Mr. Victor Cantore reports

AMEX EXPLORATION COMMENCES FEASIBILITY STUDY AT PERRON

Amex Exploration Inc. has commenced work on the feasibility study (FS) for the first phase of its envisaged operation as outlined in the recently released updated preliminary economic study (PEA) (please see press release dated Sept. 4, 2025) on the Perron gold project, located near the towns of Normetal and Valcanton in the province of Quebec, Canada.

The feasibility study, expected to be completed by Q1 2026, will cover phase 1 of the project and envisage the following mining scenario as presented in the above-referenced PEA:

• A four-to-five-year, 1,000-tonne-per-day contract mining and toll-milling operation located in the Abitibi region, leveraging the area's existing infrastructure and multiple operating processing plants;
• A low initial capital cost estimate of $146.1-million, which is partially offset from preproduction revenues of $68.6-million for a net initial capex (capital expenditure) of $77.5-million;
• Average annual gold production exceeding 100,000 ounces gold with an all-in sustaining cost (AISC) of $1,165 (U.S.) per ounce gold;
• An average diluted head grade of 10.07 grams per tonne.

Victor Cantore, president and chief executive officer of Amex Exploration, commented: "Following the robust economics outlined in our recent PEA, we have made the strategic decision to advance directly to a full feasibility study for the Perron asset. Focusing only on phase 1 of the project will accelerate the project development, positioning Amex as a near-term producer."

Mr. Cantore continued, "Given the strong technical and economic parameters demonstrated in the PEA, we are confident that the feasibility study will position us to move swiftly into the permitting phase as well as secure project financing and advance toward development."

Amex will be collaborating with various Quebec-based consulting firms to construct the feasibility study on the Perron project, including Evomine Consulting Inc., Norda Stelo, Soutex Inc., A2GC and Hydro Ressources.

A second feasibility study for phase 2 production will commence at a later date. The staged production strategy derisks the project, simplifies the permitting process, accelerates time to revenue (targeting 2028) and minimizes shareholder dilution, with phase 2 mine construction financed from free cash flow generated during phase 1 production.

Qualified persons

The technical information in this news release has been reviewed and approved by Aaron Stone, PGeo (OGQ No. 2170 and PGO No. 3708), for the Perron West project in Ontario and Dr. Jerome Augustin, PGeo, PhD (OGQ No. 2134), for the Perron project in Quebec.

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-per-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 milling operations owned by major gold producers.

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