Amex Exploration Advances Perron Gold Project to Feasibility Study

• Amex Exploration Inc. has commenced a Feasibility Study for Phase 1 of the Perron Gold Project in Quebec, with completion expected by Q1 2026.
• Phase 1 envisions a four to five year operation processing 1,000 tonnes per day through toll milling arrangements, targeting annual production exceeding 100,000 ounces of gold at an all-in sustaining cost of US$1,165 per ounce.
• Initial capital requirements are estimated at $146.1 million, partially offset by $68.6 million in pre-production revenues, resulting in a net capital expenditure of $77.5 million.
• The project is located in the Abitibi region with access to existing infrastructure and multiple operating processing plants, eliminating the need for standalone mill construction.
• Phase 2 development will be addressed through a separate Feasibility Study, with construction intended to be financed from Phase 1 cash flow.

Amex Exploration Inc. (TSXV: AMX) is a Canadian mineral exploration company with a 100% owned Perron Gold Project in Quebec. The company has identified high-grade gold discoveries and copper-rich volcanogenic massive sulphide zones at the property, located approximately 110 kilometres north of Rouyn-Noranda. Combined with the adjacent Perron West Project, the consolidated land package spans 197.52 square kilometres. The project has year-round road access and is located 8 kilometres from the town of Normétal, with proximity to several existing milling operations.

Feasibility Study Initiation and Expected Completion Timeline

Amex Exploration has commenced work on a Feasibility Study for Phase 1 of the Perron Gold Project, following the release of an updated Preliminary Economic Assessment in September 2025. The study is expected to be completed by Q1 2026. The company has chosen to advance directly to a Feasibility Study rather than conducting a prefeasibility study, focusing exclusively on Phase 1 of the operation.

The company will collaborate with several Quebec-based consulting firms to construct the Feasibility Study, including Evomine Consulting Inc., Norda Stelo, Soutex Inc., A2GC, and Hydro Ressources. These firms will provide the technical and economic analysis required for the study.

President and CEO Victor Cantore stated,

"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. Focusing only on Phase 1 of the project will accelerate the project development, positioning AMEX as a near term producer."

Phase 1 Mining Scenario and Production Parameters

The Phase 1 operation outlined in the Feasibility Study involves a four to five year contract mining and toll milling arrangement processing 1,000 tonnes per day. Under this approach, ore would be transported to existing third-party processing facilities in the Abitibi region rather than requiring construction of a dedicated mill. Toll milling involves paying processing facilities to extract minerals from ore, reducing upfront capital requirements.

The operation targets annual gold production exceeding 100,000 ounces, with an average diluted head grade of 10.07 grams per tonne. The projected all-in sustaining cost is US$1,165 per ounce. All-in sustaining costs represent the total expenses required to maintain production, including operating costs, capital expenditures, and administrative expenses.

Initial capital costs are estimated at $146.1 million, with $68.6 million in pre-production revenues anticipated, resulting in net initial capital expenditure of $77.5 million. Pre-production revenue refers to income generated during the commissioning period before the operation reaches commercial production status.

Cantore added,

"Given the strong technical and economic parameters demonstrated in the PEA, 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."

Staged Development Strategy and Project De-risking Approach

Amex has structured the Perron Project as a phased development, with Phase 2 to be addressed through a separate Feasibility Study at a later date. The company states that this staged production strategy simplifies the permitting process and accelerates time to revenue, with commercial production targeted for 2028.

The phased approach involves bringing Phase 1 into production first, with Phase 2 mine construction intended to be financed from free cash flow generated during Phase 1 operations. This structure is designed to minimise shareholder dilution by avoiding additional equity raises for expansion capital. Free cash flow refers to the cash generated by operations after accounting for capital expenditures required to maintain or expand the asset base.

A second Feasibility Study for Phase 2 production will commence at a later date. The timing and scope of Phase 2 development will depend on Phase 1 operational performance and market conditions. The company has not provided specific details on Phase 2 production parameters or capital requirements at this stage.

Looking Ahead

The Feasibility Study is scheduled for completion by Q1 2026. Following completion, the company plans to advance into the permitting phase and pursue project financing arrangements for the $77.5 million net initial capital requirement. The company is targeting 2028 for commercial production from Phase 1.

The next steps include completing detailed engineering and economic studies, securing environmental and operational permits, finalising financing arrangements, and selecting mining and toll milling contractors.

‍