Mr. Jacques Trottier reports

AMEX DRILLS 30.85 G/T AU OVER 6.35 M IN THE HIGH-GRADE ZONE AND EXPANDS DENISE AT DEPTH

Amex Exploration Inc. has released further drill results from the high-grade zone (HGZ) and Denise zone on the company's flagship Perron project in the northwestern Abitibi region of Quebec. The results further define the high-grade zone and have expanded known mineralization of the Denise zone at depth. See the attached tables for assay results and drill hole co-ordinates. The results will not make it into the company's resource estimate, highlighting the immense growth potential that exists at the Perron project.

Highlights

High-grade zone:

• PE-21-347W5 returned 6.35 metres (m) of 30.85 grams per tonne (g/t) gold (Au), including 0.50 m of 342.10 g/t Au, at a vertical depth of approximately 1,100 m;
• PE-21-347W4 returned 7.80 m of 7.36 g/t Au, including 0.70 m of 70.32 g/t Au, at a vertical depth of approximately 970 m.

Denise zone:

• PE-20-186W2 returned 2.15 m of 16.58 g/t Au, including 0.50 m of 66.35 g/t Au, at a vertical depth of approximately 900 m;
• PE-21-347W5 returned 58.50 m of 0.71 g/t Au, including 3.00 m of 8.31 g/t Au, at a vertical depth of approximately 1,150 m.

Jacques Trottier, PhD, executive chairman of Amex Exploration, commented: "Today's released drill holes were planned to target the depth extensions of the Denise mineralization on both sides of the central diabase dike. To reach these areas, the holes also traversed the high-grade zone, highlighting how proximal the two zones are to each other and providing us with further enhanced information about the HGZ through tighter drill spacing. Importantly, drill hole PE-20-186W2 at Denise West was designed to intercept a predicted mafic-ultramafic intrusion at depth to provide more geological information, but instead intercepted gold mineralization within the rhyolite, meaning the zone has much more room for growth to the west and at depth than originally thought."

Aaron Stone, PGeo, vice-president of exploration of Amex Exploration, continued: "Through the new interpretation of the Denise mafic intrusion, the Amex team continues to see growth potential for resources at depth. This also opens up the possibility of reinterpretation of the same mafic intrusion in the high-grade zone, meaning a potential of more area for growth of the western HGZ. We are also excited to target where the mafic intrusion and diabase dike are modelled to meet one another, to see if this could act as a trap for a pocket of very high-grade gold mineralization. We intend to test this target in the coming months along with other very interesting new targets elsewhere on the property."

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

Jerome Augustin, PGeo, PhD (OGQ 2134), an independent qualified person, as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects, 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 Mr. 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 Inc. 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 parts per million (ppm) Au are reanalyzed by fire assay with finish by gravimetry by Laboratoire Expert, 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 (mm) prior to pulverization, in order to homogenize samples that may contain coarse gold.

Exploration results that include drill results on wide spacings may not be indicative of the occurrence of a mineral deposit, as such results do not provide assurance that further work will establish sufficient grade, continuity, metallurgical characteristics and economic potential to be classed as a category of mineral resource. The potential quantities and grades of drilling targets disclosed in this news release are conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the targets being delineated as mineral resources.

About Amex Exploration Inc.

Amex 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 kilometres (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 (volcanic massive sulphide) zones.

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