Mr. Victor Cantore reports

AMEX GOLD MINING FILES PROJECT NOTICE FOR THE PERRON GOLD MINE

Amex Gold Mining Inc. has officially filed the project notice for the proposed Perron gold mine with Quebec's Ministere de l'Environnement, de la Lutte contre les changements climatiques, de la Faune et des Parcs (MELCCFP).

The filing of the project notice represents another significant milestone in advancing the Perron gold project toward commercial production. It formally initiates Quebec's environmental assessment process for the proposed mine and reflects the company's continued execution of its development strategy. The project notice provides government authorities with a comprehensive overview of the proposed mining operation, including the underground mine, surface infrastructure, environmental setting and overall project design.

"The submission of the project notice is another important step as we move toward developing one of Canada's premier high-grade gold projects," said Victor Cantore, president and chief executive officer of Amex Gold Mining. "Responsible mine development begins long before construction. Our team has invested considerable effort in environmental studies, engineering and community engagement, and we look forward to continuing to work collaboratively with indigenous communities, local stakeholders and government authorities as we advance Perron through the next stages of development."

Following its review of the project notice, the MELCCFP will issue a directive outlining the information to be included in the environmental impact assessment (EIA). The company has already initiated preparation of the EIA through continuing environmental baseline studies, engineering, technical evaluations and stakeholder engagement activities.

The proposed mine is based on the positive feasibility study released earlier this year and contemplates a high-grade underground mining operation with mineral processing at an existing regional mill. This development strategy is designed to leverage Perron's exceptional grade while reducing initial capital requirements and accelerating the path toward commercial production.

Key highlights of the feasibility study include:

• Phase 1 proven and probable reserves of 1,989 million tonnes at 12.1 grams per tonne;
• Low initial capital cost estimate of $193.9-million; during the preproduction period, $68.1-million of revenue is generated, which could offset some capital required;
• Average annual gold production of 147,000 ounces gold (Au) at an all-in sustaining cost (AISC) of $910 (U.S.) per ounce Au;
• Pretax NPV (net present value) of $1,976-million and after-tax NPV of $1,127-million;
• Pretax IRR (internal rate of return) of 160.4 per cent and after-tax IRR of 114.6 per cent;
• Cumulative pretax undiscounted net free cash flow of $2,492-million and cumulative after-tax undiscounted net free cash flow of $1,436-million;
• Pretax payback period of 0.4 year and after-tax payback period of 0.5 year.

Note: The Perron feasibility study incorporates the latest mineral resource estimate (2025 MRE -- released May 21, 2025). The previous assumes a gold price of $3,500 (U.S.) per ounce and a Canadian-dollar/U.S.-dollar exchange rate of 1.38:1.

In parallel with the environmental assessment process, Amex continues to advance construction of its fully permitted 40,000-tonne bulk sample program. The bulk sample will generate valuable geological, geotechnical, metallurgical and operational information while further supporting future mine development and optimization.

The company expects the project notice to be made publicly available by the MELCCFP following completion of its administrative review process. Once published by the ministry, Amex will also make the document available on its website under the Perron project section, providing shareholders, local communities and other stakeholders with convenient access to the filing.

About Amex Gold Mining Inc.

Amex Gold Mining 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. It is located in the territory of Valcanton in Northern Quebec, approximately 110 kilometres north of Rouyn-Noranda.

The Perron project in Quebec consists of 183 contiguous claims for a surface area of 65.72 square kilometres. 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 the Abbotsford and Hepburn projects (including additional claims acquired through staking) in Ontario, the consolidated land package spans a district-scale 570.94 square kilometres. 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 kilometres from the town of Normetal. Being in close proximity to several processing plants owned by major gold producers also constitutes a strategic advantage.

Qualified person

The technical information in this news release has been reviewed and approved by Aaron Stone, PGeo (OGQ No. 2170; PGO No. 3708), vice-president, exploration, of the company, acting as a qualified person within the meaning of National Instrument 43-101.

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