Amex Announces Filing of Updated PEA Technical Report for the Perron Gold Project

Executive Summary

• Amex Exploration filed a NI 43‑101 compliant Updated PEA for its 100% owned Perron Gold Project, incorporating the May 21 2025 Mineral Resource Estimate and a new development strategy.
• The PEA projects a 17.5‑year life of mine with an average annual production of ~95,000 oz Au, pre‑tax NPV of $1.885 billion, after‑tax NPV of $1.085 billion, and a pre‑tax IRR of 99.1% (after‑tax IRR 70.1%).
• The staged development (Phase 1 toll‑milling, Phase 2 owner‑operated mine) targets first revenue in 2028 with low initial CAPEX ($77.5 M net) and rapid payback (pre‑tax 1.1 yr).

Key Details

• Qualified Persons: Antoine Yassa; Jérôme Augustin; Stephen Coates; Alexandre Burelle; Florent Baril; Denys Vermette.
• Assumptions: Gold price US$2,500/oz; C$/US$ exchange rate 1.38:1.
• Phase 1 (4‑year toll‑milling):
• 1,000 tpd contract mining, 102,000 oz Au/year, AISC US$1,165/oz.
• Initial CAPEX $146.1 M, offset by pre‑production revenue $68.6 M → net CAPEX $77.5 M.
• Diluted head grade 10.07 g/t for 0.41 Moz Au.
• Phase 2 (13‑year owner‑operated mine):
• 2,000 tpd operation with on‑site processing.
• Growth CAPEX $191.6 M.
• Annual production 93,000 oz Au, AISC US$1,027/oz.
• Diluted head grade 4.32 g/t for 1.25 Moz Au.
• Life‑of‑Mine (LOM) Summary:
• Total LOM 17.5 years; average annual production 95,000 oz Au (1.66 Moz total).
• Average diluted grade 5.07 g/t; AISC US$1,061/oz.
• Sustaining CAPEX $386.3 M.
• Pre‑tax NPV $1,885 M; after‑tax NPV $1,085 M.
• Pre‑tax IRR 99.1%; after‑tax IRR 70.1%.
• Cumulative pre‑tax undiscounted free cash flow $3,010 M; after‑tax $1,768 M.
• Payback periods: pre‑tax 1.1 years, after‑tax 1.4 years.
• Project Advantages: Staged strategy reduces permitting risk, accelerates revenue (target 2028), and minimizes shareholder dilution—Phase 2 financed from free cash flow.
• Non‑IFRS Measures Disclosed: Initial capital cost, sustaining CAPEX, All‑in Sustaining Cost (AISC).

Notable Quotes

• Victor Cantore, President & CEO: “The updated PEA demonstrates the robust economics of Perron and our strategic phased approach positions us to deliver value quickly while preserving flexibility for future growth.”