Amex Exploration Inc. Significantly Increases Gold Resource on Perron

21.05.2025  |  Newsfile

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."

Cantore continued, "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. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) ("Amex" or the "Company") is pleased to 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."

Figure 1: Location of the Perron Project, central Abitibi, 4km to the east of the Quebec-Ontario border. Perron is marked by a gold circle and is adjacent to the historical producing Normétal VMS mine.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2667/252854_b85e380d74c5c873_002full.jpg

Figure 2: Plan view of the mineralized wireframes for each zone of the 2025 Mineral Resource at Perron.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2667/252854_b85e380d74c5c873_003full.jpg

Figure 3: Longitudinal projection view looking to the north of the 2025 constrained Mineral Resources delineated at Perron. Open pits are shown in blue and underground stopes are displayed in red.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2667/252854_b85e380d74c5c873_004full.jpg

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

Note: A vast increase in the amount of M&I Mineral Resources has been realized in the updated MRE due to multiple factors including manually smoothing classification solids after algorithmic classification and increased geological understanding and continuity.

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

*Mineralized wireframes and optimized stopes were created at a cut-off grade of 1.4 g/t Au.

Cautionary statement: These Mineral Resources are not Mineral Reserves as they have not demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. Totals may not sum due to rounding of numbers.

Figure 4: Example from the Champagne Zone displaying the renewed focus on grade, removing internal modelling dilution with the vision of a rich, narrow vein mining operation.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2667/252854_b85e380d74c5c873_005full.jpg

Figure 5: Another example of the renewed focus on grade vs volume. Additionally, two important changes for the Denise Zone were 1) increased tonnage of high-grade blocks by using variable orientation instead of search ellipses against the grain of domain and 2) based on geological understanding, wireframes we made sub-vertical which will allow for more cost-effective long hole stoping.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2667/252854_b85e380d74c5c873_006full.jpg

Figure 6: Image to display the classification process for the Champagne Zone. Industry standard for Mineral Resource classification that was developed by Newmont for use in Leapfrog Edge.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2667/252854_b85e380d74c5c873_007full.jpg

Mineral Resource Estimation Methodology and Parameters

As part of the Mineral Resource estimation process, the Company and P&E compiled, verified and modelled all technical information available from the Project.

Parameters used in the definition of cut-off grades, modifying factors to enable reasonable prospect of eventual economic extraction, pit constrained and underground potentially mineable stope shapes as per CIM 2019 Best Practices Guidelines.

Table 3: Parameters used for constraining Mineral Resources at Perron

Perron Gold project Mineral Estimate notes:

• The Mineral Resource Estimate is compliant with CIM 2019 Best Practices Guidelines for reporting Mineral Resources and Reserves.
• Mineral Resources are presented undiluted and in situ and are considered to have reasonable prospects for eventual economic extraction. The Mineral Resources near surface are constrained by pit optimization surfaces and the underground Mineral Resources are constrained by potentially mineable stope shapes.
• The database is comprised of a total of 1,807 drill holes for 608492.30 metres of drilling (which includes historical drilling completed by previous operators, abandoned and exploration holes) in the extent of the Mineral Resource, of which (359 087.40 metres) 305,523 samples were assayed as of March 31, 2025, grid spacing is variable.
• All NQ core assays reported by Amex were obtained by analytical methods described below under "QA/QC".
• Geological interpretation of the zones was based on lithologies, mineralized zones orientation and cut-off grade considerations. Each zone has its own characteristic of mineral occurrence and amount of recoverable gold.
• Geological wireframe interpretation was initially made from cross-sections at intervals in GEMS^TM, and then completed in Leapfrog^TM where selections of mineralized intervals were combined to generate mineralized wireframes. Wireframes are generally subvertical with various plunges.
• The Mineral Resource Estimate encompasses a total of 115 wireframes, sub-vertical gold-bearing domains each defined by individual wireframes with a minimum downhole width of 2.0 m.
• Assay Samples were composited within the mineralization envelopes into 1.0 m length composites. A value of 0.001 g/t Au was applied in cases of drill core not assayed.
• High grade capping was done on composite data and established using a statistical analysis on a per-zone basis for gold. Capping varied from 5 g/t Au to 500 g/t Au and was applied on composites within each specific wireframe.
• Bulk density values were applied on the different mineralized zones varied from 2.7 to 2.8 t/m³ based on site drill core measurements.
• Inverse distance cubed grade interpolation was used.
• Grade estimates are based on a parent block dimension of 5m x 5m x 5m with sub-cells down to 1 x 1 m x 1 m. Search parameters were determined by variography.
• The Perron Mineral Resource Estimate is classified as Measured, Indicated and Inferred as follows:
  • The Measured Mineral Resource classification is defined by areas where drill hole sample spacing is less than 10 m, blocks are informed by a minimum of three drill holes, and reasonable geological and grade continuity is shown.
  • The Indicated Mineral Resource classification is defined by areas where drill spacing is less than 30 m (except Champagne Zone at 40 m), blocks are informed by a minimum of two drill holes, and reasonable geological and grade continuity is shown.
  • The Inferred Mineral Resource classification is defined by the limits of the constraining wireframes, blocks are informed by a minimum of one drill hole, and reasonable, however, not verified, geological and grade continuity is observed.
• Grade estimates use metric units (metres, tonnes and g/t). Metal contents are presented in troy ounces (metric tonnes x grade / 31.10348).
• The QPs are not aware of any known environmental, permitting, legal, title-related, taxation, socio-political or marketing issues, or any other relevant issues that could materially affect the Mineral Resource Estimate.

