Eric Sprott Announces Changes to His Holdings in Amex Exploration Inc

On December 17, 2025, Amex Exploration announced that Eric Sprott, through his holding company, sold 14,868,200 common shares at a price of C$4.00 per share via a private agreement. This disposition, along with prior share issuances by the company, resulted in Mr. Sprott's beneficial ownership falling below the 10% threshold, causing him to cease being an insider of the company.

This news is materially negative. Eric Sprott is one of the most influential and followed investors in the junior mining sector. His investment in a company is often seen as a significant vote of confidence, and his exit is conversely viewed as a major red flag.

The context here is critical: - Timing: The sale occurred at C$4.00 per share, just shy of the stock's 52-week high of C$4.15 achieved two days prior. The stock has had a phenomenal run, up from C$0.80 in April 2025. A key strategic investor cashing out a significant position at the peak of a rally suggests they believe the valuation has become full and the near-term upside is limited. - Magnitude: The sale of nearly 15 million shares is a substantial block, representing over 10% of the company's issued shares. That he has now dropped below the 10% reporting threshold means he can continue to sell without immediate public disclosure, creating a potential unknown overhang on the stock. - Contrasting Signal: This news directly contrasts with the positive operational momentum Amex has built throughout the year, including a strategic investment from producer Eldorado Gold, a robust updated PEA, and the initiation of a Feasibility Study.

While the fundamental story of Amex has improved dramatically, the signal from a highly sophisticated resource investor like Sprott cannot be ignored. It introduces significant uncertainty and negative sentiment. The market will likely interpret this as "smart money" taking profits after a 400%+ run, questioning the risk/reward proposition at current levels. This action overshadows the recent positive news flow and creates a significant psychological barrier for the stock at the C$4.00 level.

Amex Exploration Inc. is a Canadian gold exploration company focused on its 100%-owned flagship Perron Gold Project in the mining-friendly Abitibi region of Quebec. The project has advanced rapidly, evolving from a grassroots discovery to a significant resource.

The company has successfully de-risked the Perron project through extensive drilling, culminating in a May 2025 Mineral Resource Estimate (MRE) of 1.62 million ounces Measured & Indicated at a high grade of 6.14 g/t Au. This was followed by a robust updated Preliminary Economic Assessment (PEA) in September 2025, which outlined a two-phased development plan. Phase 1 envisions a low-capital (C$77.5M net initial CAPEX) toll-milling operation producing over 100,000 oz/year. The PEA demonstrated strong economics with an after-tax NPV(5%) of C$1.085 billion and an IRR of 70.1% (using $2,500/oz gold). Amex is now advancing a Feasibility Study on Phase 1.