Mr. Victor Cantore reports

AMEX EXPLORATION PROVIDES UPDATE ON PREVIOUSLY-ANNOUNCED LIFE OFFERING AND CONCURRENT PRIVATE PLACEMENT

Amex Exploration Inc. has received conditional acceptance of the TSX Venture Exchange in respect of the company's best efforts private placement offering and concurrent private placement previously announced on May 5, 2026, and May 11, 2026.

Accordingly, the company expects to close the LIFE (listed issuer financing exemption) offering and a first tranche of the concurrent private placement on May 21, 2026, for aggregate gross proceeds of $52,547,548.50, consisting of: (i) the LIFE offering of 9,661,000 common shares of the company at a price of $4.50 per common share for gross proceeds of $43,474,500; (ii) the non-brokered portion of the concurrent private placement of 1,622,222 common shares at the offering price for gross proceeds of $7,299,999; and (iii) a first tranche of the brokered portion of the concurrent private placement of 394,011 common shares at the offering price for gross proceeds of $1,773,049.50.

National Bank Financial Inc. and MDCP Securities Ltd., as joint bookrunners and co-lead agents, on behalf of a syndicate of agents, have also been granted an option, exercisable in full or in part up to 48 hours prior to the closing date, to sell up to 1,449,150 additional common shares at the offering price for additional gross proceeds of up to $6,521,175 under the LIFE offering.

Strategic investor Eldorado Gold Corp. has indicated an interest to purchase up to $15-million (U.S.) of common shares under the brokered portion of the concurrent private placement and is entitled to purchase up to 4,864,923 common shares at the offering price in accordance with the investor rights agreement dated Jan. 16, 2024, between the company and Eldorado. Completion of the Eldorado investment remains subject to receipt of all required approvals, including Eldorado being approved as a "control person" of the company (as defined in, and in accordance with, the policies of the TSX-V) by the company's disinterested shareholders at the company's upcoming annual general and special meeting of its shareholders to be held on June 16, 2026, as required by the TSX-V prior to the issuance of any further securities to Eldorado. Subject to receipt of disinterested shareholder approval at the meeting, it is anticipated that the Eldorado investment will close as a second tranche of the brokered portion of the concurrent private placement following the meeting.

All other terms of the LIFE offering and the concurrent private placement are as described in the company's news release dated May 11, 2026.

About Amex Exploration Inc.

Amex Exploration has made significant high-grade gold discoveries, along with copper-rich volcanogenic massive sulphide (VMS) zones, at its 100-per-cent-owned Perron gold project, located approximately 110 kilometres north of Rouyn-Noranda, Que. The Perron project in Quebec consists of 183 contiguous claims for a surface area of 65.75 square kilometres (km). The project hosts several zones of high-grade gold mineralization, VMS mineralization and hybrid gold-rich VMS mineralization.

When combined with the adjacent and contiguous Perron West project and Abbotsford and Hepburn projects (including additional claims acquired through staking) in Ontario, the consolidated land package spans a district-scale 570.94 square km. This extensive property lies within highly prospective geology favourable for both high-grade gold and VMS mineralization.

The project benefits from excellent infrastructure: it is accessible by a year-round road, located just 30 minutes from an airport, and approximately 6.5 km from the town of Normetal. It is also in close proximity to several process plants owned by major gold producers.

We seek Safe Harbor.