Amex Exploration Receives Key Permits for Perron Bulk Sample and Completes Financial Guarantee Requirement

Rhea-AI Summary

Amex Exploration (OTCQX: AMXEF) obtained ministerial authorizations and the Authorization for Impact Work to proceed with a 40,000-tonne underground bulk sampling program at the Perron gold project. The company also completed the financial guarantee required under Québec's Mining Act, enabling transition to execution.

Field prep starts in April with portal construction targeted for early summer 2026; long-lead orders and major tenders have been launched and a Phase 1 Feasibility Study (toll milling scenario) is expected in the coming weeks.

Positive

• Received required ministerial permits for the 40,000-tonne bulk sample
• Completed Québec Mining Act financial guarantee for site rehabilitation
• Field prep set to begin April with portal construction in early summer 2026
• Ordered long-lead items including a water treatment plant and electrical components
• Grade control assays include high-grade results: 312.60 g/t Au over 1.55 m

Negative

• Phase 1 contemplates a toll milling scenario, implying reliance on third-party processing

Montreal, Quebec--(Newsfile Corp. - March 30, 2026) - Amex Exploration Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) ("Amex" or the "Company") is pleased to announce that it has obtained the main required governmental authorizations for the execution of its 40,000 tonne underground bulk sampling program at the Perron gold project, located within the locality of Valcanton, near Normétal. Field preparatory work is planned to begin during the month of April, with the objective of initiating portal construction in early summer 2026.

These authorizations include, among others, the ministerial authorization issued by the Ministère de l'Environnement, de la Lutte contre les Changements Climatiques, de la Faune et des Parcs ("MELCCFP") and the Authorization for Impact Work (ATI) issued by the Ministère des Ressources naturelles et des Forêts ("MRNF").

In addition, the Company has completed the payment of the financial guarantee required under Québec's Mining Act for its rehabilitation and restoration plan. This guarantee is a critical component of the regulatory framework, ensuring that funds are secured upfront to fully restore the site upon completion of activities.

The receipt of these permits, combined with the completion of the financial guarantee, mark a key milestone in the advancement of the Perron project and allows the Company to fully transition into the execution phase of its 40,000-tonne bulk sampling program. Much of the infrastructure installed for this bulk sample program will support the Phase 1 production. Amex is on track to release the Phase 1 Feasibility Study, which contemplates a toll milling scenario, in the coming weeks.

Over the past several months, Amex has initiated several key critical path steps to accelerate the start of the bulk sample activities. Notably, the Company has proceeded with the ordering of long-lead items, including a water treatment plant, as well as electrical components required for the installation of the dedicated Hydro-Québec power line connecting the site to the existing grid.

In parallel, major tenders have been launched, including for the construction of the portal and the mining contract. Bids are expected in the coming days, positioning the Company for rapid contractor mobilization.

The Company has also initiated an extensive hiring process to support the execution of upcoming work, with several key positions currently being filled. This effort is aimed at establishing a strong operational team aligned with the project timeline.

Finally, Amex has started a grade control drill program for which results were published on February 18^th 2026, and February 26^th 2026. Grade control highlights to date include:

• 76.51 g/t Au and 7.57 g/t Ag over 6.40 m, including 312.60 g/t Au and 25.85 g/t Ag over 1.55 m at a vertical depth of ~200 m in hole PE-19-47W1.
• 110.05 g/t Au and 7.20 g/t Ag over 2.15 m, including 233.96 g/t Au and 14.90 g/t Ag over 1.00 m at a vertical depth of ~145 m in hole PE-26-894
• 52.36 g/t Au and 8.90 g/t Ag over 0.5 m at a vertical depth of ~130 m in hole PE-21-371W1

The grade control results published to date support the resource block model, thereby reducing execution risk of the bulk sample.

Victor Cantore, President and Chief Executive Officer of Amex Exploration, commented:
"Securing these authorizations is a decisive milestone that propels the Perron project into its next phase of execution. Our proactive preparation—through early procurement and tenders—positions us to move efficiently toward bulk sampling, confirming the project's potential and enhancing long-term value for shareholders and communities alike."

Qualified Person and QA/QC

The scientific and technical information contained in this press release has been reviewed and approved by Stephen Coates, P.Eng., and by Jérôme Augustin, P.Geo. Ph.D., (OGQ 2134), both independents 'Qualified Persons' as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects (the 'Qualified Person').

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 65.75 km². The project hosts both bulk-tonnage and high-grade gold mineralization styles.

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 502.53 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
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 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/290431

FAQ

What permits did Amex (AMXEF) receive for the Perron 40,000-tonne bulk sample on March 30, 2026?

Amex received ministerial authorizations including MELCCFP approval and an ATI from MRNF to proceed. According to the company, these permits clear regulatory hurdles for the 40,000-tonne underground bulk sampling program and site execution.

When will Amex (AMXEF) start field work and portal construction at Perron in 2026?

Field preparatory work is planned to begin in April 2026, with portal construction targeted for early summer 2026. According to the company, early procurement and tenders position the project for rapid contractor mobilization.

What is the significance of Amex (AMXEF) completing the financial guarantee under Québec's Mining Act?

Completing the financial guarantee secures funds for site rehabilitation and legal compliance before work starts. According to the company, this fulfills a critical regulatory requirement enabling the transition into execution of bulk sampling activities.

How do Amex's (AMXEF) grade control results support the Perron bulk sample program?

Grade control results include very high assays that support the resource block model and reduce execution risk. According to the company, highlights like 312.60 g/t Au over 1.55 m validate targeting and bulk sample planning.

Will Amex (AMXEF) process Perron ore on-site or use toll milling for Phase 1?

Phase 1 contemplates a toll milling scenario rather than on-site milling. According to the company, the upcoming Phase 1 Feasibility Study outlines a toll milling approach and is expected in the coming weeks.