Mr. Victor Cantore reports

AMEX TO ACQUIRE STRATEGIC PERRON WEST PROPERTY - FORMS DISTRICT SCALE LAND PACKAGE AT PERRON

Amex Exploration Inc. has entered into a definitive asset purchase agreement with an arm's-length vendor to acquire a significant land package, expanding its holdings around its flagship Perron project from 4,560 hectares (45.60 square kilometres) to 19,752 hectares (197.52 square kilometres). When combined with the newly acquired land package, to be named Perron West, Amex will control an area more than four times the size of the existing Perron property. The Perron West project consists of 48 contiguous claims and exclusive exploration rights comprising 1,737 hectares adjoining the Perron project to the west and the south in the Abitibi-Temiscamingue region of the province of Quebec and 33 multicell and two single-cell contiguous mining claims comprising 13,455 hectares in the Abbotsford, Adair and Hepburn townships in the province of Ontario, representing a total area of 15,192 hectares.

The Perron West project importantly holds the continuation of the Normetal-Burntbush greenstone belt that crosses over into Ontario.

Perron West bears a number of geological similarities to the existing Perron project, including a potential mirror image of the prolific Beaupre Block rhyolite, which hosts all the gold discoveries found by Amex to date, including the ultrarich high-grade zone.

Jacques Trottier, PhD, executive chairman of Amex Exploration, commented: "We are excited by the discovery potential that this land acquisition provides. The package boasts seven gold and five copper showings, displaying the significant potential for future discoveries of both gold and volcanogenic massive sulphide. The claims have also been subject to recent airborne geophysical and soil sampling programs, which will be an excellent guide for next exploration steps. This work was instrumental in helping us identify what we believe is a geological mirror image of the Beaupre block. With this acquisition, Amex now controls over 35 km of the prolific Normetal fault and nine km of the Perron fault. This combined land package is truly district scale and has never before been assembled by a single organization. We look forward to extrapolating our extensive understanding of the Perron project to Perron West."

After analyzing the regional geological framework of the Normetal-Burntbush greenstone belt, the company identified the exceptional potential of the Perron West property for further, high-grade gold discoveries. Regional deformation of the belt is determined as dextral movement, with pulses of mineralization interpreted to have been emplaced during D2 deformation events. As such, Amex sees two large potential areas for gold mineralization on the project being: (1) A mirror of the Beaupre block. Rhyolites with similarities to those at Beaupre have been observed on the property. In addition, these rhyolites are already host to multiple gold showings. (2) The major Normetal fault and its interaction with the Patten pluton. As previously reported in past weeks and in the 2025 regional drill plan (see Feb. 20, 2025, press release), a major regional focus has been placed on the contacts of the Patten pluton with the surrounding volcanics. Multiple gold-in-soil anomalies are scheduled to be tested at Perron on the eastern edges of the pluton while the western edges host additional gold-in-soil anomalies at Perron West.

Recent work completed on the claim package includes VTEM, M-Pass and lidar airborne geophysical surveys, obtaining orthophotos and a soil sampling program. In addition, compilation and analysis work was completed on the geophysical data package and the soil sampling by ALS Goldspot to provide targets, which are yet to be tested.

The company envisages that, given the geological similarities of the Perron West project to the Perron project, any significant discoveries made would be able to share the same infrastructure in Amex's existing preliminary economic assessment (see Nov. 13, 2024, press release).

Anomalous gold results from the 2023 soil sampling program, in close proximity to the existing Goldhill showing, returned 1.75 grams per tonne gold (1,746 parts per billion Au) from a sonic drill hole to test the overburden and are yet to be followed up on.

Next steps -- exploration

The company is working on finalizing an exploration program for the new property in 2025. It will likely consist of tighter grids of soil sampling to further define existing anomalies, as well as expanding the grid to cover areas of the project that have not yet been covered. Given past anomalies produced, a more detailed sonic drill program is also being considered to test the overburden as well as the top few metres of bedrock. The goal of these programs will be to define drill-ready targets for the Perron West project.

Transaction details

The company, as purchaser, entered into the purchase agreement with an arm's-length vendor to acquire the Perron West project. Pursuant to the purchase agreement, the company will:

1. Pay to the vendor aggregate cash consideration of $150,000;
2. Issue to the vendor a total of 1.5 million common shares in capital of the company, subject to certain contractual resale restrictions providing for a staggard release of the shares from escrow over a 36-month period;
3. Grant to the vendor a 1.5-per-cent gross overriding royalty in respect of the Perron West project pursuant to the terms and conditions of a gross overriding royalty agreement to be entered into between the company and the vendor on closing;
4. Make the following additional milestone payments to the vendor:
   • A further $1-million to be satisfied in cash or, at the option of the company, in shares, payable upon the company disclosing a mineral resource and/or mineral reserve (of any category or any combination of categories) in respect of the Perron West project delineating at least one million ounces of gold and/or gold equivalent;
   • A further $1-million to be satisfied in cash or, at the option of the company, in shares, payable upon the company disclosing a preliminary economic assessment, prefeasibility study or a feasibility study in respect of the Perron West project, as those terms are defined in National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

The transaction remains subject to a number of closing conditions and postclosing obligations, including, the execution of the royalty agreement and certain deeds and instruments of conveyance, the approval of the TSX Venture Exchange, and standard closing conditions for transactions of this nature.

Qualified persons and quality assurance/quality control

The technical information in this news release has been reviewed and approved by Aaron Stone, PGeo (OGQ 2170 and PGO 3708), for the Perron West project in Ontario, and Jerome Augustin, PGeo, PhD (OGQ 2134), for the Perron West project in Quebec.

Soil samples at the Perron West project were collected along lines spaced 200 metres apart with individual samples collected every 100 metres along each line. Samples were submitted to Agat laboratory in Val d'Or, Que., for preparation and analysis. The preparation and analytical package selected was aqua regia digest -- metal package, ICP-OES/ICP-MS finish as described the methodology. The QA/QC program consisted of the insertion of blanks (sand) and standards (OREAS 47), for a total of 51, that were regularly inserted into the sample sequence before being sent to the laboratory. Duplicates samples were also taken in the field every 20 samples.

The potential grades of exploration targets disclosed in this news release are conceptual in nature. The qualified persons have not completed sufficient work to verify the historical information on the Perron West project, particularly in regard to historical drill results, and it is uncertain if further exploration will result in the target being delineated as a mineral resource. The company has not independently verified and cannot guarantee the accuracy or completeness of the third party data contained in this news release, and investors should use caution in placing reliance on such information; however, the qualified persons believe that drilling and analytical results were completed to industry standard practices. The information provides an indication of the exploration potential of the Perron West project but may not be representative of expected results.

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 of 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 volcanogenic massive sulphide zones.

We seek Safe Harbor.