Mr. Victor Cantore reports

AMEX ADVANCES BULK SAMPLE AND PHASE 1 FEASIBILITY STUDY

Amex Exploration Inc. has provided an update on the advancement of its planned bulk sample program and the phase 1 feasibility study (FS) for its direct shipping ore (DSO) development strategy.

Bulk sample

In September, 2025, Amex submitted the permit application for the bulk sample program. Subject to permitting and regulatory approvals, the company is targeting the commencement of bulk sample activities in the first half of 2026.

Key developments include:

• Major requests for quotation (RFQs) are progressing well, with long-lead items already released.
• Major services providers have been met and discussions are continuing (such as contractors, equipment and infrastructure providers, and consultants).
• Advanced discussions are under way for bulk sample milling at nearby facilities in the Abitibi region.
• Detailed designs (underground portal, ramp, development, stopes) have been completed and are also intended to be used for phase 1 of the mining operation.

As key reminder, accessing the Perron deposit, through an underground bulk sample, will serve to validate certain hypotheses put forward, obtain more technical information (such as geology and mining) and thus develop the Perron project in a diligent conservative manner.

Phase 1 feasibility study

Amex has awarded Evomine, a Quebec-based engineering consulting firm, the mandate to complete the detailed engineering design for the planned bulk sample as well as lead the phase 1 feasibility study. This integrated approach is expected to generate meaningful synergies between the bulk sample program and the phase 1 development scenario.

In December, 2025, a 120-kilogram composite of mineralized material from the Champagne zone was sent to a metallurgical laboratory, as part of this feasibility study. This testing aims to further enhance the metallurgical knowledge of the zone and check compatibility with flow sheets of local mills surrounding the Perron project.

The phase 1 feasibility study remains on track for completion and release by the end of Q1 2026. It will incorporate current market conditions, including the recent increase in gold prices, which is expected to positively impact the economics of the project. The study is intended to serve as a cornerstone document to support project permitting and future development decisions. Based on current timelines and progress, Amex continues to target a potential project start-up in 2028.

Amex continues to advance the Perron project strategically, positioning the company to capitalize on favourable gold market trends and deliver value to shareholders.

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

Scientific and technical information presented in this news release was reviewed and approved by Stephen Coates, PEng, an independent qualified person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

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 Perron project in Quebec consists of 183 contiguous claims for a surface area of 65.75 square km. The project hosts both bulk-tonnage and high-grade gold mineralization styles.

When combined with the adjacent and contiguous Perron West project and Abbotsford and Hepburn projects (including additional claims acquired through staking) in Ontario, the consolidated land package spans a district scale 501.08 square km. 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 30 minutes from an airport and approximately 6.5 km from the town of Normetal. It is also in close proximity to several process plants owned by major gold producers.

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