Amex Delivers a Positive Feasibility Study for Development of the Perron Gold Mine

• On April 13, 2026, Amex Exploration released a Phase 1 Feasibility Study (FS) for its 100% owned Perron Gold Mine.
• The study projects average production of 147,000 oz Au per year over five years with an All-In Sustaining Cost (AISC) of US$910/oz.
• Economic metrics include a post-tax IRR of 114.6% and a post-tax NPV5 of C$1.13 billion, based on a gold price assumption of US$3,500/oz.
• Proven & Probable reserves total 774,000 oz Au (1,989 kt @ 12.1 g/t).
• Initial capital requirement is stated as C$193.9 million, which includes a C$68.1 million pre-production revenue offset.
• The project utilizes a toll-milling strategy with a non-binding LOI signed; mining will be contract-based at 1,100 t/d.
• Permitting for the bulk sample is ongoing, with environmental impact assessments under Quebec regulations.

• Positive Validation: The release of a Feasibility Study de-risks the project significantly compared to the Preliminary Economic Assessment (PEA) released in September/October 2025. It confirms the technical viability of the high-grade Champagne Zone.
• Capital Intensity Concern: The initial capital requirement of C$193.9 million is substantially higher than the PEA's net initial CAPEX guidance of C$77.5 million (gross C$146.1M less pre-production revenue). While the FS includes sustaining elements or different scope, this represents a material increase in upfront cash needs compared to previous investor expectations derived from the PEA.
• Gold Price Sensitivity: The FS economics rely heavily on a US$3,500/oz gold price assumption (vs. US$2,500/oz in the PEA). At US$2,000/oz, NPV drops to C$427 million. This sensitivity highlights that current valuation is priced for high gold prices; any correction in spot gold could materially impact project value.
• Production Scale: Phase 1 production guidance increased from 102,000 oz/year (PEA) to 147,000 oz/year (FS), which is a positive operational update that offsets some capital concerns through higher revenue potential.
• Market Context: The stock price peaked at $5.15 in January 2026 prior to this release and has since corrected to ~$4.17. This suggests the market may have priced in the feasibility study expectations earlier, limiting immediate upside unless economics exceed current consensus further.

• Company: Amex Exploration Inc. is a Canadian gold exploration and development company focused on the Abitibi Greenstone Belt in Quebec and Ontario.
• Flagship Project: The Perron Gold Project (Quebec) is 100% owned and hosts high-grade underground mineralization. It is currently advancing from exploration to development via a Phase 1 toll-milling operation followed by an owner-operated mine.
• Land Package: Consolidated district-scale land package of approximately 502 km² across Quebec and Ontario, including the Perron West project which extends the geological trend into Ontario.
• Strategy: Two-phase development strategy designed to generate early cash flow (Phase 1) to fund Phase 2 construction, minimizing shareholder dilution.