, all samples were crushed to 90% less than 2 mm prior to pulverization, in order to homogenize samples which may contain coarse gold. The Qualified Person has not completed sufficient work to verify the historical information on the Property or neighbouring projects, particularly in regards to historical drill results. However, the Qualified Person believes that drilling and analytical results were completed to industry standard practices. The information provides an indication of the exploration potential of the Property but may not be representative of expected results.

About Amex

Amex Exploration Inc. has made significant gold discoveries on its 100% owned high-grade Perron Gold Project located ~110 kilometres north of Rouyn-Noranda, Quebec, consisting of 117 contiguous claims covering 4,518 hectares. The project is well-serviced by existing infrastructure, on a year-round road, 10 minutes from an airport and just outside the town of Normétal (~8 km). In addition, the project is in close proximity to a number of major gold producers' milling operations. The project host both bulk tonnage and a high-grade gold style mineralization. Since January 2019, Amex has intersected significant gold mineralization in multiple gold zones and discovered copper-rich VMS zones.

For further information please contact:

Victor Cantore
President and Chief Executive Officer
Amex Exploration: +1-514-866-8209

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements

This news release contains forward-looking statements. All statements, other than of historical facts, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, the planned exploration program on the HGZ and Denise Zone, the expected positive exploration results, the extension of the mineralized zones, the timing of the exploration results, the ability of the Company to continue with the exploration program, the availability of the required funds to continue with the exploration and the potential mineralization or potential mineral resources are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "to earn", "to have', "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to meet expected, estimated or planned exploration expenditures, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, general business and economic conditions, changes in world gold markets, sufficient labour and equipment being available, changes in laws and permitting requirements, unanticipated weather changes, title disputes and claims, environmental risks as well as those risks identified in the Company's annual Management's Discussion and Analysis. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described and accordingly, readers should not place undue reliance on forward-looking statements. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/214587

Montreal, Quebec--(Newsfile Corp. - August 14, 2024) - Amex Exploration Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) ("Amex" or the "Company") is pleased to announce drill results that have successfully expanded the near surface mineralization of the High-Grade Zone ("HGZ"), on the company's flagship Perron Project in the northwestern Abitibi region of Quebec. The results released today are from holes that were drilled in close proximity to the diabase dike that runs down the central portion of the HGZ in an area that lacked information, highlighting the growth potential that exists across the Perron project. Importantly, today's results will not make it into the Company's resource estimate, which remains on track for Q3. See Figure 1 for a plan view of the geology of the Perron Project, Figure 2 for a plan view of the geology of the Eastern Gold Zone, Figure 3 for a longitudinal section of the High-Grade Zone, Figure 4 for images of gold mineralization and Table 1 for assay results and Table 2 for drillhole coordinates.

Highlights include:

High-Grade Zone

• PE-24-788 returned 34.75 m of 2.22 g/t Au including 1.00 m of 53.16 g/t Au at a vertical depth of ~145 m

• PE-24-791 returned 10.15 m of 1.47 g/t Au including 0.75 m of 10.49 g/t Au at a vertical depth of ~260 m

Jacques Trottier, PhD, Executive Chairman of Amex Exploration commented, "Drill hole PE-24-788 was placed in an area of the High-Grade Zone that was previously thought to only contain lower-grade mineralization (metal factor 1-10). With a metal factor of 77.15 (true thickness metal factor 48.02), this hole has defined some important mineralization outside of the previously known and delineated main HGZ core."

Aaron Stone, P.Geo, Vice President Exploration of Amex Exploration continued, "The High-Grade Zone is continuing to show that it can hold impressive mineralization even outside of its main extremely rich high-grade core. We will continue to add more holes in this area on both sides of the diabase dike to see if a secondary plunge of higher-grade mineralization can be exploited."

Figure 1: Geological map of the Perron Project, showing each of the significant mineralized zones identified to date.

Figure 2: Geological map of the Eastern Gold Zone, showing each of the significant gold mineralized zones, including the High-Grade Zone, and the locations of today's released drill holes. HGZ mineralization is represented by gold bearing quartz-carbonate-sulfide veins with visible gold hosted in the Beaupré aphanitic rhyolite.

