Amex Drills 213.11 g/t Au over 3.75 m While Advancing Phase 1 Feasibility Study at Perron

On October 21, 2025, Amex Exploration announced high-grade gold assay results from a geomechanical drilling program conducted as part of the Phase 1 Feasibility Study (FS) at its Perron Project. The program's primary goal was to gather rock mechanics data for mine design, not to target mineralization.

Despite this, hole PEGT-25-001 returned an intercept of 25.19 g/t Au over 32.8 meters in the Western Champagne Zone. The company noted this included the highest-grade assay to date on the property. The program, which consisted of three holes totaling 1,573 meters, is now complete. Initial results indicate good rock mass quality, which is ideal for the planned underground mining.

This news is materially positive. The company is in a critical de-risking phase, advancing the Perron project from a robust Preliminary Economic Assessment (PEA) towards a full Feasibility Study. Intersecting the property's highest-grade assay to date in a hole designed for geotechnical purposes is exceptional and significantly exceeds expectations.

This result provides two key benefits: 1. Project De-risking: It confirms the successful completion of the geomechanical drilling, a key milestone for the FS. The finding of "good rock mass quality" reduces a key technical risk for underground mine design and future operations. 2. Reinforces High-Grade Thesis: The spectacular, unplanned intercept powerfully reinforces the geological model of a very high-grade system at the Champagne Zone, which is the focus of the Phase 1 development plan. While a single hole does not change the resource, it provides a very strong data point that could positively influence grade models and project economics in the FS.

Looking at the project's progression, Amex has systematically advanced and de-risked Perron. Following a significantly improved Mineral Resource Estimate (MRE) in May 2025, the company delivered a very strong updated PEA in September 2025 (After-tax NPV of C$1.085B, IRR of 70.1%). This was supported by a C$37.25 million financing in August 2025, which saw strategic partner Eldorado Gold increase its stake to ~17%.

The current news is the first tangible result from the FS workstream and starts it on a very positive note. It demonstrates that not only is the engineering work proceeding on schedule, but the deposit continues to surprise to the upside.

Amex Exploration Inc. is a Canadian gold exploration company focused on its 100%-owned flagship Perron Project in the Abitibi Greenstone Belt of Quebec. The project hosts a significant high-grade gold resource. The company has rapidly advanced Perron through exploration, resource definition, and economic studies. The current strategy, outlined in a September 2025 PEA, is a two-phased development. Phase 1 focuses on a low-capex, 4-year toll-milling operation targeting the very high-grade Champagne Zone. A Phase 1 Feasibility Study is underway and expected in Q1 2026.