Amex Gold Mining Submits Project Notice for Perron Gold Mine to Quebec Regulators

• Filed the Project Notice for the Perron Gold Mine with Quebec's Ministère de l'Environnement, de la Lutte contre les changements climatiques, de la Faune et des Parcs (MELCCFP), formally opening the province's environmental assessment process
• Feasibility Study reports an after tax Net Present Value of $1.127 billion and an after tax Internal Rate of Return of 114.6%, based on a gold price of US$3,500 per ounce
• After tax payback period estimated at 0.5 years
• Planned average annual production of 147,000 ounces of gold at an All in Sustaining Cost of US$910 per ounce
• Fully permitted 40,000 tonne bulk sample programme continuing alongside the environmental review

Amex Gold Mining Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) is a Canada-based gold company focused on its 100% owned Perron Gold Project in northern Quebec, approximately 110 kilometres from Rouyn-Noranda. The project has produced high grade gold discoveries alongside copper-bearing volcanogenic massive sulphide zones across 183 claims covering 65.72 square kilometres. Combined with the neighbouring Perron West, Abbotsford and Hepburn projects in Ontario, Amex's total land package spans 570.94 square kilometres. The site has year round road access, is near an airport and the town of Normétal, and is located close to processing facilities operated by other gold producers in the region.

Project Notice Filed With Quebec MELCCFP, Formally Initiating Environmental Assessment Process for Perron Gold Mine

Amex has submitted the Project Notice for the proposed Perron Gold Mine to the MELCCFP, formally starting Quebec's environmental assessment process. The filing describes the proposed operation, including the underground mine design, surface infrastructure, environmental setting and overall project layout.

Following its review, the MELCCFP will issue a directive setting out the required scope of the Environmental Impact Assessment. Amex has already begun preparing this assessment through environmental baseline studies, engineering work and stakeholder engagement.

President and Chief Executive Officer Victor Cantore said:

"The submission of the Project Notice is another important step as we move toward developing one of Canada's premier high-grade gold projects. Responsible mine development begins long before construction. Our team has invested considerable effort in environmental studies, engineering and community engagement, and we look forward to continuing to work collaboratively with Indigenous communities, local stakeholders and government authorities as we advance Perron through the next stages of development."

Feasibility Study Highlighting After-Tax NPV of $1.127 Billion and 114.6% IRR at US$3,500/oz Gold With 0.5-Year Payback

The proposed mine is based on the Feasibility Study Amex released earlier this year, which outlines a high grade underground operation with processing at an existing regional mill rather than new processing infrastructure. The study estimates an initial capital cost of $193.9 million, with $68.1 million in revenue expected during the pre-production period.

Net Present Value (NPV) reflects the estimated value of a project's future cash flow in today's dollars, while Internal Rate of Return (IRR) measures the projected return on the capital invested. The Feasibility Study reports an after tax NPV of $1.127 billion and an after tax IRR of 114.6%, compared with a pre-tax NPV of $1.976 billion and pre-tax IRR of 160.4%. The after tax payback period, the time required to recover the initial capital investment, is estimated at 0.5 years. These figures are based on a gold price of US$3,500 per ounce and a Canadian to US dollar exchange rate of 1.38 to 1.

Phase 1 Proven and Probable reserves are estimated at 1,989 million tonnes grading 12.1 grams per tonne gold. The study projects average annual production of 147,000 ounces of gold at an All in Sustaining Cost, a measure of total cash operating and sustaining capital costs per ounce, of US$910 per ounce.

Parallel Advancement of 40,000-Tonne Bulk Sample Programme Supporting Future Mine Development

Alongside the environmental assessment process, Amex is continuing construction of its fully permitted 40,000 tonne bulk sample programme at Perron. The programme is proceeding under permits already in place, separate from the environmental assessment timeline.

The bulk sample is intended to generate geological, geotechnical, metallurgical and operational information. This information is expected to support future mine development and optimisation.

The bulk sample programme and the environmental assessment process are being carried out at the same time, with each following its own permitting and regulatory track.

Milestones and Next Steps

Following its review of the Project Notice, the MELCCFP will issue a directive specifying the scope of the Environmental Impact Assessment, which Amex has already begun preparing. The Project Notice is expected to be made publicly available by the MELCCFP once its administrative review is complete, after which Amex will post the document on its website under the Perron Project section. The 40,000 tonne bulk sample programme remains under construction in parallel with these regulatory steps.

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