Figure 3: Longitudinal section of the High-Grade Zone looking to the south, showing contoured metal factor (Au g/t * estimated true thickness) and the locations of today's released drill holes.

Figure 4: Photos of visible gold from todays released drill holes, including PE-24-788 and PE-24-791. High-grade mineralization is represented by gold bearing quartz-carbonate-sulfide veins with visible gold hosted in the Beaupré aphanitic rhyolite, in contact with a mafic dike. Abbreviation: VG - Visible Gold.

Table 1: Assay results from the eastern and western High-Grade Zone at the Perron Project.

Table 2: Drill hole coordinates for today's results.

Qualified Person and QA&QC

Jérôme Augustin P.Geo. Ph.D., (OGQ 2134), an independent "qualified person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects (the "Qualified Person"), has reviewed and approved the geological information reported in this news release. The drilling campaign and the quality control program have been planned and supervised by Jérôme Augustin. Core logging and sampling were completed by Laurentia Exploration. The quality assurance and quality control protocols include insertion of blank or standard samples every 10 samples on average, in addition to the regular insertion of blank, duplicate, and standard samples accredited by Laboratoire Expert during the analytical process.

For all analyses targeting gold mineralization, gold values are estimated by fire assay with finish by atomic absorption. Values over 3 ppm Au are reanalyzed by fire assay with finish by gravimetry by Laboratoire Expert Inc, Rouyn-Noranda. Samples containing visible gold mineralization are analyzed by metallic sieve. For additional quality assurance and quality control, all samples were crushed to 90% less than 2 mm prior to pulverization, in order to homogenize samples which may contain coarse gold.

Exploration results that include drill results on wide spacings may not be indicative of the occurrence of a mineral deposit, as such results do not provide assurance that further work will establish sufficient grade, continuity, metallurgical characteristics and economic potential to be classed as a category of mineral resource. The potential quantities and grades of drilling targets disclosed in this news release are conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the targets being delineated as mineral resources.

About Amex

Amex Exploration Inc. has made significant gold discoveries on its 100% owned high-grade Perron Gold Project located ~110 kilometres north of Rouyn-Noranda, Quebec, consisting of 117 contiguous claims covering 4,518 hectares. The project is well-serviced by existing infrastructure, on a year-round road, 10 minutes from an airport and just outside the town of Normétal (~8 km). In addition, the project is in close proximity to a number of major gold producers' milling operations. The project host both bulk tonnage and a high-grade gold style mineralization. Since January 2019, Amex has intersected significant gold mineralization in multiple gold zones and discovered copper-rich VMS zones.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements

This news release contains forward-looking statements. All statements, other than of historical facts, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, the planned exploration program on the HGZ and Denise Zone, the expected positive exploration results, the extension of the mineralized zones, the timing of the exploration results, the ability of the Company to continue with the exploration program, the availability of the required funds to continue with the exploration and the potential mineralization or potential mineral resources are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "to earn", "to have', "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to meet expected, estimated or planned exploration expenditures, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, general business and economic conditions, changes in world gold markets, sufficient labour and equipment being available, changes in laws and permitting requirements, unanticipated weather changes, title disputes and claims, environmental risks as well as those risks identified in the Company's annual Management's Discussion and Analysis. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described and accordingly, readers should not place undue reliance on forward-looking statements. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219813

Montreal, Quebec--(Newsfile Corp. - July 31, 2024) - Amex Exploration Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) ("Amex" or the "Company") is pleased to announce further drill results from the High-Grade Zone ("High-Grade Zone" or "HGZ") and Denise Zone ("Denise"), on the company's flagship Perron Project in the northwestern Abitibi region of Quebec. Today's results further define the High-Grade Zone and have expanded known mineralization of the Denise Zone at depth. See Figure 1 for a plan view of the geology of the Perron Project, Figure 2 for a plan view of the geology of the Eastern Gold Zone, Figure 3 for a longitudinal section of the High-Grade Zone, Figure 4 for a longitudinal of the Denise Zone, Figure 5 for images of gold mineralization and Tables 1-3 for assay results and drillhole coordinates. Today's results will not make it into the Company's resource estimate, highlighting the immense growth potential that exists at the Perron project.

