Amex Exploration Advances Bulk Sample Programme and Phase 1 Feasibility Study

• Bulk sample permit application submitted in September 2025, with activities targeted for first half of 2026 pending approvals
• Evomine Engineering awarded mandate for detailed engineering design and Phase 1 Feasibility Study
• Underground designs completed for portal, ramp, development and stopes for bulk sample and Phase 1 operations
• Metallurgical testing underway on 120-kilogram composite sample from Champagne Zone
• Phase 1 Feasibility Study on track for end of Q1 2026 release, with 2028 production start up target maintained

Amex Exploration Inc. (TSXV: AMX) is a gold exploration company in Canada advancing its 100% owned Perron Gold Project located approximately 110 kilometres north of Rouyn-Noranda, Quebec. The company has made high-grade gold discoveries and identified copper-rich volcanogenic massive sulphide zones on the property. The consolidated land package spans 501 square kilometres across Quebec and Ontario. The project is accessible by year-round road, located 30 minutes from an airport and approximately 6.5 kilometres from the Town of Normétal, with several processing plants operated by major gold producers in the region.

Bulk Sample Programme Permit Application and Development Timeline

Amex submitted the bulk sample permit application in September 2025. The company is targeting commencement of bulk sample activities in the first half of 2026, subject to permitting and regulatory approvals. Major requests for quotation are progressing, with long-lead items already released. The company has engaged with contractors, equipment and infrastructure providers, and consultants.

Advanced discussions are underway for bulk sample milling at facilities in the Abitibi region. Detailed designs have been completed for the underground portal, ramp, development and stopes. These designs will be used for both the bulk sample extraction and Phase 1 of the mining operation.

The bulk sample programme is intended to validate certain hypotheses and obtain technical information on geology and mining conditions.

President and Chief Executive Officer Victor Cantore stated:

"Amex continues to advance the Perron Project strategically, positioning the Company to capitalize on favorable gold market trends and deliver value to shareholders."

Phase 1 Feasibility Study Progress with Evomine Engineering Mandate

Amex has awarded Evomine, a Quebec-based engineering consulting firm, the mandate to complete the detailed engineering design for the bulk sample and lead the Phase 1 Feasibility Study. This approach is expected to generate synergies between the bulk sample programme and the Phase 1 development scenario.

In December 2025, a 120-kilogram composite of mineralised material from the Champagne Zone was sent to a metallurgical laboratory. The testing aims to enhance metallurgical knowledge of the zone and check compatibility with flowsheets of local mills surrounding the Perron Project.

The Phase 1 Feasibility Study remains on track for completion and release by the end of Q1 2026. The study will incorporate current market conditions, including recent increases in gold prices. The study is intended to support project permitting and future development decisions.

Project Infrastructure and Production Timeline

The company has completed detailed designs for the underground infrastructure, including the portal, ramp, development and selected stopes for extraction. These designs will serve the bulk sample programme and Phase 1 mining operation.

Surface infrastructure has been planned for the bulk sample and initial operations. The selected stopes have been identified based on the programme requirements.

Based on current timelines and progress, Amex continues to target a potential project start up in 2028. This timeline is contingent on successful completion of the bulk sample programme, receipt of the Phase 1 Feasibility Study, and securing necessary permits and approvals for commercial operations.

Next Steps

Amex is working to secure permits for the bulk sample programme to commence activities in the first half of 2026. The Phase 1 Feasibility Study is expected by the end of Q1 2026. Metallurgical testing is underway to inform processing decisions and discussions with regional mill operators. The company maintains its 2028 target for potential production start up, subject to permitting and feasibility study results.

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