Amex Exploration Perron Gold Project Reports 70% IRR in Updated Economic Assessment

• Post-tax IRR of 70.1% and NPV of C$1.09 billion at US$2,500/oz gold price
• Two-stage production approach reduces initial capital to net C$77.5 million
• 17.5-year mine life producing 1.68 million ounces with 95,000 oz annual average
• All-in sustaining costs of US$1,061/oz
• Strategic location near existing processing facilities in Quebec's Abitibi region

Amex Exploration Inc. (TSXV: AMX) is a Canadian mineral exploration company that has made high-grade gold discoveries at its wholly-owned Perron Gold Project, located approximately 110 kilometres north of Rouyn-Noranda, Quebec. The company holds 117 contiguous claims covering 45.18 square kilometres, hosting both bulk-tonnage and high-grade gold mineralisation styles.

Combined with the adjacent Perron West Project, the consolidated land package spans 197.52 square kilometres within geology favourable for gold and volcanogenic massive sulphide mineralisation. The project benefits from year-round road access, proximity to an airport, and location approximately eight kilometres from the Town of Normétal.

Economic Performance and Financial Metrics

The updated Preliminary Economic Assessment shows a post-tax NPV of C$1,085 million at US$2,500/oz gold and a 70.1% after-tax IRR with a 1.4-year payback period. The project generates cumulative post-tax free cash flow of C$1.77 billion over the 17.5-year mine life. Total taxes payable over the mine life are estimated at C$1.24 billion at the base case gold price.

At spot gold prices of US$3,400/oz, the assessment shows an after-tax NPV of C$1,841 million and IRR of 107.6% with a 0.4-year payback period. The financial analysis demonstrates sensitivity to gold price movements, with the post-tax NPV ranging from C$219 million at US$1,500/oz to C$2,340 million at US$4,000/oz.

Operating costs are estimated at US$891 per ounce over the mine life, with all-in sustaining costs of US$1,061 per ounce. The cost structure reflects the high-grade nature of the mineralisation, averaging 5.07 grams per tonne gold over the mine life, and the proximity to existing infrastructure in the Abitibi region.

Two-Stage Production Strategy and Development Plan

Phase 1 involves a four-year toll milling operation processing 1,000 tonnes per day through existing facilities in the Abitibi region. The initial capital expenditure is estimated at C$146.1 million, offset by C$68.6 million in pre-production revenues for a net initial capital of C$77.5 million. This phase targets average annual production of 102,000 ounces at grades averaging 10.07 grams per tonne.

Phase 2 transitions to owner-operated production with an on-site 2,000 tonnes per day processing facility requiring growth capital of C$191.6 million. This phase extends production for 13 years, processing material at average grades of 4.32 grams per tonne and producing an average of 93,000 ounces annually. CEO Victor Cantore stated that the staged approach "minimises permitting and technical risk, reducing upfront capital and enabling early cash flow."

The mine plan includes both underground and open pit operations. Underground mining utilises longitudinal longhole stoping with cemented rockfill, whilst seven open pits will be mined using conventional truck and shovel methods. The mined-out pits will subsequently store tailings from the on-site mill during Phase 2, avoiding the construction of a traditional tailings management facility.

Resource Base and Infrastructure Requirements

The mine plan draws from measured and indicated resources of 8.18 million tonnes grading 6.14 grams per tonne for 1.61 million ounces, plus inferred resources of 5.04 million tonnes at 4.31 grams per tonne containing 698,000 ounces. The resource estimate is based on 1,807 drill holes totalling 608,492 metres of drilling across 115 wireframes.

Infrastructure requirements include construction of a 6.5-kilometre 25kV transmission line, surface water management facilities, underground mine portals, and mineralized material loading facilities for Phase 1. Phase 2 additions include the processing plant complex, maintenance facilities, and additional water management systems. No accommodation camp is required given the local labour pool.

The project will require environmental impact assessment and various provincial and federal permits before construction. Environmental baseline studies are ongoing, and the company plans to establish stakeholder consultation committees by the end of 2025. The Abitibiwinni First Nation has been engaged throughout the development process as the project is located on part of their ancestral territory.

Development Timeline and Next Steps

Amex is conducting environmental and social scoping studies to support the permitting process. Surface exploration continues across the expanded land package, with soil sampling and prospecting programs underway on Perron West to define drilling targets for a maiden program planned in 2026. Structural geology work is nearing completion on a detailed 3D lithostructural model to guide future drilling at both properties.

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