Mr. Victor Cantore reports

AMEX EXPLORATION ANNOUNCES CLOSING OF C$34 MILLION PRIVATE PLACEMENT, INCLUDING STRATEGIC INVESTMENT BY ELDORADO GOLD

Amex Exploration Inc., due to strong investor demand, has completed the first tranche of an oversubscribed non-brokered private placement, previously announced on July 17, 2025, for aggregate gross proceeds of $34,246,800. The first tranche was oversubscribed and exceeded the maximum size of the offering previously announced on July 17, 2025, by $4,276,800.

The first tranche consisted of the following: (i) 11 million charity flow-through common (CFT) shares of Amex at a price of $2.27 per CFT share, for gross proceeds of $24.97-million; and (ii) 5,798,000 hard-dollar (HD) common shares of Amex at a price of $1.60 per HD share, for gross proceeds of $9,276,800.

The company is further pleased to announce that it expects to complete a second and final tranche private placement of up to 1,877,000 HD shares at a price of $1.60 per HD share for additional aggregate gross proceeds of up to $3,003,200 in the coming days. Assuming completion of the maximum size of the final tranche, the offering will raise aggregate gross proceeds of $37.25-million.

As part of the offering, Eldorado Gold Corp. made a strategic investment in the company through the purchase of: (i) 11 million CFT shares from certain sellers at a purchase price of $1.60 per CFT share; and (ii) one million HD shares issued under the first tranche from the company at a purchase price of $1.60 per HD share.

"We are very pleased with the continued support from our strategic investor, Eldorado, as well as the strong level of interest from global investors in our offering," commented Victor Cantore, president and chief executive officer of Amex Exploration. "This financing will not only position us for future discoveries but also advance the project toward development."

The company intends to use the net proceeds of the offering to finance exploration across the Perron gold project, with a focus on new target definition and drilling, and for general working capital.

Each CFT share will qualify as a flow-through share within the meaning of Subsection 66(15) of the Income Tax Act (Canada). The gross proceeds from the CFT offering will be used by the company to incur eligible Canadian exploration expenses that qualify as flow-through mining expenditures (as such terms are defined in the Income Tax Act (Canada)) related to the company's Perron gold project, on or before Dec. 31, 2026. The qualifying expenditures will be renounced in favour of the subscribers of the CFT shares with an effective date on or before Dec. 31, 2025, in accordance with the requirements of the Income Tax Act (Canada).

The company may pay certain eligible third parties dealing at arm's length with company cash finders' fees in connection with the offering.

All securities issued in connection with the offering will be subject to a hold period of four months and one day from the date of closing, in accordance with applicable Canadian securities laws.

Mills Dunlop Capital Partners Ltd. acted as financial adviser to the company in connection with the strategic investment by Eldorado and received an advisory fee of $1-million (exclusive of all applicable taxes).

Prior to the strategic investment, Eldorado beneficially owned and controlled 11,758,130 common shares of company and 207,000 common share purchase warrants, each warrant entitling the holder to acquire one share, representing approximately 9.57 per cent of the outstanding shares on a non-diluted basis and approximately 9.72 pepr cent on a partially diluted basis assuming full exercise of the warrants. Following the strategic investment, Eldorado beneficially owns and controls 23,758,130 shares and 207,000 warrants, representing approximately 17.01 per cent of the outstanding shares on a non-diluted basis and approximately 17.14 per cent on a partially diluted basis, assuming full exercise of the warrants. Shares acquired by Eldorado as part of the offering were acquired pursuant to an existing investor rights agreement between Eldorado and Amex.

Eldorado advises that the shares were acquired for investment purposes, and that it has no other plans or intentions that relate to the strategic investment. Eldorado may, depending on the market and other conditions, increase or decrease its beneficial ownership of Amex's securities, whether in the open market, by privately negotiated agreements or otherwise, or may develop such plans or intentions in the future, subject to a number of factors, including general market and other conditions, and other available investment and business opportunities.

This disclosure is provided pursuant to Multilateral Instrument 62-104, which also requires an early warning report to be filed containing additional information with respect to the foregoing matters. A copy of the early warning report will be available on SEDAR+ under Amex's issuer profile and may be obtained upon request from Eldorado by contacting Eldorado at Suite 1188, 550 Burrard St., Bentall 5, Vancouver, B.C., V6C 2B5, attention: Lynette Gould, vice-president, investor relations, communications and external affairs; telephone: 647-271-2827 or 1-888-353-8166. Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkey, Canada and Greece. Eldorado is incorporated under the laws of Canada, and is listed on the Toronto Stock Exchange and the New York Stock Exchange.

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-pepr-cent-owned Perron gold project, located approximately 110 kilometres north of Rouyn-Noranda, Que. The project comprises 117 contiguous claims (45.18 square kilometres) and hosts both bulk-tonnage and high-grade gold mineralization styles.

When combined with the adjacent Perron West project, which includes 48 claims (17.37 square kilometres) in Quebec and 35 claims (134.55 square kilometres) in Ontario, the consolidated land package spans a district-scale 197.52 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 20 minutes from an airport and approximately eight kilometres from the town of Normetal. It is also in close proximity to several process plants owned by major gold producers.

We seek Safe Harbor.