Mr. Anthony Moreau reports

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

American Eagle Gold Corp. has closed its previously announced non-brokered private placement offering of 19.2 million common shares issued on a premium flow-through basis (each, an FT share) at a price of $1.20 per FT share for gross proceeds of $23.04-million.

Highlights:

• The investment adds a third strategic investor, when combined with investments by mining companies South32 Ltd. and Teck;
• Concurrent offering with South32 and Teck expected to close on or about April 9, 2026.

Eric Sprott, through 2176423 Ontario Ltd., a corporation beneficially owned and controlled by him, acquired an approximate 9.9-per-cent equity interest in the company, prior to the closing of the concurrent offering (as defined below), through the purchase of 19.2 million common shares underlying the offering at a back-end price of 77 cents per share. The investment represents $23.04-million of the offering gross proceeds.

The corporation expects to close the previously announced concurrent private placement offering of 9,650,550 FT shares at a price of $1.1319 per FT share for gross proceeds of $10,923,458 on or about April 9, 2026. Teck Resources Ltd. has agreed to maintain its 12.9-per-cent interest in the company, through the acquisition of 3,797,058 common shares underlying the concurrent offering at a back-end price of 77 cents per share, and a wholly owned subsidiary of South32 has agreed to maintain its 19.9-per-cent interest in the company, through the acquisition of 5,853,492 common shares underlying the concurrent offering at a back-end price of $0.77 per share.

American Eagle will use the proceeds to thoroughly test its thesis at NAK and build on the successes of its 2024 and 2025 drill program, which expanded NAK's scale and identified additional high-grade zones. Upon closing the offering and the concurrent offering, American Eagle will have over $55-million in cash on its balance sheet, and the company will be fully financed for substantial drill program expansions in 2026 and 2027.

Finders acting in connection with the offering received finders' fees in the aggregate amount of $147,840. All securities issued in connection with the offering are subject to a four-month hold period, which expires on July 21, 2026. Following the completion of the offering, the corporation has 192,621,487 common shares issued and outstanding. No warrants were included in the offering or will be included in the concurrent offering.

Completion of the offering and the concurrent offering remains subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including final acceptance of the TSX Venture Exchange.

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) B.C. 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.

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 completed an aggressive 31,500-metre drill program in 2025 designed to expand and improve the mineral footprint; assays are currently being received.

QP (qualified person) 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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