Highlights include:

High-Grade Zone

• PE-21-347W5 returned 6.35 m of 30.85 g/t Au including 0.50 m of 342.10 g/t Au at a vertical depth of ~1100 m

• PE-21-347W4 returned 7.80 m of 7.36 g/t Au including 0.70 m of 70.32 g/t Au at a vertical depth of ~970 m

Denise Zone

• PE-20-186W2 returned 2.15 m of 16.58 g/t Au including 0.50 m of 66.35 g/t Au at a vertical depth of ~900 m

• PE-21-347W5 returned 58.50 m of 0.71 g/t Au including 3.00 m of 8.31 g/t Au at a vertical depth of ~1150 m

Jacques Trottier, PhD, Executive Chairman of Amex Exploration commented, "Today's released drill holes were planned to target the depth extensions of the Denise mineralization on both sides of the central diabase dike. To reach these areas, the holes also traversed the High-Grade Zone, highlighting how proximal the two zones are to each other and providing us with further enhanced information about the HGZ through tighter drill spacing. Importantly, drill hole PE-20-186W2 at Denise West was designed to intercept a predicted mafic-ultramafic intrusion at depth to provide more geological information, but instead intercepted gold mineralization within the rhyolite, meaning the zone has much more room for growth to the west and at depth than originally thought."

Aaron Stone, P.Geo, Vice President Exploration of Amex Exploration continued, "Through the new interpretation of the Denise Mafic Intrusion (see Figure 4), the Amex team continues to see growth potential for resources at depth. This also opens up the possibility of reinterpretation of the same mafic intrusion in the High-Grade Zone, meaning a potential of more area for growth of the Western HGZ. We are also excited to target where the mafic intrusion and diabase dike are modelled to meet one another, to see if this could act as a trap for a pocket of very high-grade gold mineralization. We intend to test this target in the coming months along with other very interesting new targets elsewhere on the property."

Figure 1: Geological map of the Perron Project, showing each of the significant mineralized zones identified to date.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2667/218362_584327d944517bca_002full.jpg

Figure 2: Geological map of the Eastern Gold Zone, showing each of the significant gold mineralized zones, including the High-Grade Zone and the Denise Zone, and the locations of today's released drill holes. HGZ mineralization is represented by gold bearing quartz-carbonate-sulfide veins with visible gold hosted in the Beaupré aphanitic rhyolite. Denise mineralization is represented by gold bearing quartz-carbonates-sericite-sulfides veins with visible gold hosted in the Beaupré brecciated rhyolite.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2667/218362_584327d944517bca_003full.jpg

Figure 3: Longitudinal section of the High-Grade Zone looking to the south, showing contoured metal factor (Au g/t * estimated true thickness) and the locations of today's released drill holes.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2667/218362_584327d944517bca_004full.jpg

Figure 4: Longitudinal section of the Denise Zone looking to the south, showing contoured metal factor (Au g/t * estimated true thickness) and the locations of today's released drill holes. Note drillhole PE-20-186W2 and the new interpretation of the Denise Mafic Intrusion, giving Western Denise a significantly larger area for growth potential at depth.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2667/218362_584327d944517bca_005full.jpg

Figure 5. Photos of visible gold from todays released drill holes, including PE-21-347W4, PE-24-347W5 for the High-Grade Zone and PE-20-186W2 and PE-22-524W5 for the Denise Zone. HGZ mineralization is represented by gold bearing quartz-carbonate-sulfide veins with visible gold hosted in the Beaupré aphanitic rhyolite. Denise mineralization is represented by gold bearing quartz-carbonates-sericite-sulfides veins with visible gold hosted in the Beaupré brecciated rhyolite. Abbreviation: VG - Visible Gold.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2667/218362_584327d944517bca_006full.jpg

Table 1. Assay results from current drilling of the High-Grade Zone and Denise Zone at the Perron Project.

*Metal factor is defined as gold grade multiplied by true thickness

Table 2. Assay results from previous drilling in the Denise Zone at the Perron Project.