Mr. Anthony Moreau reports

AMERICAN EAGLE ANNOUNCES $23 MILLION STRATEGIC INVESTMENT BACKED BY ERIC SPROTT

American Eagle Gold Corp. intends to complete a financing for aggregate gross proceeds up to $34.54-million, consisting of approximately: (i) up to 19.2 million common shares to be issued on a premium flow-through (FT) basis at a price of $1.20 per FT share for proceeds of $23.04-million; and (ii) up to 14,935,065 common shares at a price of 77 cents per share for proceeds of up to $11.5-million.

Eric Sprott, through a 2176423 Ontario Ltd., a corporation beneficially owned and controlled by him, has agreed to acquire an approximately 9.9-per-cent equity interest in the company, prior to the decisions of Teck and South32, which have certain equity participation rights as detailed below, through the purchase of 19.2 million common shares underlying the charity FT offering at a back-end price of 77 cents per share. The investment represents $23.04-million of the charity FT offering gross proceeds.

"We're very pleased to welcome Eric Sprott as another strategic, long-term investor on the register. What makes his participation particularly notable is that it's rare for him to back copper stories. We're proud to have him alongside Teck, South32 and Orecap as foundational, long-term shareholders," stated Anthony Moreau, chief executive officer of American Eagle.

"NAK has truly caught my attention. I believe the grade and length of the intervals are exceptional, and the gold grade is the icing on the cake. I believe this is one of the best undeveloped porphyries in Canada," stated Mr. Sprott.

Participation rights for Teck and South32

American Eagle has previously agreed to grant South32 and Teck certain investor rights, including an equity participation right in equity financings, as well as dilutive events to maintain its pro rata ownership in the company. Should these shareholders choose to maintain their rights, American Eagle would complete up to a $11.5-million concurrent offering. The concurrent offering is to accommodate these rights and additional subscribers and is not a committed amount. Further information will be provided when South 32 and Teck have confirmed their participation intentions to the company. There is no assurance that either South 32 or Teck will participate in the offering or maintain their proportionate equity ownership in the company.

American Eagle will use the proceeds to thoroughly test its thesis at NAK and build on the successes of its 2026 and 2027 drill program, which expanded NAK's scale and identified additional high-grade zones, as well as for general corporate purposes and working capital.

The FT shares will qualify as flow-through shares within the meaning of the Income Tax Act (Canada). An amount equal to the gross proceeds from the issuance of the FT shares will be used to incur, on the company's Canadian mineral exploration properties, eligible resource exploration expenses that will qualify as: (i) Canadian exploration expenses (as defined in the tax act); (ii) flow-through critical mineral mining expenditures (as defined in Subsection 127(9) of the tax act); and (iii) British Columbia flow-through mining expenditures for purchasers in British Columbia. The qualifying expenditures, in an aggregate amount not less than the gross proceeds raised from the issuance of the FT shares, will be incurred on or before Dec. 31, 2027, and will be renounced by the company to the initial purchasers of the FT shares with an effective date no later than Dec. 31, 2026. In the event that the company is unable to renounce the full issue price of the FT shares on or prior to Dec. 31, 2026, and/or if the qualifying expenditures are reduced by the Canada Revenue Agency, the company will indemnify each initial purchaser for the additional taxes payable by such subscriber to the extent permitted by the tax act as a result of the company's failure to renounce the qualifying expenditures as agreed.

Upon closing this offering (assuming both the charity FT offering and concurrent offering are completed), American Eagle will have over $50-million in cash on its balance sheet, and the company will be fully financed for substantial drill program expansions in 2026 and 2027.

No warrants are included in the offering. The company will pay a commission or finder's fee of up to 1 per cent in connection with the offering. The company reserves the right to alter the concurrent offering to include a premium flow-through component. Closing of the offering is expected to occur on, or about, March 20, 2026, subject to satisfaction of the closing conditions for the benefit of the parties, the receipt of all necessary regulatory approvals and acceptance of the TSX Venture Exchange. The shares will be subject to a statutory hold period of four months plus a day following the closing date.

About American Eagle's NAK project

The NAK project lies within the Babine copper-gold porphyry district of central British Columbia. It has excellent infrastructure through all-season roads, and is close to the towns of Smithers, Houston and Burns Lake, B.C., which lie along a major rail line and provincial Highway 16. Historical drilling and geophysical, geological and geochemical work at NAK, which began in the 1960s, tested only to shallow depths. Still, the work revealed a very large near-surface copper-gold system that measures over 1.5 kilometres by 1.5 kilometres. Drilling completed by American Eagle in 2022, 2023 and 2024 returned significant intervals of high-grade copper-gold mineralization that reached beyond and much deeper than the historical drilling, indicating that zones of near-surface and deeper mineralization, locally with considerably higher grades, exist within the broader NAK property mineralizing system. American Eagle Gold completed an aggressive 31,500-metre drill program in 2025, designed to expand and improve the mineral footprint; assays are currently being received.

About American Eagle Gold Corp.

American Eagle is focused on exploring its NAK copper-gold porphyry project in west-central British Columbia, Canada.

Qualified person (QP) statement

Mark Bradley, BSc, MSc, PGeo, a certified professional geologist and qualified person for the purposes of Canada's National Instrument 43-101, Standards of Disclosure for Mineral Properties, has verified and approved the information contained in this news release.

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