Amex Gold Mining Provides Update on Development Activities at the Perron Project - More than 75 m of Underground Decline Development Completed

Amex Exploration Inc. (AMX) released an operations and development update regarding its fully owned Perron Gold Project near Normétal, Quebec. The report details physical progress on the 40,000-tonne bulk sample program, which is designed to gather technical data on underground mining conditions, grade continuity, dilution, mining recovery, and metallurgical performance within the Champagne Zone.

Key developments include the advancement of the underground decline by more than 75 metres, marking the first quantified underground progress since ramp development began. Construction has also commenced on the mechanical shop, which will serve as permanent infrastructure for underground equipment and site activity. Additionally, right-of-way clearing for the 25 kV power line is complete, with pole installation expected in the coming weeks.

The company continues underground development toward the high-grade Champagne Zone while operating and optimizing its water-treatment plant. Ongoing activities include surface infrastructure work, laydowns, services, and planning and engineering for additional infrastructure. The release contains no new financial, resource, reserve, or economic figures, referencing only the economics from the April 13, 2026 Phase 1 Feasibility Study for prior-period context.

Amex Exploration Inc. (AMX) reported on September 21, 2026, that it has developed more than 75 meters of decline at its project site, marking continued progress following the completion of the portal earlier in the month. The company also announced that a mechanical shop has begun operations and that the right-of-way for the 25 kV power line has been cleared.

The development of the decline is being executed by contractor CMAC-Thyssen, which was retained on September 13, 2026, with mobilization scheduled for late July. The portal drill-and-blast was completed on August 5, 2026, and the portal itself was finished on September 2, 2026, followed by the first ramp blast. The ramp is targeting approximately 235 meters of vertical depth to reach the Champagne Zone.

On September 10, 2026, the company announced the discovery of the New Rosé Zone, located approximately 165 meters below the ramp, along with intercepts from the N110 and CPZ zones, as well as maiden results from Perron West.

Surface infrastructure is advancing in parallel with underground development. The power line, for which Moreau was mandated to plan, engineer, and permit in February 2026, is targeted for commissioning in the third quarter of 2026. The water treatment plant was purchased from ASDR, and Norda Stelo was retained for the environmental impact assessment (EIA). Ministerial authorization and ATI were secured on March 30, 2026, with a financial guarantee completed at that time. Portal construction was targeted to begin the week of July 6, 2026.

The company submitted a bulk sample permit application in September 2025, and Evomine was engaged for the Phase 1 Feasibility Study (FS), which was targeted for completion by the end of the first quarter of 2026. The bulk sample is targeted for 2027, with Phase 1 targeted for 2028. The Project Notice for the environmental assessment was filed on August 13, 2026.

The stock moved from C$4.17 on September 1, 2026, to C$4.39 on September 18, 2026, prior to the release.

Amex Exploration Inc. (TSXV: AMX; FSE: MX00; OTCQX: AMXEF), formerly Amex Gold Mining Inc., is an advanced-stage gold developer and explorer focused on the Abitibi Greenstone Belt. Its flagship asset is the 100%-owned Perron Gold Project, located in Valcanton, northern Quebec, approximately 110 km north of Rouyn-Noranda. The project encompasses 183 contiguous claims covering 65.72 km² and hosts high-grade gold, volcanogenic massive sulfide (VMS), and hybrid gold-rich VMS mineralization.

The company’s consolidated district land package totals 570.94 km², including the adjacent Perron West, Abbotsford, and Hepburn projects in Ontario, representing approximately 70 km of strike in the Abitibi belt. Infrastructure includes year-round road access, proximity to an airport within 30 minutes, and a location just 6.5 km from Normétal. This proximity to producing mines' processing plants supports the company’s toll-milling strategy.

The development path begins with a fully permitted 40,000-tonne bulk sample. Phase 1 involves 1,100 tonnes per day contract mining and toll milling, targeting an average production of 147,000 ounces of gold per year over a five-year life. A larger, owner-operated scenario for Phase 2 is currently under study.