Dr. Jacques Trottier reports

AMEX FINDS NEW LENS OF GOLD MINERALIZATION IN DEEPEST DRILLING TO DATE IN WESTERN GRATIEN GOLD ZONE AND PROVIDES UPDATE ON RESOURCE ESTIMATE

Amex Exploration Inc. has intersected gold mineralization in the deepest drilling to date in the western area of the Gratien gold zone, on the Perron project in the Abitibi region of Quebec. The mineralization appears to be a new lens or stack that make up the multiple stacked lenses of mineralization representing the Gratien gold zone. The new drilling has opened up Gratien for significant expansion at depth, which also remains open to the west. With a total strike length of 1,200 metres and growing, the Amex team believes Gratien has the potential to develop into an orebody of significant size and grade.

Notably, the new lens of mineralization was found within the rhyolite of the Upper Gratien gold zone, located within the Beaupre block. The previous deepest intercepts in the western portion of Gratien were found within the andesite of the Normetal South block. Amex believes this deep drilling has opened up a significant growth potential in the Upper Gratien zone and appears to be on strike with the Grey Cat zone, which is structurally compelling.

Highlights include:

Deep Western Gratien zone

• PEG-24-764 returned 7.40 m of 5.15 g/t (grams per tonne) Au, including 1.70 m of 17.32 g/t Au at a vertical depth of approximately 325 m in the Upper Gratien Gold zone;
• PEG-24-767 returned 1.20 m of 20.28 g/t Au, including 0.55 m of 42.88 g/t Au at a vertical depth of approximately 280 m in the Upper Gratien Gold zone.

Jacques Trottier, PhD, executive chairman of Amex Exploration, commented: "We are impressed by the continuing growth in footprint that the Gratien gold zone is displaying. The zone had not been given much attention in previous years while the high-grade and Denise zones were being rapidly expanded upon, but with a focused drill program, Gratien is showing us what it can provide. Much more work remains to be done to continue expanding this exciting zone further at depth and to the west. The company is excited by the prospect of higher-grade pockets within both the rhyolite of Upper Gratien and the andesite of Gratien Main. Our geological team on site has been working on improving the structural knowledge of the project. In addition, the newly discovered dike within the JT zone is providing strong clues on the controls of the structural emplacement of gold mineralization within the entire Beaupre block and has given us exciting untested prospects that require drilling. The entirety of the Perron project remains ripe for further gold and VMS discoveries."

While today's results represent the deepest drilling to date in the western area of Gratien, all intercepts were made within 350 m of vertical depth or less, which remains to be relatively shallow. The Amex team is compelled by the expansion potential at Gratien with further deep drilling. Five drill rigs continue to operate on the Perron project and the company is forecasting 80,000 m of diamond drilling in 2024.

The company also wishes to provide an update on the upcoming NI 43-101 resource estimate. Amex has decided that it will include the recently discovered JT zone into the resource along with this year's drilling in the Gratien zone. The company is now aiming for a release toward the end of Q3 and remains on track for the release of the PEA in Q4. Amex would like to thank its shareholders for their continued patience as the company strives to release a resource which highlights the growth potential of the Perron project.

Qualified person and QA/QC (quality assurance/quality control)

Jerome Augustin PGeo, PhD, (OGQ 2134), an independent qualified person as defined by Canadian NI 43-101 standards, has reviewed and approved the geological information reported in this news release. The drilling campaign and the quality control program have been planned and supervised by Jerome Augustin. Core logging and sampling were completed by Laurentia Exploration. The quality assurance and quality control protocols include insertion of blank or standard samples every 10 samples on average, in addition to the regular insertion of blank, duplicate and standard samples accredited by Laboratoire Expert during the analytical process. For all analyses targeting gold mineralization, gold values are estimated by fire assay with finish by atomic absorption. Values over three ppm Au are reanalyzed by fire assay with finish by gravimetry by Laboratoire Expert Inc., Rouyn-Noranda. Samples containing visible gold mineralization are analyzed by metallic sieve. For additional quality assurance and quality control, all samples were crushed to 90 per cent less than two millimetres prior to pulverization, in order to homogenize samples which may contain coarse gold. The qualified person has not completed sufficient work to verify the historical information on the property or neighbouring projects, particularly in regards to historical drill results. However, the qualified person believes that drilling and analytical results were completed to industry standard practices. The information provides an indication of the exploration potential of the property but may not be representative of expected results.

About Amex Exploration Inc.

Amex Exploration has made significant gold discoveries on its 100-per-cent-owned high-grade Perron gold project located approximately 110 kilometres north of Rouyn-Noranda, Que., consisting of 117 contiguous claims covering 4,518 hectares. The project is well serviced by existing infrastructure, on a year-round road, 10 minutes from an airport and just outside the town of Normetal (approximately eight km). In addition, the project is in close proximity to a number of major gold producers' milling operations. The project host both bulk tonnage and a high-grade gold style mineralization. Since January, 2019, Amex has intersected significant gold mineralization in multiple gold zones and discovered copper-rich VMS (volcanogenic massive sulphide) zones.

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