Mr. Anthony Moreau reports

AMERICAN EAGLE CLOSES TOP-UP INVESTMENT FROM SOUTH32

American Eagle Gold Corp. has closed the previously announced top-up investment by a wholly owned subsidiary of South32 Ltd., announced on Aug. 17, 2026.

The company issued 660,000 common shares at a price of $1.09 per share for gross proceeds of $719,400. The shares were issued under South32's top-up right in the investor rights agreement dated Nov. 26, 2024 (the South32 IRA), which entitles South32 to maintain its 19.9-per-cent equity interest in the company. The price was determined in accordance with the South32 IRA. No warrants were issued and no finders' fees were paid in connection with the offering.

Following completion of the offering, South32 holds 40,991,069 shares, representing approximately 19.9 per cent of the issued and outstanding common shares of the company on a non-diluted basis.

American Eagle will use the proceeds from the offering for general corporate and working capital purposes.

The offering has received conditional acceptance from the TSX Venture Exchange and remains subject to final acceptance. The shares are subject to a statutory hold period expiring four months and one day from the date of closing. A copy of the South32 IRA, which governs procedural matters relative to the exercise of equity participation rights, is available on the company's SEDAR+ profile.

MI 61-101 and TSX-V Policy 5.9 disclosure

Prior to the completion of the offering, South32 held 40,331,069 shares, representing approximately 19.7 per cent of the issued and outstanding common shares on a non-diluted basis, and as such, the offering constituted a related party transaction within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company relied on exemptions from the formal valuation and minority shareholder approval requirements under subsections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that the offering did not exceed 25 per cent of the company's market capitalization.

About American Eagle Gold Corp.

American Eagle is advancing the NAK copper-gold porphyry project in British Columbia's Babine porphyry district, located 4.5 kilometres north of the Hearne Hill South property. The company is backed by 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, and the goal for the season is to significantly expand tonnage while both extending known high-grade zones and discovering new ones. The company is financed for multiple years from cash on hand, with the current program designed to support future technical studies and demonstrate the viability of NAK as a mine within the current metal cycle.