Amex Exploration Completes Acquisition of Abbotsford and Hepburn Projects

The most recent news release, dated December 16, 2025, states that Amex Exploration Inc. has completed the acquisition of 324 non-contiguous mining claims, totaling 8,392.92 hectares, in Abbotsford and Hepburn Townships, Ontario. These new projects add to the company's existing Perron Gold Project in Quebec and the previously acquired Perron West Project.

This completion follows the initial announcement on December 1, 2025, where Amex outlined the terms of the acquisition. The consideration included $150,000 in cash, 600,000 common shares of Amex (subject to a 36-month escrow period), and a 0.5% Gross Overriding Royalty (GOR) on both the Abbotsford and Hepburn projects. Additionally, the agreement included milestone payments: $1,000,000 in cash upon the disclosure of a mineral resource or reserve of at least one million ounces of gold equivalent, and $500,000 in cash upon the disclosure of a Preliminary Economic Assessment (PEA), Pre-Feasibility Study (PFS), or Feasibility Study (FS). The properties are also subject to an existing 1.5% Net Smelter Royalty (NSR), which Amex has assumed.

The completion of the Abbotsford and Hepburn projects acquisition is a positive development for Amex Exploration Inc. This news confirms the successful execution of a previously announced strategic initiative that significantly expands the company's exploration footprint, particularly in the underexplored Normetal-Burntbush greenstone belt in Ontario. The December 1st announcement already highlighted the material positive impact of controlling a "truly district-scale land package" of approximately 500 sq km in the Abitibi region.

While the acquisition itself is strategically important for long-term growth and new discovery potential, the completion of the acquisition does not introduce new material information or terms beyond what was already disclosed and expected. It is a procedural step that solidifies the company's ownership of these new assets. Therefore, this specific news release is a routine, albeit positive, update. It is in line with previous expectations, as the initial announcement set the stage for this closing. There are no notable improvements or misses in the terms or process as reported. The primary impact stems from the initial decision to expand the land package, which is now formally realized.

Amex Exploration Inc. (TSXV: AMX) is a Canadian mineral exploration company primarily focused on gold and copper discoveries in the Abitibi region of Quebec and Ontario.

Flagship Project: The Perron Gold Project, located in Quebec's prolific Abitibi Greenstone Belt, approximately 110 kilometers north of Rouyn-Noranda. The project is 100% owned by Amex and is well-serviced by existing infrastructure (year-round road access, proximity to an airport and the town of Normetal).

Project Development & Highlights: - Land Package: Amex has significantly expanded its land position. The Perron project initially comprised 45.6 sq km. With the acquisition of Perron West (151.92 sq km) in April 2025 and the recent Abbotsford and Hepburn projects (83.93 sq km), Amex now controls approximately 500 sq km (50,108 hectares) and 70 km of strike length along the Abitibi greenstone belt, establishing a truly district-scale play. - Mineral Resource Estimate (MRE): An updated NI 43-101 MRE, effective May 21, 2025 (filed July 7, 2025), outlined 1.615 million ounces (Moz) of Measured and Indicated (M&I) gold resources at 6.14 g/t Au (in 8.183 Mt) and 698 thousand ounces (koz) of Inferred resources at 4.31 g/t Au (in 5.044 Mt). The high-grade Champagne Zone alone hosts 831 koz M&I at 16.20 g/t Au. This represented a 172% increase in M&I resources and a 43% increase in grade over the previous 2024 MRE. - Preliminary Economic Assessment (PEA): An updated PEA, effective September 4, 2025 (filed October 20, 2025), demonstrated robust economics for a two-stage development strategy: - Phase 1 (Toll Milling): 4 years of contract mining and toll-milling at 1,000 tpd, producing an average of 102,000 oz Au/year at an All-In Sustaining Cost (AISC) of US$1,165/oz. Net Initial Capital Expenditure (CAPEX) of C$77.5 million. - Phase 2 (On-site Processing): 13 years of owner-operated mine with an on-site processing plant at 2,000 tpd, producing 93,000 oz Au/year at US$1,027/oz AISC. Growth capital of C$191.6 million, to be financed from Phase 1 cash flow. - Life of Mine (LOM): 17.5 years, total production of 1.66 Moz Au. - Financial Metrics (Base Case @ US$2,500/oz Au): Pre-tax NPV (5%) of C$1.885 billion, IRR of 99.1%. After-tax NPV (5%) of C$1.085 billion, IRR of 70.1%. After-tax payback period of 1.4 years. - Financial Metrics (Spot Case @ US$3,400/oz Au): Pre-tax NPV of C$3.195 billion, IRR of 148.7%. After-tax NPV of C$1.841 billion, IRR of 107.6%. After-tax payback period of 0.4 years. - Feasibility Study (FS): Amex commenced a Feasibility Study for Phase 1 of the Perron project in September 2025, targeting completion in Q1 2026. Geomechanical drilling for the FS was completed in October 2025, with results indicating good rock mass quality for underground mining. - Exploration: The company continues to identify and drill new targets, including polymetallic mineralization, and plans an extensive 100,000-meter drill program for 2026.