Amex Exploration Significantly Increases Gold Resource on Perron – 1.615 Moz Measured and Indicated at 6.14 g/t Au in 8.183 Mt and 698 koz Inferred at 4.31 g/t Au in 5.044 Mt

Key Highlights:

• Mineral Resource Estimate: All constrained Zones contain 1.615 Moz Measured & Indicated Resources at 6.14 g/t Au in 8.183 Mt and an Inferred Resource of 698 koz at 4.31 g/t Au in 5.044 Mt.
• Champagne Zone (formerly the High Grade Zone) contains resources of 831 koz of Measured and Indicated Mineral Resources at a grade of 16.20 g/t Au in 1.594 Mt and 128 koz of Inferred at a grade of 9.83 g/t Au in 406 kt.
• 172% increase in Measured & Indicated Resources over the 2024 Mineral Resource Estimate, with a 43% increase in grade realized.
• Estimates based on high-grade, selective narrow vein mining operation approach.
• Additional Mineral Resource potential: to expand the deposits in all directions for future Mineral Resource estimation. With a land package increase from 45.6 to 197.5 square kilometers (“km²“) providing additional new targets to be explored. See press release dated March 25, 2025.
• Infrastructure: The excellent nearby infrastructure continues to play a vital role at the Perron Project. The Company plans to complete an updated Preliminary Economic Assessment (PEA) utilizing the 2025 Mineral Resource Estimate, expected later this year.

Victor Cantore, President and CEO, Director of Amex Exploration commented

“We are thrilled to announce an updated Mineral Resource Estimate which shows an increase in contained ounces as well as grade. The high-grade, continuous nature of the Champagne Zone in particular, puts Amex in a unique position with exceptional flexibility for the development of the Project, which will be analyzed in detail for an updated PEA. This Mineral Resource Estimate demonstrates the team’s ability to identify and grow the Perron Project into a world class gold asset.”

“Given the quality of the project, we are pursuing a dual pathway of development and continued exploration at Perron. In today’s gold price environment, these ounces are extremely lucrative, however, are also highly resilient to fluctuations in gold prices and I expect our upcoming PEA to reflect very positive economics. I look forward to updating all stakeholders in the coming weeks.”

Jacques Trottier, PhD, Executive Chairman of Amex Exploration added

“I believe the 2025 Mineral Resource Estimate clearly illustrates that the Perron Project is a tier one asset, when one takes into consideration the grade and continuity of gold mineralization along with the location and supporting infrastructure. We have yet to fully explore the Perron Project and with the addition of the Perron West, we have a district scale property for exploration and blue-sky upside. I would like to thank everyone involved in updating this Mineral Resource Estimate.”

Amex Exploration Inc. announce that it has completed an updated Mineral Resource Estimate (“MRE”) prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) on the company’s flagship Perron Project in the northwestern Abitibi region of Quebec. The Company engaged P&E Mining Consultants Inc. (“P&E”), established in 2004 and having produced more than over 450 NI 43-101 Technical Reports, to construct a 2025 MRE using 46,355 m of new drilling data as well as 562,137 m of previous drill data and a renewed focus on grade with tighter wireframe modelling (see below for further details). Consistent with the 2024 Mineral Resource Estimate, the majority of gold ounces come from the Company’s newly renamed Champagne Zone (“Champagne Zone”) (previously named the High Grade Zone), with important contributions from the Denise (“Denise”), Gratien (“Gratien”), Grey Cat (“Grey Cat”) and Team Zones (“Team”). Geologic reinterpretation of some zones has allowed for more realistic high-grade, narrow vein potentially mineable stope shapes that are expected to have a positive impact on an updated PEA to be released later this year. All zones on the Property remain open for further expansion. With the Company’s recent land acquisition (see Press Release dated March 25, 2025), Amex is positioned to make further discoveries and transform Perron to a potential district sized mining camp.

Amex will be hosting a webinar Thursday, May 22, 2025 with Victor Cantore, CEO and Aaron Stone, VP Exploration at 10:00 am EDT to discuss the updated MRE in more detail. Please register here:

