Mr. Anthony Moreau reports

AMERICAN EAGLE CLOSES OPTION AGREEMENT, EXPANDING BABINE DISTRICT LAND PACKAGE TO APPROXIMATELY 9,283 HECTARES

American Eagle Gold Corp. has closed the previously announced option agreement with Eagle Plains Resources Ltd., under which American Eagle may earn up to an 80-per-cent interest in three claim groups adjoining its Nak copper-gold porphyry project in British Columbia's Babine porphyry district, approximately 70 kilometres northeast of Smithers. The transaction has received conditional approval from the TSX Venture Exchange.

Highlights:

• The Nak project land package has increased from approximately 1,632 hectares to approximately 9,283 hectares, a roughly 470-per-cent increase, through the closing of the option agreement with Eagle Plains Resources and the company's independent staking of open ground in the Morrison area.
• American Eagle now controls approximately 6,142 hectares, or roughly 62.5 per cent, of the 9,834-hectare Morrison land package formerly held by Pacific Booker Minerals.
• The optioned claims lie along trend from and within 4.5 kilometres of the Nak deposit, with road access and nearby hydro transmission lines.
• Prior work on the optioned ground has identified geophysical and geochemical anomalies coincident with Babine igneous suite intrusive rocks, on ground that has seen limited modern drilling. Target generation will apply the geological model developed through more than 90,000 metres of drilling at Nak and run alongside the 55,000-metre Nak drill program.
• The transaction has closed and received conditional approval from the TSX Venture Exchange and remains subject to final approval. American Eagle is operator and pays no operator fee during the earn-in period.

Together with the company's independent staking of open ground in the broader Morrison area, the closing increases the Nak project land package from approximately 1,632 hectares to approximately 9,283 hectares, a roughly 470-per-cent increase. American Eagle now holds or holds an option to earn an interest in approximately 6,142 hectares, or roughly 62.5 per cent, of the 9,834-hectare Morrison land package formerly held by Pacific Booker Minerals. This ground was first consolidated by Noranda following the discovery of the Bell and Granisle deposits, and much of it has seen limited systematic exploration, as historical work concentrated on the known deposits.

"Closing this agreement gives Nak a larger footprint in the Babine district," said Anthony Moreau, chief executive officer of American Eagle. "The drilling we have completed at Nak, more than 90,000 metres, has shaped our understanding of how mineralized systems in this district are expressed in the geology and geophysics. We applied that understanding across the district's available ground, and the claims we have now consolidated were the best fit: the right intrusive rocks, coincident geophysical anomalies and very little drilling. With approximately $50-million in cash, we can advance this ground without slowing the Nak program. Our focus remains discovery: first at Nak and now across the expanded land package."

Rationale for the expansion

Drilling at Nak has shown that copper-gold mineralization begins at surface, extends to depth and occurs across a larger footprint than shallow historical drilling suggested, consistent with the district's Bell, Granisle and Morrison deposits. The company's work on the Babine igneous suite intrusions, their alteration and the geophysical expression of mineralized rocks at Nak forms the basis of a targeting framework that the company has applied to the expanded land package. The optioned ground fits that framework, with geophysical anomalies coincident with prospective geology, and hosts the two mineralization styles logged at Nak: stockwork porphyry copper-gold mineralization associated with biotite-feldspar porphyry intrusions and copper-gold breccia pipes of the type that form the core of the nearby Hearne Hill deposit. Less than five kilometres from the Nak deposit, the ground could be explored using the roads, camps, equipment and technical staff already in place at Nak.

Prior work on the optioned ground includes a 286 line-kilometre high-resolution airborne magnetic survey, more than 32 line kilometres of closely spaced soil sampling and prospecting that returned copper-mineralized rock samples. A second claim group farther south has returned gold-in-till with grain morphology suggestive of a proximal bedrock source and a float sample carrying copper and gold at porphyry tenor. The company's 2026-2027 program will begin with compilation of existing data and 3-D inversion of the magnetic data, integrated with its data sets from Nak, followed by infill soil sampling, mapping, prospecting and ground geophysics across priority anomalies to define drill targets. This work will be carried out alongside the 55,000-metre Nak drill program and is not expected to divert resources from it.

The expanded Nak project lies within the traditional territory of the Lake Babine Nation (LBN), where American Eagle has operated since 2022 under an exploration agreement that has since been expanded and updated three times. The expansion was undertaken with the knowledge and support of the LBN and the company's strategic investors, and the company will engage with the LBN on exploration plans across the expanded position.

Transaction summary

In connection with the closing, the company paid $20,000 in cash and issued 50,000 common shares to the optionor. American Eagle may earn an initial 60-per-cent interest by completing $4.85-million in exploration expenditures, paying $400,000 in cash and issuing 1.2 million common shares, staged over six years ending Dec. 31, 2031. Obligations through the end of 2027 total $600,000 in expenditures, $100,000 in cash and 200,000 shares. Timelines may be accelerated at the company's discretion, and the company may increase its interest to 80 per cent through a one-time payment of $1-million, up to half of which may be paid in shares. Upon exercise of the initial option, the optionor will retain a 2.0-per-cent net smelter return royalty, 1.0 per cent of which may be repurchased for $2.5-million. American Eagle is the operator throughout and pays no operator fee during the earn-in period. The agreement remains subject to final approval by the TSX Venture Exchange.

About American Eagle Gold Corp.

American Eagle is advancing the Nak copper-gold porphyry project and surrounding land package, totalling approximately 9,283 hectares, in British Columbia's Babine porphyry district. The company has approximately $50-million in cash and four cornerstone strategic shareholders. American Eagle is currently conducting an approximately 55,000-metre drill program, expected to run through April, 2027, with three rigs operating continuously across the seasons. Approximately 80 drill holes are planned, with the objective of expanding tonnage, extending known higher-grade zones and identifying new ones. The company is financed for multiple years from cash on hand, and the current program is designed to support future technical studies on Nak.

Qualified person statement

Mark Bradley, BSc, MSc, a certified professional geologist and an independent qualified person for the purposes of National Instrument 43-101, has verified and approved the technical information contained in this news release. Certain technical information regarding the optioned claims is derived from the optionor's disclosure and historical government records (Minfile and ARIS) and has not been independently verified by the company. Mineralization on adjacent and nearby properties, including the Hearne Hill, Morrison, Bell and Granisle deposits, is not necessarily indicative of mineralization on the company's properties.

We seek Safe Harbor.