Robust Economics In Sight for Amex Exploration’s High-Grade Gold Growth Story

• Amex Exploration has been actively drilling and expanding its high-grade gold zones, to publish an updated resource estimate and economic study in Q1 2024.
• A recent high-grade gold intercept of 47m at half an ounce per tonne was an unexpected discovery in an area not previously known to contain significant mineralization. This suggests potential for further high-grade discoveries.
• The company is fully financed through the completion of the resource update and economic study, with $14-16 million in cash.
• Multiple areas of exploration upside and "blue sky" potential exist on the property beyond the currently drilled zones.
• Amex has assembled an experienced technical team to deliver a robust resource and economic study that can showcase the project's potential.

About Amex Exploration

Amex Exploration Inc. is a Canadian mining company that has made noteworthy gold discoveries at its 100% owned high-grade Perron Gold Project in northwestern Quebec. The Perron Project consists of 117 contiguous claims encompassing 4,560 hectares located approximately 110 kilometers north of Rouyn-Noranda.

The project area is considered favorable for exploration and mining given its access to existing infrastructure, an all-season road, proximity to the town of Normetal (about 8 km away), and location near operational mills owned by other major gold producers.

Since acquiring the properties in January 2019, Amex Exploration has intersected substantial gold mineralization across multiple zones, suggesting the project hosts both high-grade and bulk tonnage-style gold opportunities. Additionally, copper-rich VMS-style mineralization has been discovered on the claims. Ongoing exploration work aims to further establish the size and scale of the gold and base metal resources present across the sizeable Perron land package.

Interview with President & CEO, Victor Cantore

With equities and commodities prices crushed in 2023, junior mining companies have faced significant market headwinds in advancing their projects. However, Amex Exploration remains well-positioned to continue expanding and de-risking its high-grade gold project in Quebec, Canada. In a December 2023 interview at the Mines and Money conference in London, Amex President & CEO Victor Cantore provided an update on recent results and the path forward in 2024.

Continued High-Grade Gold Discoveries

Amex Exploration has maintained an aggressive drill campaign focused on expanding its gold mineralization across the project. As Cantore highlighted, “We still had 8 drills turning” as of late November 2023, to incorporate all pending results into an updated resource estimate planned for release in Q1 2024. Significantly, in areas not previously thought to be mineralized, recent drilling intersected exceptionally high grades of “47 meters at half an ounce” of gold per tonne. While the full width of this mineralization is still unknown, it opens up substantial expansion potential in the broader area. Cantore emphasized that in the main high-grade zones, consistency has been maintained even after slicing through an internal rock unit, stating “We hit the other side right away and it didn’t shift...it shifted upwards a little bit but it was pretty much pretty much intact.” With over 400,000 meters drilled to date, Amex seems poised to deliver robust growth in their upcoming resource.

Fully Financed Through Economic Study

Despite volatile market conditions, Amex completed an oversubscribed $49.6 million equity financing in February 2022 that has provided a lengthy runway. As relayed by Cantore, the cash balance currently sits at “between $14 and $16 million” which covers costs associated with the resource update as well as a planned preliminary economic assessment study immediately thereafter. With mining studies underway in tandem with drilling, Cantore aims to publish economics on the project “as fast as we can...as soon as we possibly can” once the requisite drilling information is finalized. This focus on economics is intended to showcase potential value, as Cantore stated “not all ounces are created the same.” He remains confident that initial economics will support “an open pit to start with” focused around the exceptionally high-grade core.

Significant Exploration Upside

While active zones of high-grade mineralization will provide the basis for Amex’s initial mining studies, substantial exploration upside exists outside of these areas. Cantore highlights roughly 20 kilometers of prospective ground has seen little to no drilling, and the company continues working towards gaining land access for testing. One conceptual target area known as Greyhound was promising from early exploration work but has not yet been followed up. Once access is obtained after an extended delay, Cantore expressed confidence that “There’s more blue sky....I expect this to grow.” Combining expanding known mineralization with exploration upside across their large regional land package gives investors visible near and long-term growth.

“We're going to continue exploring and making discoveries and building this thing...we're going to make this thing as big as possible,” Cantore remarked when emphasizing the expansion of existing areas. This determination suggests a focus on maximizing economic potential well beyond the initial study results.

Additionally, on the long-term upside, Cantore stated: “There are about 20 kilometers of prolific faults that have been producing really good discoveries...we've touched 3.5 to 4 kilometers of it.” Highlighting the vast under-explored areas leaves the door open for major new revelations.

Experienced Technical Team Directing Growth

Supporting targeted expansion, Amex has partnered with various technical experts to systematically explore and evaluate results. Cantore touted “a technical team that’s working for us...2 mining engineers of great age in the sense they’re not too young not too old...” who bring practical knowledge on building prospective projects. Later he adds they have permitted many complicated projects in Quebec, and “a resource geologist which is probably one of the most conservative.” This expertise gives investors confidence in both growing resources and properly assessing economics. Their contributions will be vital in continuing to develop a flagship asset in a key Canadian mining jurisdiction.

With cash to support operations, Amex Exploration looks to be superbly positioned among junior gold developers. As Cantore stated, “There’s not too many of those in Canada at the moment” referring to 5 million ounce potential development projects. Their systematic exploration program continues generating high-grade results while the focus turns to economic evaluations over coming quarters. For investors, the accelerating news flow could prove a rewarding opportunity while the company remains financially stable. If gold prices rebound as macroeconomic conditions evolve, the upside for shovel-ready high-grade gold projects with expansion upside like Amex's could prove spectacular.

The Investment Thesis for Amex Exploration

• Recently expanded high-grade gold intercept of 64.75 g/t over 3.90 m indicates additional potential areas to grow existing resource base
• Upcoming preliminary economic assessment will provide initial guidance on economics - open pit potential could drive robust returns at current gold prices of around $2,000/oz
• Strong cash balance finances all planned work through 2024 without the need to raise additional capital in the current market environment
• Vast underexplored areas give a strong likelihood of further high-grade discoveries that continually increase project scale
• Location in mining-friendly Quebec limits political risk while proximity to infrastructure reduces potential capital costs

Amex Exploration represents:

• An advanced high-grade gold project with a compelling expansion upside
• Near-term milestones to outline economic potential
• Financial footing to avoid dilutive financings amid market volatility
• Technical expertise guiding systematic exploration and development

For risk-tolerant investors, securing a position ahead of increasing fundamental developments over the next 10-12 months could deliver exponential returns if execution continues. Site visits are recommended to witness extensive drilling activity and growth potential firsthand.