https://us02web.zoom.us/webinar/register/WN_wqObmM3NRCqvKxZKSBO_Ag

2025 MRE Highlights:

• Open pit and underground stope constrained Mineral Resources of 1.615 Moz Measured and Indicated at 6.14 g/t in 8.183 Mt Au and 698 koz Inferred at 4.31 g/t Au in 5.044 Mt.
  • Underground stope constrained Mineral Resources of 1.357 Moz of Measured and Indicated at a grade of 7.52 g/t Au in 5.614 Mt and 631 koz of Inferred at a grade of 4.90 g/t Au in 4.000 Mt.
  • Open pit constrained Mineral Resource s of 258 koz of Measured and Indicated at a grade of 3.12 g/t Au in 2.569 Mt and 68 koz of Inferred at 2.02 g/t Au in 1.044 Mt.
• Excellent continuity throughout the Project with exceptional high grade throughout, specifically in the Champagne Zone which alone hosts 831 koz Measured and Indicated Mineral Resources at 16.20 g/t Au in 1.594 Mt and 128 koz Inferred at 9.83 g/t Au in 406 kt.
  • Grade increases with added confidence in the Champagne Zone, as drill spacing is tightened to upgrade Mineral Resources from Inferred to Measured and Indicated which speaks to the exceptional continuity of the Champagne Zone. See Table 2
• The 2025 MRE better reflects the high-grade nature of mineralization at Perron. By constraining the sample grade assays to selective narrow veins and structures, improved confident and higher-grade ounces have been realized in multiple zones, significantly reducing MRE modelling dilution.
• All zones remain open at Perron, providing excellent future Mineral Resource expansion potential.
• Metallurgical test work by SGS Canada achieved an overall gold recovery of up to 99% in the Champagne Zone and better than 95% in the Denise, Team, Gratien and Grey Cat Zones.
• The excellent nearby infrastructure including housing, roads, electricity and labour continues to play a vital role at the Perron Project. The Company plans to complete an updated Preliminary Economic Assessment (PEA) utilizing the 2025 MRE, expected later this year.
• The Perron Project also hosts VMS (copper-zinc) mineralization that has not been included in the updated MRE nor has any of the silver credits that exist in some zones of the Property. These remain an added upside value at the Project that the Company can decide to include and expand on at any time.

See Figure 1 for the location of the Perron Project, Figure 2 for a plan view of modelled wireframes in the 2025 Mineral Resources on the Property, Figure 3 for a longitudinal projection view of 2025 Mineral Resources constrained within open pits and underground stopes, and Table 1 for a summary of total Mineral Resources, Table 2 for summary of total Mineral Resources by zone and Table 3 for parameters used to constrain the 2025 Mineral Resources at Perron.

Further Details of 2025 MRE

Perron’s 2025 Mineral Resource increase in overall grade, tonnage and therefore ounces has been realized due to multiple factors including:

• Data Analysis
  • An additional 46,355 m of drilling containing 30,114 assay results since the completion of the 2024 MRE were included, providing further levels of geologic detail on the Property.
  • Revision of the capping threshold for certain zones where statistically viable and coefficient of variation confirms.
• Geologic Interpretation
  • Revised modelling interpretations resulting in a high-grade, narrow vein/structure approach versus large, massive mineralized zones formerly for Denise and Team Zones. This method takes away tonnage in certain areas of the project (see Figure 4 for an example in the Champagne Zone), however, focuses on quality grade and is therefore expected to have a positive impact on an updated PEA. Amex and P&E consider that this is a more accurate representation of the mineralization at Perron, where the majority of a future mining operation would be focused on high-grade, narrow vein material.
  • Mineralized wireframes have been refined and filled in along strike and extended down dip, thus explaining the increase in overall tonnage.
• Geologic Modelling
  • Reinterpretation has resulted in improved continuity restricting data and modelling to narrow veins and structures.
  • Optimization of search ellipses in accordance to vein and structure orientations has resulted in more realistic grade propagation within block models which has had an overall positive impact on grade and ounces (see Figure 5).

The 2025 MRE has also realized a significant increase in the amount of Measured and Indicated (“M&I”) Mineral Resource ounces on the Project, due to factors including:

• Additional Data
  • A further 46,355 m of drilling across multiple zones containing 30,114 samples has provided significantly more geological information therefore improving the confidence and quality of the MRE.
• Geological Interpretation
  • The additional data and improved geologic understanding of the zones has allowed for improved continuity within veins and their structures therefore increasing the confidence and quality of grade estimates.
• Geological Modelling
  • Using variable orientation to guide search ellipses has resulted in more potentially mineable stope shapes.
  • Systematic review of classification resulted in manually smoothing classification solids after performing algorithmic classification (see Figure 6).

Aaron Stone, P.Geo, Vice President Exploration of Amex Exploration continued

“This updated Mineral Resource proves that as we improve our geological understanding of the mineralization at Perron and the structures in which they are hosted, we can continue to unlock significant value in the Project. A renewed focus on grade has removed unnecessary modelling dilution in many areas of the Project, which in turn has increased the grades of many zones, highlighted by the exceptional Champagne Zone. With the additional data received since the 2024 Mineral Resource and an increased level of geological confidence, the mineralized wireframes in many areas have been better filled and expanded, resulting in overall increases in total tonnage and ounces. With the recent addition of the Perron West Project to our portfolio, I am excited by the prospect of making further discoveries along the Normétal-Burntbush Greenstone Belt, which remains highly unexplored in comparison to other greenstone belts in the Abitibi region.”

Table 1: Summary of total Mineral Resources at the Perron Project

Table 2: Summary of Mineral Resources at the Perron Project by zone