Amex Exploration Wins Prestigious Discovery of the Year Award from the Quebec Mineral Exploration Association

The most recent news release (2025-10-31) announces that Amex Exploration has won the "Discovery of the Year Award" from the Quebec Mineral Exploration Association (QMEA) for its Perron Gold Property. The award recognizes the outstanding contribution to mineral exploration through the exceptional discovery at Perron.

The news release also includes key performance indicators (KPIs) for the Perron Gold Project: - Measured & Indicated Gold Resource: 1.615 million ounces (Moz) at 6.14 g/t Au in 8.18 million tonnes (Mt) - Inferred Gold Resource: 0.698 Moz at 4.31 g/t Au in 5.04 Mt - Pre-tax Internal Rate of Return (IRR): 148.7% - Net Present Value (NPV) (5% discount rate): C$3.2 billion - Cash Flow: C$5.1 billion - Payback Period: 0.2 years (approximately 2.4 months)

The CEO, Victor Cantore, stated that the award is a testament to the team's hard work and technical excellence, and that the Perron discovery continues to inspire renewed exploration interest in Quebec.

This news release combines two aspects: an award and a re-statement of project economics.

1. Award Recognition: Winning the "Discovery of the Year Award" is positive recognition for Amex Exploration's technical team and the significance of the Perron discovery. It enhances the company's reputation and visibility within the industry and potentially with investors. This is a positive development but typically does not have a direct, material impact on the stock price in the same way financial results or resource updates would.

2. Project Economics (KPIs): The stated economic KPIs (148.7% IRR, C$3.2 billion NPV, 0.2-year payback) are exceptionally strong. However, a critical review of previous news releases reveals that these specific figures correspond to the "spot price" sensitivity case (using a US$3,400/oz gold price assumption) presented in the updated Preliminary Economic Assessment (PEA) on September 4, 2025.

   • The PEA base case (US$2,500/oz gold) had a pre-tax NPV of C$1,885M and IRR of 99.1%, and an after-tax NPV of C$1,085M and IRR of 70.1%.
   • The PEA "spot price" case (US$3,400/oz gold) had a pre-tax NPV of C$3,195M and IRR of 148.7%, and an after-tax NPV of C$1,841M and IRR of 107.6%. The payback period for the pre-tax scenario was 0.2 years.
   • Crucially, the current news release does not specify the gold price assumption for these highly favorable economic metrics. This omission means that while the numbers themselves reflect the project's potential under very high gold prices, they are not new information, nor are they presented in the context of the PEA's base case.
   • The mineral resource figures provided in the news are consistent with the updated Mineral Resource Estimate (MRE) released on May 21, 2025, and subsequently filed on July 7, 2025.

Conclusion on Impact: The award is a genuine positive for company morale and public perception. The inclusion of strong economic metrics, while impressive, is a re-iteration of a previously disclosed high-gold-price sensitivity scenario from the September 2025 PEA, without providing the key gold price assumption in this specific release. Therefore, this news is more of a marketing recap than a fresh material financial update. The news metadata itself categorizes it as "Non-Material - Positive", which accurately reflects the nature of an award. Given the lack of new material financial information, its impact on the stock price is likely to be limited, primarily driven by the positive sentiment from the award.

Amex Exploration Inc. is a Canadian junior mining exploration company primarily focused on its 100%-owned Perron Gold Project, located in Quebec's prolific Abitibi Greenstone Belt. The project is situated approximately 110 kilometers north of Rouyn-Noranda, Quebec, near existing infrastructure including a year-round road, an airport, and the town of Normetal. The company has focused on discovering significant gold mineralization and copper-rich volcanogenic massive sulphide (VMS) zones.

Flagship Project: Perron Gold Project - Location: Northwestern Abitibi, Quebec, Canada. - Size: Initially 4,518 hectares (117 contiguous claims). Significantly expanded by the acquisition of the Perron West property (15,192 hectares) in March 2025, bringing the total land package to 19,752 hectares. - Mineralization: Hosts both bulk-tonnage and high-grade gold mineralization, as well as polymetallic (copper-zinc-silver-lead) VMS zones. Key gold zones include Champagne (formerly High Grade Zone), Denise, Gratien, Grey Cat, Team, and JT Zone. The Central Polymetallic Zone (CPZ) also exhibits significant gold, silver, copper, zinc, and lead. - Development Stage: The project has completed an updated Preliminary Economic Assessment (PEA) (effective September 4, 2025) which outlines a two-stage development strategy: Phase 1 (4-year toll milling operation) followed by Phase 2 (13-year owner-operated mine with on-site processing). A Feasibility Study (FS) for Phase 1 commenced in September 2025, targeting completion in Q1 2026, with a production target of 2028. - Mineral Resource Estimate (MRE - effective May 21, 2025): * Measured & Indicated: 1.615 million ounces (Moz) at 6.14 g/t Au (8.183 million tonnes). This represents a 172% increase in M&I ounces and a 43% increase in grade compared to the prior 2024 estimate. * Inferred: 0.698 Moz at 4.31 g/t Au (5.044 Mt). * High-grade Champagne Zone alone contains 831 koz M&I at 16.20 g/t Au. - Preliminary Economic Assessment (PEA - effective September 4, 2025): * Gold Price Assumption: US$2,500/oz Au (base case), US$3,400/oz Au (spot case/sensitivity). * Life of Mine (LOM): 17.5 years. * Average Annual Production (LOM): 95,000 oz Au (102,000 oz/yr in Phase 1). * Average Diluted Head Grade (LOM): 5.07 g/t Au (10.07 g/t Au in Phase 1). * All-In Sustaining Cost (AISC): US$1,061/oz Au (LOM average). * Initial Capital Cost (Net Phase 1): C$77.5 million (after C$68.6M pre-production revenues). * After-tax NPV (5% discount, US$2,500/oz Au): C$1,085 million. * After-tax IRR (US$2,500/oz Au): 70.1%. * After-tax Payback Period (US$2,500/oz Au): 1.4 years. * Spot Price Scenario (US$3,400/oz Au): Pre-tax NPV C$3,195M, Pre-tax IRR 148.7%, Post-tax NPV C$1,841M, Post-tax IRR 107.6%, Post-tax Payback 0.4 years.