Amex Drills 227.46 g/t Au over 0.50 m in Initial Holes from Resource Conversion Program and Expands Denise Zone Eastward

Amex Exploration Inc. (AMX) has released the first assay results from its resource-conversion drill program at the Perron gold project. The company tabulated eight holes, primarily conversion holes in the Denise, Champagne, and E2 zones, along with one exploration hole located east of Denise. The release highlights high-grade but narrow intervals and claims a possible 320-meter eastward expansion of the Denise footprint.

Key intercepts include:

• PE-26-959, West Denise: 217.10-218.10 m, 1.00 m core length at 114.07 g/t Au, including 217.10-217.60 m, 0.50 m at 227.46 g/t Au and 17.90 g/t Ag, at about 187 m vertical depth.
• PE-26-957, Denise: 247.90-250.40 m, 2.50 m at 29.86 g/t Au, including 249.90-250.40 m, 0.50 m at 126.24 g/t Au and 20.80 g/t Ag, at about 220 m vertical depth.
• PE-26-960, West Champagne: 572.65-574.50 m, 1.85 m at 11.42 g/t Au, including 573.65-574.50 m, 0.85 m at 23.79 g/t Au and 5.00 g/t Ag, at about 471 m vertical depth.
• PE-26-936, East Beaupré Block: 250.45-264.15 m, 12.70 m at 3.33 g/t Au, including 250.45-251.25 m, 0.80 m at 47.73 g/t Au and 14.50 g/t Ag, at about 180 m vertical depth; this is the hole cited for the possible 320 m eastward expansion.
• PE-26-961: 139.50-141.00 m, 1.50 m at 4.70 g/t Au, with other narrow low-grade intervals.
• PE-26-962: 569.90-570.45 m, 0.55 m at 11.83 g/t Au; also 351.30-351.80 m, 0.50 m at 3.67 g/t Au, and other narrow intervals.
• PE-26-942 and PE-26-956 returned only low-grade intervals, generally 0.5-1.8 m at 0.53-0.91 g/t Au.

The release states that intervals are reported as core length, not true thickness, and approximates true thickness at 50-80% of core intervals. No cutoff grade is disclosed. While the company lists eight holes, it does not provide a total drilled-versus-assayed count.

Amex Exploration Inc. (AMX) is an advanced development-stage company that has completed a Phase 1 feasibility study for its project. The company holds Proven and Probable reserves of 1.989 million tonnes at 12.1 g/t Au, containing approximately 774,500 ounces of gold. The current mine plan outlines a five-year production rate of approximately 147,000 ounces per year, with an after-tax net present value (NPV) of about C$1.13 billion. Additionally, the company has initiated a 40,000-tonne bulk-sample program. Based on a share price of roughly C$3.74 and approximately 160.6 million post-financing shares, the company’s equity value stands at around C$600 million.

The recent drilling results are anchored by the resource grade rather than isolated high-grade headline holes. The reserve grade is 12.1 g/t Au, while Measured and Indicated (M&I) resources average 6.14 g/t Au. The targeted grade for inferred stopes is approximately 2.5 g/t Au. The Denise and Champagne conversion holes returned grades above the target, supporting the conversion of inferred resources. Specifically, holes PE-26-957 and PE-26-959 confirmed high-grade mineralization within the inferred material, while PE-26-960 provided a reasonable result for Champagne conversion. These findings contribute to resource confidence and de-risk the mine plan.

A 320-meter eastward step-out represents the only potential for system growth, though the result is not yet at a resource scale. The interval consists of 12.70 meters, mostly comprising low-grade halo material, with the high-grade portion measuring under one metre in width. The potential geological link between the Denise and Team zones remains an interpretation rather than an assayed volume.

The stock has not re-rated following the prior Rosé Zone discovery. Shares closed at approximately C$4.58 on 10 September 2026 and have since drifted to C$3.74, a level below the C$4.50 placement price set in June 2026. The market is not currently pricing in a high-grade conversion surprise. The confirmation of these results is mildly positive but does not constitute a scale-changing event. No new resource estimate, reserve update, or economic study was provided with this release.

Amex Exploration Inc. (AMX) is a TSXV-listed gold developer and explorer whose flagship asset is the 100%-owned Perron gold project in the Abitibi region of Quebec, located approximately 110 km north of Rouyn-Noranda. The Perron property comprises 183 contiguous claims covering 65.72 km2. When including the Perron West, Abbotsford, and Hepburn properties in Ontario, the consolidated land package totals approximately 570.94 km2.

The project features high-grade gold and VMS mineralization. A May 2025 mineral resource estimate (MRE) reported 1.615 moz Au at 6.14 g/t in Measured and Indicated categories, and 698 koz Au at 4.31 g/t in Inferred categories. A Phase 1 feasibility study outlines 1.989 Mt at 12.1 g/t Au for approximately 774,500 oz of probable and probable-plus (P&P) ore. The study projects an average production of approximately 147,000 oz/yr over five years, with an initial capital expenditure of C$193.9 million, an all-in sustaining cost (AISC) of US$910/oz, an after-tax net present value (NPV) of C$1.13 billion, and an after-tax internal rate of return (IRR) of 114.6% at US$3,500/oz gold. The company is advancing a permitted 40,000 t bulk sample and employs a toll-milling strategy using regional mill capacity.

Financially, Amex Exploration reported no revenue for fiscal year 2025, alongside an operating loss of approximately C$10.46 million and a net loss of approximately C$8.74 million. Cash holdings stood at C$25.6 million as of 31 December 2025. The Q1 2026 MD&A narrative cited working capital of approximately C$18.1 million at 31 March 2026, prior to a C$79.7 million gross placement conducted in May-June 2026. Following the final placement tranche, Eldorado Gold owns approximately 26.9% of the company.