CEO.CA Chairman's Briefing

Montreal, Quebec--(Newsfile Corp. - September 30, 2025) - Amex Exploration Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) ("Amex" or the "Company") is pleased to announce that the company has commenced work on the Feasibility Study ("FS") for the first phase of its envisaged operation as outlined in the recently released updated Preliminary Economic Study ("PEA") (please see press release dated September 04, 2025) on the Perron gold project (the "Project"), located near the towns of Normétal and Valcanton in the province of Quebec, Canada.

The Feasibility Study, expected to be completed by Q1 2026, will cover Phase 1 of the Project and envisage the following mining scenario as presented in the above referenced PEA:

• A four- to five-year 1,000 tonnes per day (t/d) contract mining, toll-milling operation located in the Abitibi region, leveraging the area's existing infrastructure and multiple operating processing plants;

• A low initial capital cost estimate of $146.1M, which is partially offset from pre-production revenues of $68.6M for a net Initial CAPEX of $77.5M;

• Average annual gold production exceeding 100,000 oz gold (Au) with an All in Sustaining Cost (AISC) of US$1,165/oz Au;

• An average diluted head grade of 10.07 grams per tonne (g/t).

Victor Cantore, President and CEO of Amex Exploration commented, "Following the robust economics outlined in our recent PEA, we have made the strategic decision to advance directly to a full Feasibility Study for the Perron Asset. Focusing only on Phase 1 of the project will accelerate the project development, positioning AMEX as a near term producer."

Cantore continued, "Given the strong technical and economic parameters demonstrated in the PEA, we are confident that the Feasibility Study will position us to move swiftly into the permitting phase, as well as secure project financing and advance toward development."

Amex will be collaborating with various Quebec based consulting firms to construct the Feasibility Study on the Perron Project, including Evomine Consulting Inc., Norda Stelo, Soutex Inc., A2GC and Hydro Ressources.

A second Feasibility Study for Phase 2 production will commence at a later date. The staged production strategy derisks the project, simplifies the permitting process, accelerates time to revenue (targeting 2028) and minimizes shareholder dilution, with Phase 2 mine construction financed from free cash flow generated during Phase 1 production.

Qualified Persons

The technical information in this news release has been reviewed and approved by Aaron Stone, P. Geo. (OGQ 2170 and PGO 3708) for the Perron West Project in Ontario and Jérôme Augustin P.Geo. Ph.D., (OGQ 2134) for the Perron Project in Quebec (collectively, the "Qualified Persons").

About Amex

Amex Exploration Inc. has made significant high-grade gold discoveries, along with copper-rich volcanogenic massive sulphide (VMS) zones, at its 100%-owned Perron Gold Project, located approximately 110 kilometres north of Rouyn-Noranda, Quebec. The project comprises 117 contiguous claims (45.18 km²) and hosts both bulk-tonnage and high-grade gold mineralization styles.

When combined with the adjacent Perron West Project-which includes 48 claims (17.37 km²) in Quebec and 35 claims (134.55 km²) in Ontario-the consolidated land package spans a district-scale 197.52 km². This extensive property lies within highly prospective geology favourable for both high-grade gold and VMS mineralization.

The project benefits from excellent infrastructure: it is accessible by a year-round road, located just 20 minutes from an airport, and approximately 8 km from the town of Normétal. It is also in close proximity to several milling operations owned by major gold producers.

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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements

This news release contains forward-looking statements. All statements, other than of historical facts, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, planned exploration programs, the expected positive exploration results, the extension of mineralized zones, the timing of the exploration results, the ability of the Company to continue with exploration programs, the availability of the required funds to continue with the exploration and the potential mineralization or potential mineral resources are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "to earn", "to have', "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to meet expected, estimated or planned exploration expenditures, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, general business and economic conditions, changes in world gold markets, sufficient labour and equipment being available, changes in laws and permitting requirements, unanticipated weather changes, title disputes and claims, environmental risks as well as those risks identified in the Company's annual Management's Discussion and Analysis. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described and accordingly, readers should not place undue reliance on forward-looking statements. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/268497