Amex Exploration Raises C$59 Million in Total as it Closes Second Tranche of Private Placement

The most recent news release (May 21, 2026) confirms the closing of a C$59 Million financing package for Amex Exploration Inc. This includes a non-brokered private placement of 1,622,222 shares at $4.50 per share and a brokered private placement (LIFE Offering). The proceeds are designated for the Perron Gold Project development, specifically Phase 1 and Phase 2 feasibility studies, bulk sampling programs, and general corporate purposes. A key detail in this release is the confirmation of strategic investor Eldorado Gold Corporation's interest to purchase up to US$15 Million in a subsequent tranche, subject to shareholder approval at the June 16, 2026 meeting. This follows earlier announcements on May 5, May 11, and May 21 (morning) regarding the financing structure and closing expectations.

The financing closure is categorized as Routine - Positive because the offering terms, pricing ($4.50), and closing date were widely communicated in prior news releases throughout May 2026. The market had already priced in this capital raise based on the May 11 announcement of an oversubscribed LIFE Offering. However, the confirmation of Eldorado Gold's specific intent to invest a further US$15 Million is a positive signal of confidence that was not fully quantified until this release. The primary risk here is dilution; the company has raised significant capital ($37M in Aug 2025, $59M in May 2026) which increases share count significantly. While the funding de-risks the project execution, it does not change the fundamental valuation of the asset itself, merely secures the path to production. The offering price of $4.50 is slightly below the recent trading range ($4.71-$5.32), indicating a discount was necessary to close the deal.

Amex Exploration Inc. is a gold exploration and development company focused on the Perron Gold Project in Quebec and Ontario (Abitibi Greenstone Belt). The project strategy involves a two-phase approach: Phase 1 utilizes toll-milling with contract mining to generate early cash flow, while Phase 2 transitions to an owner-operated mine. * Flagship Asset: Perron Gold Project (Quebec/Ontario). * Land Package: ~502 km² consolidated land package. * Resource Estimate: Measured & Indicated resources of 1.615 Moz Au @ 6.14 g/t; Inferred 698 koz Au @ 4.31 g/t (May 2025 MRE). * Feasibility Study: Released April 13, 2026. Phase 1 NPV C$1.13 Billion, IRR 114.6% at $3,500/oz gold assumption.