Further details regarding the 2025 updated Mineral Resource Estimate, key assumptions, parameters and methods used to estimate the Mineral Resources of the Perron Gold Project will be available on SEDAR+ (www.sedarplus.ca) under the Corporation's issuer profile within 45 days of this news release in accordance with NI 43-101. This updated Mineral Resource Estimate will be the basis for an updated PEA.

Independent Qualified Persons

The Mineral Resource Estimate was prepared for Amex Exploration Inc. under the supervision of P&E Mining Consultants Inc. ("P&E"). The Qualified Persons ("QP's") have reviewed and approved the content of this news release. Independent QP's from P&E who have prepared and supervised the preparation of the technical information relating to this Mineral Resource Estimate are:

• Antoine Yassa, P.Geo.
• Charles Spath, M.Sc., P.Geo.
• Yungang Wu, M.Sc., P.Geo.
• Eugene Puritch, P.Eng., FEC, CET

Perron Project Qualified Person and QA&QC

Jérôme Augustin P.Geo. Ph.D., (OGQ 2134), an independent "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects (the "Qualified Person"), has reviewed and approved the geological information reported in this news release. The drilling campaign and the quality control program have been planned and supervised by Jérôme Augustin. Drill core logging and sampling were completed by Laurentia Exploration. The quality assurance and quality control protocols include insertion of blank or certified reference materials every 10 samples on average, in addition to the regular insertion of internal blank, duplicate, and certified reference materials provided by Laboratoire Expert during the analytical process.

For all analyses targeting gold mineralization, gold values are estimated by fire assay with finish by atomic absorption. Values greater than 3 ppm Au are reanalyzed by fire assay with gravimetric finish by Laboratoire Expert Inc, Rouyn-Noranda. Samples containing visible gold mineralization are analyzed by metallic sieve. For additional quality assurance and quality control, all samples were crushed to 90% less than 2 mm prior to pulverization, in order to homogenize samples which may contain coarse gold.

Furthermore, gold mineralization associated with base metals were sent to ALS Canada Ltd., Rouyn-Noranda with the same quality assurance and quality control protocol to LabExpert. Gold values are estimated by fire assay with finish by atomic absorption. Zinc, copper and silver values are estimated by four acid digestion multi elements Inductively Coupled Plasma - Atomic Emission Spectroscopy (ICP-AES), ME-ICP61. Zinc values over 1%, copper values over 1% and silver values over 100 g/t are estimated by four acid digestion ICP-AES, OG62.

About P&E Mining Consultants Inc.

P&E Mining Consultants Inc., established in 2004, provides geological and mine engineering consulting reports, Mineral Resource Estimate technical reports, Preliminary Economic Assessments and Pre-Feasibility Studies. In addition, we are affiliated with major consulting firms for the purposes of joint venturing on Feasibility Studies. Our experience covers over 450 technical reports on diamonds, most metallic deposits including gold, silver, base metals, PGM and iron for both open pit and underground deposits. Software packages utilized include Gemcom, Leapfrog, Whittle, NPV Scheduler, Vulcan, Ventsim, AutoCad and Deswik. P&E's 22 associates have experience in geological interpretation, 3D geologic modeling, technical report writing, Mineral Resource and Mineral Reserve Estimates, property evaluations, mine design, production scheduling, operating and capital cost estimates and metallurgical engineering.

About Amex

Amex Exploration Inc. has made significant high-grade gold discoveries, along with copper-rich volcanogenic massive sulphide (VMS) zones, at its 100%-owned Perron Gold Project, located approximately 110 kilometres north of Rouyn-Noranda, Quebec. The Project comprises 117 contiguous claims (45.18 km²) 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 km²) in Quebec and 35 claims (134.55 km²) in Ontario, the consolidated land package spans a district-scale 197.52 km². 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 8 km from the Town of Normétal. It is also in close proximity to several process plants owned by major gold producers.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains forward-looking statements. All statements, other than of historical facts, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, the planned exploration program on the CZ and Denise Zone, the expected positive exploration results, the extension of the mineralized zones, the timing of the exploration results, the ability of the Company to continue with the exploration program, the availability of the required funds to continue with the exploration and the potential mineralization or potential Mineral Resources are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "to earn", "to have', "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to meet expected, estimated or planned exploration expenditures, failure to establish estimated Mineral Resources, the possibility that future exploration results will not be consistent with the Company's expectations, general business and economic conditions, changes in world gold markets, sufficient labour and equipment being available, changes in laws and permitting requirements, unanticipated weather changes, title disputes and claims, environmental risks as well as those risks identified in the Company's annual Management's Discussion and Analysis. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described and accordingly, readers should not place undue reliance on forward-looking statements. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.