Amex Exploration begins feasibility study at Perron

Executive Summary

• Amex Exploration Inc. has begun a Phase 1 feasibility study for the Perron gold project, targeting completion in Q1 2026.
• The study projects a low initial capex of $146.1 M (net $77.5 M after pre‑production revenue) and average annual production >100,000 oz Au at an AISC of $1,165/oz.
• Phase 1 envisions a 1,000‑tpd contract mining and toll‑milling operation with first gold production expected in 2028, positioning the company as a near‑term producer.

Key Details

• Project Scope: Phase 1 feasibility study for Perron (Quebec) – 4–5 year, 1,000 t/d contract mining & toll‑milling operation.
• Capital Estimates: Initial capex $146.1 M; pre‑production revenue $68.6 M; net initial capex $77.5 M.
• Production Forecast: >100,000 oz Au per year; average diluted head grade 10.07 g/t.
• Cost Metric: All‑in sustaining cost (AISC) $1,165 per ounce (U.S.).
• Timeline: Feasibility study to be completed by Q1 2026; target revenue generation in 2028.
• Financing Strategy: Phase 2 construction to be funded from free cash flow generated during Phase 1 production, minimizing shareholder dilution.
• Consulting Team: Evomine Consulting Inc., Norda Stelo, Soutex Inc., A2GC, Hydro Ressources (all Quebec‑based).
• Future Work: A second feasibility study for Phase 2 will commence after Phase 1 completion.
• Qualified Persons: Aaron Stone, P.Geo. (OGQ 2170 / PGO 3708) – Perron West (Ontario); Dr. Jérôme Augustin, P.Geo., Ph.D. (OGQ 2134) – Perron (Quebec).

Notable Quotes

“Following the robust economics outlined in our recent PEA, we have made the strategic decision to advance directly to a full feasibility study for the Perron asset… positioning Amex as a near‑term producer.” – Victor Cantore, President & CEO

“We are confident that the feasibility study will position us to move swiftly into the permitting phase as well as secure project financing and advance toward development.” – Victor Cantore, President & CEO