Mr. Victor Cantore reports

AMEX EXPLORATION ANNOUNCES OVERSUBSCRIBED C$43.5 MILLION LIFE OFFERING AND ADDITIONAL CONCURRENT PRIVATE PLACEMENT OF UP TO C$31 MILLION

As a result of excess demand, Amex Exploration Inc. has amended its previously announced agreement with National Bank Financial Inc. and MDCP Securities Ltd. as joint bookrunners and co-lead agents, on behalf of a syndicate of agents, in connection with a best effort private placement offering under the listed issuer financing exemption (as defined herein) for up to 9,661,000 common shares of the company at a price of $4.50 per common share for aggregate gross proceeds of up to $43,474,500.

The agents have also been granted an option, exercisable in full or in part up to 48 hours prior to the closing date (as defined herein), to sell up to an additional 1,449,150 common shares at the offering price for additional gross proceeds of up to $6,521,175 under the LIFE offering.

In addition to the LIFE offering, the company announces its intention to complete: (i) a non-brokered concurrent private placement offering of up to 1,622,222 common shares at the offering price; and (ii) a brokered concurrent private placement offering of up to 5,258,934 common shares at the offering price, assuming the exercise of the agent option in full and the issuance of the maximum number of common shares under the non-brokered concurrent private placement, for additional aggregate gross proceeds of up to $30,965,202.

Strategic investor Eldorado Gold Corp. has indicated an interest to purchase up to 4,566,667 common shares under the brokered concurrent private placement (assuming the exercise of the agent option in full and the issuance of the maximum number of common shares under the non-brokered concurrent private placement) in accordance with the investor rights agreement dated Jan. 16, 2024, between the company and Eldorado. Victor Cantore, president and chief executive officer of Amex, has also indicated an interest to purchase up to 394,011 common shares under the brokered concurrent private placement (assuming the exercise of the agent option in full).

The net proceeds of the LIFE offering and concurrent private placement will be used to finance the capital expenditures for the company's bulk sampling program and a portion of the phase 1 development of the Perron gold project, a feasibility study on the phase 2 development of the project, exploration of the company's properties and general corporate purposes.

The common shares to be issued under the LIFE offering will be offered for sale to accredited investors (within the meaning of National Instrument 45-106 (Prospectus Exemptions)) in reliance on the listed issuer financing exemption available under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935 (Exemptions from Certain Conditions of the Listed Issuer Financing Exemptio) in each of the provinces and territories of Canada. The common shares to be issued under the LIFE offering are expected to be immediately freely tradable under applicable Canadian securities laws if sold to purchasers resident in Canada. The common shares to be issued under the concurrent private placement will be issued in reliance on the accredited investor exemption available under NI 45-106 in each of the provinces and territories of Canada and will be subject to a four-month hold period under applicable Canadian securities legislation. The common shares to be issued under the LIFE offering and the concurrent private placement may also be offered in the United States or to, or for the account or benefit of, U.S. persons, pursuant to one or more exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended, and in jurisdictions outside of Canada and the United States on a private placement or equivalent basis, in each case in accordance with all applicable laws, provided that no prospectus, registration statement or other similar document is required to be filed in such jurisdiction.

The LIFE offering and the brokered concurrent private placement will be completed pursuant to the terms of an agency agreement to be entered into among the company and the agents on the closing date. The company will pay to the agents a cash commission equal to 5.0 per cent of the gross proceeds of the LIFE offering and the brokered concurrent private placement, excluding the gross proceeds from the sale of up to 394,011 common shares to Mr. Cantore or to investors otherwise identified by the company pursuant to a president's list.

The LIFE offering and the concurrent private placement are expected to close on or about May 21, 2026, or such other date as the company and the co-lead agents may agree. Completion of the LIFE offering and the concurrent private placement is subject to certain closing conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

There is an amended and restated offering document related to the LIFE offering that can be accessed under the company's issuer profile on SEDAR+ and on the company's website. Prospective investors should read the A&R offering document and other documents on the company's issuer profile on SEDAR+ before making an investment decision.

About Amex Exploration Inc.

Amex Exploration has made significant high-grade gold discoveries, along with copper-rich volcanogenic massive sulphide 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 kilometres. The project hosts several zones of high-grade gold mineralization, VMS mineralization and hybrid gold-rich VMS mineralization.

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 570.94 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 30 minutes from an airport, and approximately 6.5 kilometres from the town of Normetal. It is also in close proximity to several process plants owned by major gold producers.

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