American Eagle Gold plans 50,000 m drill program at NAK

Executive Summary

• American Eagle Gold Corp. announced a major expansion of its 2026 exploration program at the 100%-owned NAK copper-gold porphyry project in British Columbia, planning over 50,000 metres of drilling.
• The campaign will be funded by over $55 million in pro forma cash following the closing of investments from cornerstone shareholders South32, Teck Resources, Eric Sprott, and Ore Group.
• The expanded drilling aims to define the system's scale, test for new high-grade centres, and advance metallurgical work, with a maiden mineral resource estimate and preliminary economic assessment targeted for 2027.

Key Details

• Drilling Volume & Schedule: >50,000 metres planned for the 2026 season, commencing in April and extending into 2027.
• Rig Count: Three rigs initially, with a fourth rig to be added once seasonal operations stabilize.
• Financing: Over $55 million in pro forma cash available to finance the expanded drill campaign.
• Investor Closings: Eric Sprott's investment has closed; Teck Resources and South32 investments are expected to close on April 9.
• Shareholder Base: Four cornerstone investors (South32, Teck Resources, Eric Sprott, and Ore Group) collectively hold over 50% of outstanding shares.
• Project Footprint & Depth: Mineralization defined across an approximate 1.5 x 1.7 km surface footprint, extending from surface to depths exceeding 800 metres, with the system remaining open to significant expansion.
• Technical Objectives: Expand known zones, step out across the broader system, improve size/continuity/confidence of known high-grade zones, and advance metallurgical drilling across various mineralized zones and alteration domains.
• Future Milestones: Initial resource model and Preliminary Economic Assessment (PEA) targeted for the second half of 2027. A detailed drill plan and in-depth technical preview will be provided in the coming weeks.
• Location & Infrastructure: NAK project located in the Babine copper-gold porphyry district of central BC on Lake Babine Nation traditional territory, with all-season road access and proximity to Smithers, Houston, and Burns Lake (major rail line and Highway 16).

Notable Quotes

• "We believe the project has now achieved the critical mass necessary to begin planning for a maiden mineral resource estimate and a preliminary economic assessment, both of which could be targeted for 2027 following the upcoming field season." – Anthony Moreau, CEO
• "Our 2026 drill program will be the largest and most ambitious ever undertaken in the region, with more than 50,000 metres planned over the next year to expand known zones and test for additional high-grade centres that we believe remain to be discovered." – Anthony Moreau, CEO