Amex Exploration - Unveiling its High-Grade Gold Project with Upcoming Resource & Economic Study

• Amex Exploration's high-grade Perron gold project in Quebec shows promising potential with continuous high-grade gold zones
• Metallurgical work indicates high gold recovery rates (95%+) achievable through simple processing methods
• Upcoming mineral resource estimate and preliminary economic assessment will provide key project metrics
• Additional exploration upside with 20+ km of prospective faults and favorable geology
• Amex is well-funded to deliver near-term milestones and continue exploration and is a potential M&A target

Amex Exploration (TSXV:AMX) presents a compelling story of gold exploration and development in Quebec's Abitibi region, home to some of Canada's most prolific gold mining camps. With a high-grade gold discovery at its Perron project, upcoming catalysts, and significant exploration upside, Amex offers investors an attractive opportunity to gain exposure to a potential new gold district.

Amex's High-Grade Gold Discovery

The Perron project's value proposition centers around the high-grade gold zones Amex has delineated through drilling. Highlight intercepts include 4.30 m of 23.81 g/t, 6.55 m of 9.57 g/t and numerous other 10+ g/t gold intercepts. Importantly, this high-grade mineralization shows good continuity.

President & CEO Victor Cantore comments, "It's really high grade, and it's quite continuous. It's not spotty; it's coming in continuous, which makes a big difference. That's what makes this deposit really special."

These characteristics are highly attractive from a mining perspective. The continuous, sub-vertical geometry of the high-grade zones represents what Cantore calls "a mining engineer's dream." It opens the door to efficient, low-cost underground bulk mining methods.

Interview with President & CEO, Victor Cantore

Upcoming Resource & Economic Study

To demonstrate the economic potential of Perron, Amex is working towards delivering a mineral resource estimate (MRE), followed by a preliminary economic assessment (PEA).

The MRE will provide the market with a first look at the deposit's potential size and grade. Importantly, it will incorporate multiple high-grade zones that have been connected into continuous mineralized trends through drilling. This includes the recent merging of three separate zones into one larger zone, which is expected to enhance the economics.

Following the MRE, the PEA will lay out the anticipated mining and processing scenario and provide key economic metrics like Capex, Opex, NPV and IRR. Metallurgical testing shows the gold is amenable to simple, low-cost processing methods with high recovery rates. Initial met work on the high-grade core returned 99% gold recovery just using gravity separation. Subsequent testing on the broader mineralized package achieved 95% recovery using a gravity-flotation-cyanidation flowsheet.

"The Opex will be much more favorable than other projects," notes Cantore. "It's not just high grade; it's also a high-quality deposit."

Exploration Upside

While the MRE and PEA will represent major milestones, they are still only snapshots of a project offering considerable exploration upside. Perron hosts over 20 km of gold-bearing faults, with most of the drilling focused on just 5 km of strike to date.

Additionally, the most prospective geological setting for gold discoveries - the volcanic rocks to the south - remains largely untested.

"That land mass is bigger than the area where we've been finding the gold," explains Cantore. "50% of world-class deposits are found in sedimentary rock like at Perron, which looks like it's going to be a world-class deposit."

With five drills turning and a healthy treasury, Amex is well-positioned to continue growing the Perron discovery in the near term and the longer term.

Potential M&A Target

As Amex advances and de-risks Perron, it will likely attract attention as a potential acquisition target. Neighboring projects like Osisko's Windfall and Eldorado's Lamaque demonstrate the Abitibi's attractiveness for larger gold producers. Amex has a strategic investor in Eldorado Gold, which owns 9.9% of the company.

The 2022 acquisition of Great Bear Resources by Kinross Gold for C$1.8B (US$29M per 1M oz gold) shows the potential for high-grade Canadian gold explorers to command premium valuations.

"There's going to be a lot more M&A happening in the industry," remarks Cantore. "We're trying to make this as big as possible."

In summary, Amex Exploration offers investors a unique opportunity to gain exposure to a high-grade Canadian gold story with both near-term catalysts and long-term upside. With a potential world-class discovery emerging at Perron, a highly prospective land package, and a proven team at the helm, Amex is well-positioned to create significant shareholder value. The upcoming MRE and PEA should help crystallize the value of the Perron project and set the stage for Amex's next growth chapters.

The Investment Thesis for Amex Exploration

• High-grade gold discovery in a Tier-1 jurisdiction (Quebec, Canada)
• Continuous zones of 10+ g/t gold with underground bulk mining potential
• Simple, low-cost processing with 95%+ met recoveries
• Upcoming MRE and PEA to demonstrate project economics
• Significant exploration upside with 20+ km of prospective strike and untested targets
• Well-funded to deliver near-term catalysts and continue aggressive exploration
• Strategic investment from Eldorado Gold (9.9% ownership)
• Attractive potential acquisition target in a strong gold price environment

Macro Thematic Analysis

The current high gold price environment, driven by economic uncertainty, inflation concerns and geopolitical tensions, is highly favorable for gold exploration and development stories like Amex. With the gold price north of $2300/oz, the economic potential of high-grade, low-cost ounces like those at Perron is amplified.

At the same time, large gold producers are struggling to replace their depleted reserves, making M&A an increasingly important growth avenue. Assets like Perron, with multi-million ounce potential in Tier-1 jurisdictions, are rare and sought-after commodities. Eldorado's strategic investment in Amex is a strong vote of confidence and could position it as a natural acquirer.

As upcoming catalysts like the MRE and PEA help crystallize this value, Amex could be poised for a significant re-rating. The company is well-funded to deliver these milestones, and five drills are turning to drive further discovery.

With a world-class asset, upcoming catalysts, and significant exploration upside, Amex is well-positioned to emerge as Quebec's next big gold story.