Advancing Towards Maiden Resource and PEA - Amex Exploration Provides Exciting Update

• Amex Exploration (TSXV: AMX) is actively advancing its project, focusing on both resource development and exploration.
• Despite recent forest fires in the area, there were no injuries or significant damage to the company's infrastructure.
• Amex Exploration has a strong financial position with approximately $12.4 million as of June 30th, with additional funds incoming from the Quebec government.
• The company is planning to release a resource estimate in Q1 2024 and an economic study (PEA) shortly after, emphasizing the importance of a mineable resource to attract strategic partners.

About Amex Exploration

Amex Exploration Inc (TSX-C: AMX). is a junior mining company focused on exploring and developing gold projects in mining-friendly jurisdictions. Its main asset is the 100% owned Perron Gold Project located in northwestern Quebec, Canada. The Perron Project consists of 116 contiguous claims covering 4,518 hectares situated approximately 110 kilometers north of the town of Rouyn-Noranda.

The company has been actively exploring the project over the past few years and has made several high-grade gold discoveries, most notably in the Eastern Gold Zone which contains the High Grade Zone (HGZ). Amex is led by President and CEO Victor Cantore, a seasoned mining executive with extensive experience in capital markets and project development.

Interview with President & CEO Victore Cantore

Progress Update from Management

At the recent Beaver Creek Precious Metals Summit, Amex Exploration President & CEO Victor Cantore provided an update on the company's activities and outlook. Cantore highlighted that Amex has a full schedule of meetings lined up with retail investors, institutions, funds and mining strategics. This demonstrates the increasing interest in the story as the company advances the Perron Project.

According to Cantore, the consistent high grade drill results and new discoveries have attracted significant attention. However, he acknowledges that the current market environment is difficult. In this light, Amex is focused on demonstrating the project's economic viability and potential to be developed into a profitable mining operation.

Advancing Towards Maiden Resource and PEA

To this end, Amex has assembled an experienced technical team to start work on an initial mineral resource estimate and preliminary economic assessment (PEA) for the Perron Project. The timeline is to publish the maiden resource in Q1 2024, followed quickly by a PEA. At the same time, the exploration drilling will continue at full pace with a view to making additional discoveries and expanding the resource.

The development team includes mining engineers, resource geologists and environmental experts with proven track records in permitting and building mines. According to Cantore, the high grade gold mineralization is highly continuous, lending itself well to underground mining techniques. The team will evaluate various mining scenarios and complete trade-off studies to determine the optimal development strategy.

Well Funded for Dual-Track Strategy

As of end of June 2023, Amex had approximately C$12.4 million in cash. An additional C$4.4 million in government grants is forthcoming. Of the total, roughly C$7-8 million is slated for flow-through drilling up to December 2023. This leaves the company well funded to continue aggressive exploration while advancing engineering studies over the next 6-12 months.

Cantore stresses that Amex controls the burn rate and can adjust drilling activities based on capital needs and market conditions. While further funding will be required at some point, there is no immediate pressure. The company will look to raise capital opportunistically, ideally after exploration results and study work further increase the value of the project.

Impact of Forest Fires

The recent forest fires near the Perron Project caused a roughly two month delay in field work. However, Cantore confirms that there was no major damage to infrastructure or equipment. Moreover, the harvesting of burnt timber has opened up over 60km of new road access, providing exploration opportunities in previously hard to reach areas. Work is back on track with multiple drills turning.

Conclusion

Amex Exploration is rapidly advancing the high grade Perron Gold Project towards a significant milestone with the upcoming maiden resource estimate. The assembled development team provides further validation of the project's potential to become a profitable mine in a rising gold price environment.

With a healthy treasury and expanded road infrastructure, Amex is in an excellent position to continue creating value through the drill bit while moving engineering studies forward. Savvy investors may want to accumulate shares before further exploration success and economics are demonstrated. Amex has the team and assets to emerge as one of the premier junior gold developers in Canada.