Amex Exploration Outlines Low-Cost, High-Grade Production Pathway for the Perron Gold Mine

• Average annual gold production of 147,000 ounces over five years of Phase 1 commercial operations at an all-in sustaining cost (AISC) of USD$910 per ounce
• Post-tax net present value (NPV) of CAD$1.13 billion with an after-tax internal rate of return (IRR) of 114.6%, based on a gold price assumption of USD$3,500 per ounce
• Total Proven and Probable mineral reserves of 774,000 ounces at an average grade of 12.1 grams per tonne (g/t), all sourced from the high-grade Champagne Zone
• Initial capital expenditure of CAD$193.9 million, with a projected after-tax payback period of 0.5 years from the start of commercial production
• A toll milling approach, which uses existing third-party processing facilities instead of building a new mill, is designed to de-risk the project, simplify the permitting process, accelerate time to revenue, and minimise shareholder dilution

Amex Exploration Inc. (TSXV: AMX | FSE: MX0 | OTCQX: AMXEF) is a Canada-based junior mining company whose principal asset is the 100%-owned Perron Gold Project, located approximately 110 kilometres north of Rouyn-Noranda, Québec. The company has identified significant high-grade gold discoveries alongside copper-rich volcanogenic massive sulphide (VMS) zones across the property. When combined with adjacent holdings in Ontario, the consolidated land package spans a district-scale 618.53 km², situated in geology considered highly favourable for both high-grade gold and VMS mineralisation. The project is accessible by a year-round road, located 30 minutes from an airport, approximately 6.5 kilometres from the Town of Normétal, and in close proximity to several processing plants owned by major gold producers.

Positive Phase 1 Feasibility Study Results

The Phase 1 feasibility study (FS), announced on 13 April 2026, confirms the economic viability of the Perron Gold Mine under a staged, lower-capital development model. At a base-case gold price of USD$3,500 per ounce and a CAD/USD exchange rate of 1.38, the project generates a post-tax NPV of CAD$1.13 billion, discounted at 5%, alongside an after-tax IRR of 114.6%. The NPV represents the estimated present value of all future cash flows the project is expected to generate, while the IRR reflects the annualised return on invested capital. The after-tax payback period is 0.5 years from the commencement of commercial production.

The project's returns vary with the gold price. At spot prices of USD$4,750 per ounce, as of 9 April 2026, the post-tax NPV rises to CAD$1.71 billion with an IRR of 152.2%, and the payback period shortens to 0.4 years. A sensitivity analysis shows the project also returns a post-tax NPV of CAD$427 million and an IRR of 56.9% at a gold price of USD$2,000 per ounce, with results improving incrementally at each price point up to USD$6,000 per ounce.

President and CEO Victor Cantore stated: 

"This feasibility study clearly establishes Perron as a low-cost producer, high-grade gold project with a rapid and capital-efficient path to production. Our Phase 1 strategy is built on leveraging existing infrastructure in the Abitibi region via a toll milling approach, enabling a lower-risk, capital-efficient pathway to accelerated production while minimizing shareholder dilution." 

The AISC of USD$910 per ounce covers all costs required to produce an ounce of gold, including ongoing capital spending. According to the company, this cost structure places the project in the bottom quartile of the global gold cost curve, attributed to the high-grade nature of the mineralised material and the continuity and geometry of the ore body.

Proven and Probable Mineral Reserves and Toll Milling Strategy

The feasibility study is underpinned by total Proven and Probable mineral reserves of 1,989 kilotonnes at an average grade of 12.1 g/t, containing approximately 774,000 ounces of gold. Proven reserves account for 346,000 tonnes at 12.12 g/t for 135,000 ounces, while Probable reserves account for 1,643,000 tonnes at 12.10 g/t for 639,000 ounces. These reserves are drawn entirely from the Champagne Zone and reflect material classified under Canada's two highest-confidence resource categories, after accounting for mining dilution and recovery.

Phase 1 is designed as a toll milling operation, whereby ore is transported from the mine site to an existing third-party processing facility in the Abitibi region, where numerous processing plants are currently in operation, rather than constructing a new on-site mill. This reduces the amount of upfront capital required and eliminates the need to permit and build a new processing plant. Amex has entered into a non-binding letter of intent and is in discussions with multiple facility operators for a formal agreement. Several of these facilities are already permitted for third-party processing. Metallurgical testing managed by Soutex, a Québec-based mineral processing consultant, found no significant processing issues with Perron material, and gold recovery has been estimated at 97.0%.

The operating cost structure reflects the toll milling model. Processing is estimated at CAD$61.50 per tonne, while ore transport, based on an assumed distance of 160 kilometres to the processing facility, adds approximately CAD$50 per tonne. Combined with underground mining and site-level costs, total operating expenditure amounts to CAD$348.80 per tonne milled, or USD$675 per ounce produced before sustaining capital. 

President and CEO Victor Cantore added: 

"With average annual gold production of 147,000 ounces at an industry-leading all-in sustaining cost of USD$910 per ounce, Perron delivers very high margins and powerful cash flow generation from the outset. The project's strong economics position it among the most compelling development opportunities in our sector."

Staged Development Approach and Future Growth

Phase 1 consists of a two-year pre-production build followed by five years of commercial underground mining and toll milling at a daily processing rate of 1,100 tonnes. The underground mine will reach a maximum depth of approximately 1,385 metres, operating around the clock under a mining contractor managed by Amex. Initial capital expenditure is estimated at CAD$193.9 million, which includes CAD$20.6 million in indirect costs and a contingency of CAD$16.8 million. During the pre-production period, approximately CAD$68.1 million in revenue is expected to be generated from ore extracted before full commercial production rates are reached.

While Phase 1 is underway, the company intends to advance planning for Phase 2, which envisions a combination of additional underground and open-pit mining alongside the construction of an on-site processing mill. Phase 2 would draw on the broader 2.3 million ounce resource reported in May 2025. The September 2025 preliminary economic assessment indicated a potential mine life of approximately 17 years when the full resource base is considered. The feasibility study supersedes both the 2025 resource estimate and the 2025 preliminary economic assessment, which are no longer considered current or indicative of the project's economic viability.

Beyond the current mine development plan, Amex holds a consolidated land package of 618.53 km² spanning roughly 70 kilometres of geological strike across Québec and Ontario. Exploration activities are continuing on this ground, which the company describes as lying within geology favourable for both high-grade gold and VMS mineralisation, the latter referring to a type of base and precious metal deposit formed in ancient volcanic seafloor environments. Any new discoveries within this land package could expand the company's overall resource base and inform future phases of production beyond Phase 2.

Milestones and Next Steps

With the Phase 1 feasibility study complete, Amex's near-term focus includes finalising a toll milling agreement with a processing partner, advancing the environmental assessment required under Québec's regulatory framework, and securing the necessary provincial and federal permits for site construction. The company recently received all permits required for a 40,000-tonne bulk sample programme. In parallel, a 15,000-metre drill programme has commenced at the Perron West property in Ontario. First revenue from Phase 1 commercial production is targeted for 2028.

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