American Eagle Intersects 277 Metres of 0.41% CuEq and 410 Metres of 0.37% CuEq at NAK; Phase 2 Step-Out Drilling Underway

American Eagle Gold Corp. (AE) has released Phase 1 results from nine drill holes at its 100%-owned NAK copper-gold porphyry project in British Columbia, with all nine holes intersecting long mineralized intervals. The company describes the Phase 1 work as an infill and continuity program designed to connect known zones and increase drill density in preparation for a future mineral resource estimate.

The reported intercepts include the following highlights:

• NAK26-97: 711 m at 0.32% CuEq from 44 m, including 277 m at 0.41% CuEq from 209 m.
• NAK26-92: 844 m at 0.30% CuEq from 58 m, including 410 m at 0.37% CuEq from 188 m.
• NAK26-96: 751 m at 0.20% CuEq from 16 m, including 275 m at 0.25% CuEq from 32 m.
• NAK26-94: 110 m at 0.33% CuEq from 14 m, and a separate 13 m at 0.81% CuEq from 478 m.
• NAK26-95: 102 m at 0.31% CuEq from 21 m, within 218 m at 0.20% CuEq.
• NAK26-85: 207 m at 0.20% CuEq from 392 m.
• NAK26-91: 333 m at 0.15% CuEq from 275 m.
• NAK26-93: 166 m at 0.20% CuEq from 43 m.
• NAK26-90: 432 m at 0.10% CuEq from 91 m, including 98 m at 0.15% CuEq from 91 m.

Phase 2 step-out drilling has commenced along the margins of the Babine stock and beyond. To date, 32 of approximately 80 planned holes have been drilled, with 15 holes reported. These 15 holes represent approximately 11,700 m, or roughly 20% of the 55,000 m program. Three rigs are scheduled to drill through April 2027.

The copper equivalent (CuEq) grades are calculated using US$4.50/lb Cu, US$3,375/oz Au, US$60/oz Ag, and US$25/lb Mo, with 80% metallurgical recoveries assumed for all metals. Assays are uncapped, and true thickness is not stated. The "within" and "including" intervals describe the same rock at a higher grade and are not additive to the broader intercept.

American Eagle Gold Corp. (AE) is a pre-resource explorer with no revenue and a market capitalization of roughly C$191 million. The company’s release states it holds approximately C$45 million in cash, while prior-period financial statements show C$44.0 million in cash at March 31, 2026, and a FY2025 net loss of C$12.4 million. Based on these figures, the enterprise value is estimated at roughly C$145-150 million against a company with no defined resource.

The recent release serves as a Phase 1 infill and continuity update rather than a discovery hole, major step-out, or resource milestone. It confirms a large mineralized system and adds drill density, providing groundwork for a maiden resource. The new holes are lower grade than prior headline holes, which is not automatically negative for an infill program designed to confirm continuity rather than match discovery-hole grade. However, because no resource grade exists yet, the market cannot judge whether the reported 0.30-0.32% CuEq is above, at, or below the future resource grade.

The chart shows the market has already re-rated the story from the C$0.47-0.52 area in late 2025 to a C$1.33 high in August 2026, driven by earlier high-grade holes and strategic financing. The stock has since drifted to C$0.93. While earlier high-grade anchors are partly embedded, the current price is off the high and the company has not delivered a resource. The expected share-price impact from this release alone is limited and neutral, as the update represents ordinary progress on a large low-grade porphyry that neither supplies a new high-grade center nor breaks the thesis.

American Eagle Gold Corp. (TSXV: AE; OTCQB: AMEGF) is a TSXV-listed explorer focused on the NAK copper-gold porphyry project in the Babine Porphyry District of central British Columbia. The company holds a 100% interest in NAK. While the project land package was historically about 1,632 hectares, the broader corporate land package now totals about 9,283 hectares following the Eagle Plains option and independent staking. This expanded package includes Hearne Hill South, Jinx and NAK NW.

The project features road access and is situated near infrastructure in the Smithers-Houston-Burns Lake corridor. American Eagle Gold has an exploration agreement with the Lake Babine Nation. The current programme comprises approximately 55,000 m across about 80 holes, with three rigs running through April 2027. Phase 1 is complete, Phase 2 step-outs are underway, and Phase 3 is planned for January 2027.

Strategic shareholders include South32 at approximately 19.9%, Teck Resources at approximately 12.9%, Eric Sprott and Ore Group. The company states it is backed by approximately C$45 million in cash. Prior-period financial context shows Q1-2026 cash was C$44.0 million, total liabilities C$4.38 million and net loss C$1.74 million. FY2025 net loss was C$12.41 million. The company has no revenue and is pre-resource.

Key management includes CEO Anthony Moreau, Chairman Stephen Stewart, VP Exploration Neil Prowse and CFO Joel Friedman. Mark Bradley is the independent QP for this release.