Amex Reports High-Grade Results from Geomechanical Drilling at Perron Project

• Drillhole PEGT-25-001 returned 213.11 g/t gold over 3.75 metres, including 1,106.50 g/t gold over 0.50 metres, the highest grade assay recorded on the property to date
• Three-hole geomechanical programme characterised rock mass at the Champagne Zone, with preliminary analyses indicating a Q' value of 11 in the rhyolite
• Rock strength testing showed average unconfined compressive strength of 116 MPa in rhyolite and 71 GPa Young's modulus
• Drillholes were designed primarily to gather rock mechanics data across planned stoping areas, with whole core samples sent for analysis
• Phase 1 Feasibility Study continues with hydrogeology, geochemical analysis, and environmental studies in progress

Amex Exploration Inc. (TSXV: AMX) is a mineral exploration company developing its Perron Gold Project in northwestern Quebec's Abitibi region. The company holds 135 contiguous claims covering 45.18 square kilometres, approximately 110 kilometres north of Rouyn-Noranda. The project includes gold and copper-rich volcanogenic massive sulphide zones. Combined with the adjacent Perron West Project, the total land package spans 197.52 square kilometres. The property has year-round road access and is located eight kilometres from the Town of Normétal.

Geomechanical Drill Programme Results

The three-hole geomechanical drilling programme was conducted to characterise rock mass properties within the Champagne Zone as part of the Phase 1 Feasibility Study. The drillholes were oriented to intercept key structures and lithological units rather than to target mineralised zones specifically. Hole PEGT-25-001, drilled to the northeast, intersected 25.19 g/t gold over 32.80 metres at approximately 200 metres vertical depth, which included 213.11 g/t gold over 3.75 metres.

The decision to analyse whole core rather than split core was made due to sufficient existing analytical data in surrounding areas. Whole core analysis provides a different representation of mineralisation compared to split core sampling. Hole PEGT-25-003, drilled to the southeast, returned 3.59 g/t gold over 11.70 metres at approximately 420 metres vertical depth, including 58.28 g/t gold over 0.70 metres. Hole PEGT-25-002, drilled to the north through the central stoping area, intersected 0.74 g/t gold over 11.85 metres.

The drillholes were positioned to intercept the western, central, and eastern portions of the planned stoping area. PEGT-25-001 transected the S1 fault, PEGT-25-002 crossed the S2 fault, and PEGT-25-003 intersected the I3B diabase intrusion and the Main and S1 fault intersection. Visible gold was observed in quartz-carbonate-sulphide veins hosted in the Beaupré rhyolite across the three holes.

Rock Mass Characterisation Data

Rock mass classification established preliminary Q' values with a mode of 11 for the rhyolite. Highly fractured intervals were noted at some contacts between the gabbro and rhyolite, typically under one metre in thickness, though this was not systematic. The Main Fault showed association with highly fractured ground over a few metres thickness.

Strength testing indicated the rhyolite averaged 116 MPa in unconfined compressive strength and 71 GPa in Young's modulus. The I3B diabase dyke showed higher values, averaging 334 MPa compressive strength and 100 GPa Young's modulus. The company noted that mitigation measures will be integrated into the mining sequence to address stress concentration in more rigid units.

Televiewer surveying was conducted in the three geomechanical drillholes and 17 additional holes from 2019 to 2021. The surveys identified a dominant north-south trending subvertical joint set, a northwest-southeast steeply dipping set, a northeast-southwest subvertical joint set, and a horizontal joint set at depths less than 200 metres. The rock mass characterisation data will be used for rock mechanics assessments supporting mine design and will feed into numerical stress modelling.

Phase 1 Feasibility Study Status

The Phase 1 Feasibility Study is progressing with the geomechanical drilling programme now complete. The data collected will inform stope dimension planning for Phase 1 operations, which will determine mining rates for the project. The company stated that hydrogeology studies, geochemical analysis of ore and waste material, and environmental studies are in progress.

The feasibility study follows the Preliminary Economic Assessment released in September 2025, which outlined a toll milling scenario for the Champagne Zone. The company referenced this PEA in discussing the planned stoping areas and operational approach. The current study aims to advance technical understanding of the deposit and operational parameters.

The Perron Project's location provides access to existing infrastructure, including year-round road access and proximity to processing plants operated by other gold producers in the region. The Champagne Zone mineralisation occurs in rhyolite at depths ranging from approximately 200 to 430 metres vertical depth based on the geomechanical drilling results.

Next Steps

The company is continuing work on the Phase 1 Feasibility Study, with multiple technical studies in progress. The geomechanical data will be incorporated into mine design parameters and stress modelling. Additional assessments covering hydrogeology, geochemistry, and environmental factors are ongoing. The feasibility study will build on the September 2025 PEA framework for the Champagne Zone toll milling operation.

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