Montreal, Quebec–(Newsfile Corp. – May 28, 2026) – Amex Exploration Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) (“Amex” or the “Company“) is pleased to announce that it has filed on SEDAR+ the independent National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) technical report supporting the results of the Phase 1 Feasibility Study (“FS”) for its wholly-owned Perron Gold Project located in the Abitibi region of Québec, Canada. Report results were previously announced in AMEX’s news release dated April 13, 2026.
The Qualified Persons (“QPs”) for this Technical Report are the following:
- Antoine Yassa, P. Geo., of P&E Mining Consultants Inc.
- Jérôme Augustin, P. Geo., Ph.D., of Laurentia Exploration Inc.
- Stephen Coates, P. Eng., of Evomine Consulting Inc.
- Alexandre Burelle, P. Eng., of Evomine Consulting Inc.
- Amélie C. Ouellet, P. Eng., of A2GC LP
- Michael Verreault, P. Eng., of Hydro-Ressources Inc.
- Pierre Roy, P. Eng., of Soutex Inc.
- Denys Vermette, P. Geo., of Norda Stelo Inc.
The technical report, entitled “NI 43-101 Technical Report and Feasibility Study for the Perron Mine, Québec, Canada”, has an effective date of March 31, 2026 and was prepared in accordance with NI 43-101 by independent consultants from P&E Mining Consultants Inc., Laurentia Exploration Inc., Evomine Consulting Inc., A2GC LP, Hydro-Ressources Inc., Soutex Inc. and Norda Stelo Inc.
Highlights of the Phase 1 Feasibility Study include:
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Proven and Probable Mineral Reserves of 1.989 million tonnes grading 12.1 g/t gold, containing approximately 774,500 ounces of gold;
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Average annual gold production of approximately 147,000 ounces over a five-year mine life;
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Post-tax Net Present Value (5%) of C$1.13 billion;
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Post-tax Internal Rate of Return of 114.6%;
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Initial capital cost of C$193.9 million, gross of C$68.1 million in pre-production revenue;
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Payback period of approximately 0.5 years from commencement of commercial production;
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Life-of-mine all-in sustaining cost (“AISC”) of US$910 per ounce of gold.
The Phase 1 development strategy contemplates underground mining at a rate of 1,100 tonnes per day and processing through existing permitted milling capacity in the Abitibi region under a toll milling arrangement. This approach significantly reduces initial capital requirements while accelerating the path toward production and cash flow generation.
The full Report entitled “NI 43-101 Technical Report and Feasibility Study for the Perron Mine, Québec, Canada” can be found on SEDAR+ (www.sedarplus.ca).
Scientific and technical information presented in this news release was reviewed and approved by Alexandre Burelle, P. Eng., an independent “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (the “Qualified Person“).
Non-IFRS Financial Measures
The Company has included certain non-IFRS financial measures in this news release, such as initial capital cost, sustaining capex, and AISC, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. As a result, these measures may not be comparable to similar measures reported by other corporations. Each of these measures used are intended to provide additional information to the user and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Non-IFRS financial measures used in this news release and common to the gold mining industry are defined below.
AISC and AISC per Ounce
AISC is reflective of all of the expenditures that are required to produce an ounce of gold from operations. AISC reported in the FS includes total cash costs, sustaining capital, closure costs and salvage, but excludes corporate general and administrative costs. AISC per ounce is calculated as AISC divided by payable gold ounces.
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 Perron Project in Quebec consists of 183 contiguous claims for a surface area of 65.72 km². The project hosts several zones of high-grade gold mineralization, VMS mineralization and ‘hybrid’ gold-rich VMS mineralization.
When combined with the adjacent and contiguous Perron West Project and Abbotsford and Hepburn Projects (including additional claims acquired through staking) in Ontario, the consolidated land package spans a district-scale 570.94 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 30 minutes from an airport, and approximately 6.5 km from the Town of Normétal. It is also in close proximity to several process plants owned by major gold producers.
For further information, please contact:
Victor Cantore
President and Chief Executive Officer
victor.cantore@amexexploration.com
Amex Exploration: +1-514-866-8209
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 statements of historical fact, contained in this News Release including, but not limited to those describing the impact of the foregoing on the Perron Gold Project economics, results of the feasibility study for the Phase 1 development of the Perron Gold Project announced by Amex Exploration Inc. (“Amex” or the “Company”) on April 13, 2026 (the “Feasibility Study” or “FS”) (as such results are commented in the text of this News Release), including CAPEX, OPEX, NPV and IRR, the estimated value of the Perron Gold Project, operations development scenarios for the Perron Gold Project, commercial and technical parameters, the attractive economics for the Perron Gold Project, LOM plans, the Company’s intended marketing strategy, market trends, future gold prices, the impact of the Perron Gold Project on the local communities, including job creation, the projected annual production of the Company’s operations, the timelines and costs related to the various initiatives, deliverables and milestones described in this News Release and their expected results, the Company’s expected financial and operational performance, the nature of relationships with stakeholders such as the local community including the Abitibiwinni First Nation, Mineral Resource estimates (including assumptions and estimates used in preparing the Mineral Resource estimates), the general business and operational outlook of the Company, the Company’s future growth and business prospects, and those statements which are discussed elsewhere in the News Release which essentially describe the Company’s outlook and objectives, constitute “forward-looking information” or “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws, and are based on expectations, estimates and projections as of the time of this News Release. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Moreover, these forward-looking statements were based upon various underlying factors and assumptions, including the business relationship between the Company and its stakeholders, the ability to operate in a safe and effective manner, the timely delivery and installation at estimated prices of the equipment supporting the production, assumed sale prices for gold, the accuracy of any Mineral Resource estimates, future currency exchange rates and interest rates, political and regulatory stability, prices of commodity and production costs, the receipt of governmental, regulatory and third party approvals, licenses and permits on favourable terms, sustained labour stability, stability in financial and capital markets, availability of equipment and critical supplies, spare parts and consumables, various tax assumptions, CAPEX and OPEX estimates, the Perron Gold Project permits’ status, all economic and operational projections relating to the project, local infrastructures, the Company’s business prospects and opportunities and estimates of the operational performance of the equipment, and are not guarantees of future performance.
Forward-looking statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Risk factors that could cause actual results or events to differ materially from current expectations include, among others, delays in the scheduled delivery times of equipment, the ability of the Company to successfully implement its strategic initiatives and whether such strategic initiatives will yield the expected benefits, the availability of financing or financing on favorable terms for the Company, the dependence on commodity prices, the impact of inflation on costs, the risks of obtaining the necessary permits, the operating performance of the Company’s assets and businesses, competitive factors in the gold mining and production industry, changes in laws and regulations affecting the Company’s businesses, political and social acceptability risk, environmental regulation risk, currency and exchange rate risk, technological developments, and general economic conditions, as well as earnings, capital expenditure, cash flow and capital structure risks and general business risks. A further description of risks and uncertainties can be found in the Company’s annual Management’s Discussion and Analysis, including in the section thereof captioned “Risk Factors”, which is available on www.sedarplus.ca. Unpredictable or unknown factors not discussed in this Cautionary Note could also have material adverse effects on forward-looking statements.
Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. The Company disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.
