Amex Exploration - 5 Rigs Turning at Perron, Gold Results Follow

• Amex Exploration is a gold mining developer located in the Abitibi greenstone belt. They have already completed a 350,000-meter drill program and have plans for more.
• The gold market has been challenging recently. Despite gold trading between $1600-$1700 per ounce, the company's stock price has decreased by about 50% from its highs in 2022. However, CEO Victor Cantore remains optimistic about gold's future potential and attributes its current stagnation to the strength of the U.S. dollar.
• Amex Exploration has identified multiple zones of mineralization at their Perron project. The company has been focusing on understanding the geology to pinpoint high-grade zones. Results from the recent "team zone" drilling are anticipated to be significant.
• The company will continue its aggressive drilling approach throughout 2023, operating 5 rigs year-round. By the end of 2023, they expect to have drilled approximately 450,000 meters. The company is also financially secure, with funds budgeted for the entire year and an expected surplus of around $7 million by the year's end.
• Despite the challenging market conditions, Cantore believes that the fundamentals of the company have improved. The continued drilling and positive results will provide better value to shareholders and the company is poised for a positive turn in the market.

New Gold Discoveries Point to a Bright Future for Amex Exploration

Amex Exploration is a junior mining company focused on exploring and developing its 100% owned Perron gold project in northwestern Quebec, Canada. With over 350,000 meters of drilling completed to date and multiple new high-grade gold discoveries, Amex Exploration is well positioned to create significant value for shareholders as it continues aggressively exploring Perron.

Fully Funded for Ongoing Exploration Through 2023

In an interview at the London 121 conference, Amex President and CEO Victor Cantore provided an update on the company’s activities. Cantore highlighted that despite a tough year for mining equities, Amex completed a C$49.6 million financing in February 2022 that has left the company fully funded for exploration through 2023.

With five drill rigs currently active at Perron and plans to keep drilling through year-end 2023, Amex expects to complete over 450,000 meters of total drilling by the end of next year. This puts the company in an enviable position compared to many juniors that have had to halt exploration activities due to lack of funding. With a tight share structure and money in the bank, Amex avoids potential dilution from new financings and can aggressively advance its discoveries.

Many New High-Grade Gold Zones Discovered at Perron

The main focus of drilling at Perron has been the High Grade Zone, where wide intercepts of high-grade gold have been intersected near surface. Over 1 kilometer of strike length has been defined, with the zone remaining open along strike and at depth.

In addition, Amex has discovered several new near-surface high grade showings over the past year, including the Denise Zone and the most recently announced Grey Cat Zone. These new discoveries demonstrate the significant exploration upside remaining across the large Perron property package. Many of the new zones are returning high-grade visible gold at shallow depths, indicating potential for economic open pit mining.

According to Cantore, "The more we drill Perron, the more it reminds me of the world-class Canadian Malartic mine just 80 km to the east." With each new discovery, the potential scale of the gold system at Perron becomes more apparent.

Quebec: A Premier Mining Jurisdiction

The Perron project is strategically located proximal to infrastructure in the mining-friendly province of Quebec. As Cantore noted, "You can drive right to the project in a Honda Civic on paved roads and power lines." This is a key advantage compared to more remote projects that require significant capital investment to establish infrastructure for exploration and development.

The area has an established mining labor force, and Quebec offers competitive tax incentives for exploration. In addition, the province has a defined permitting process and a proven track record of mines being built. This gives investors confidence in the ability to advance projects through to production.

Significant Exploration Upside Remains

With less than 10% of the prospective ground at Perron systematically explored, immense potential remains to make additional high-grade discoveries. Cantore stated that the company will remain focused on exploration, rather than rushing to define an initial resource. This exploration-driven strategy has proven prudent, as each successive discovery increases the known scale of the gold system.

Several catalysts on the horizon could drive significant shareholder value growth. Assay results from over 20 drill holes at the Grey Cat Zone are expected shortly. These are anticipated to further expand the footprint of this new high-grade showing. In addition, ongoing step-out drilling along strike from known zones is likely to generate new discoveries.

Time to Take Advantage is Now

Amex Exploration checks all the boxes that investors look for in an exploration play:

• 100% ownership of a large, prospective land package in a tier-1 mining jurisdiction
• Multiple new high-grade gold discoveries demonstrating district-scale potential
• Significant capital in the treasury to fund aggressive ongoing exploration
• Near-term catalysts from assay results at multiple zones
• Experienced management team with track record of success

Despite these attributes, Amex shares have retreated significantly from 2022 highs along with the overall bear market in mining stocks. However, the fundamental investment case continues to improve with each drill hole. For investors with a long-term horizon, current prices represent an excellent opportunity to gain exposure to a high-quality exploration story with dramatic discovery upside potential. As Cantore stated, "If you liked the Amex story before, you will love it now."

The Investment Thesis for Amex Exploration

High-grade

Amex Exploration is still in the early exploration stage at Perron, with less than 10% of the prospective ground systematically drilled. If ongoing exploration continues to discover new zones and expand known mineralization, there is dramatic upside potential for the size and scope of the gold system. Each new discovery increases the ultimate resource potential. Near-surface high grade mineralization is particularly impactful, as it could be developed into open pit mines. There have been very few significant new gold discoveries in recent years, so Amex's success at Perron makes it a standout opportunity.

Potential Acquisition Target as Project Grows

If Amex is successful at continuing to expand Perron through new discoveries, larger gold producers are likely to take notice. Majors are hungry to add new resources to replace depleting reserves. Perron's excellent location and proximity to infrastructure make it even more attractive. Investors can position themselves for significant gains in the event a major decides to take over Amex to gain control of this emerging district-scale opportunity. Amex would become a prime acquisition target if they are able to continue growing the resource base substantially.

Undervalued Compared to Peer Group

Despite its exploration success, Amex trades at a fraction of the valuation of other junior gold explorers in the sector. This disconnect presents an opportunity, as continued positive drill results could drive a significant re-rating. Investors are currently able to gain exposure for a relatively low capital outlay compared to companies at a similar stage. As the market recognizes Perron's potential and exploration derisks the project, Amex's valuation should move more in-line with peers. Getting in at the ground floor positions investors for disproportionate returns.

Proven Management Team

Amex Exploration is led by a proven management team with a track record of success and deep roots in the mining industry. This provides confidence in their ability to effectively explore and develop Perron. The technical team has demonstrated knowledge in unlocking the geological complexities that lead to major discoveries. The capital markets experience of the leadership team is also critical to fund ongoing exploration and drive investor returns. A high-caliber management team reduces the investment risk relative to speculative explorers led by unproven individuals.

Amex Exploration represents an attractive investment opportunity given the dramatic resource expansion potential at its Perron project, the company's strong financial position, and its proven team. Investors have the ability to gain exposure to a high-impact exploration story in a premier mining jurisdiction at a relatively undervalued level. For long-term investors, Amex Exploration offers an excellent risk/reward proposition.