Amex Exploration Wins Prestigious Discovery of the Year Award from the Quebec Mineral Exploration Association

Rhea-AI Summary

Amex Exploration (OTCQX: AMXEF) said it won the Discovery of the Year award from the Quebec Mineral Exploration Association for its Perron Gold Property in the Abitibi Greenstone Belt on October 31, 2025.

The company highlighted multiple high-grade zones (including Champagne) and provided a May 2025 Gold Mineral Resource Estimate of 1.615 million oz Measured & Indicated @ 6.14 g/t Au and 698,000 oz Inferred @ 4.31 g/t Au. An updated Preliminary Economic Assessment (September 2025, figures pre-tax at US$3,400/oz) shows an IRR 148.7%, NPV (5%) C$3.2 billion, cash flow C$5.1 billion and a 0.2 year payback.

Positive

• Measured & Indicated 1.615M oz @ 6.14 g/t Au (May 2025)
• Inferred 698,000 oz @ 4.31 g/t Au (May 2025)
• PEA IRR 148.7% (September 2025, pre-tax)
• PEA NPV (5%) C$3.2 billion and cash flow C$5.1 billion (pre-tax)

Negative

• PEA results are reported pre-tax, which may materially differ from after-tax economics
• 698,000 oz reported as Inferred, indicating lower geological confidence

Montreal, Quebec--(Newsfile Corp. - October 31, 2025) - Amex Exploration Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) ("Amex" or the "Company") is pleased to announce that it has been awarded the Discovery of the Year by the Quebec Mineral Exploration Association (QMEA) for its outstanding contribution to mineral exploration through the company's exceptional discovery on its Perron Gold Property, located in the Abitibi Greenstone Belt of northwestern Quebec.

This prestigious award recognizes a discovery that has generated a significant ripple effect in exploration activity, not only on the property itself but also across the surrounding region. The Discovery of the Year highlights projects that demonstrate strong continuity, geological significance, and compelling economic potential-criteria that the Perron Gold Project has decisively met.

"We are deeply honoured to receive this recognition from the QMEA," said Victor Cantore, President and CEO of Amex Exploration. "This award is a testament to the hard work, technical excellence, and vision of our entire exploration team. The Perron discovery continues to inspire renewed exploration interest throughout the Abitibi region, underscoring Quebec's world-class position as a premier mining jurisdiction."

The Perron Gold Property discovery has unveiled multiple high-grade gold zones, including the Champagne Zone which boast some of the highest-grade gold intercepts reported in Canada in recent years. These results have drawn attention from across the exploration community and have contributed to a surge in regional staking and investment.

Amex Exploration's ongoing drilling and exploration success at Perron continue to reveal a robust mineralized gold system with continuity and scalability. The project's economic potential and exploration upside have positioned it as one of Quebec's most promising gold discoveries in recent years.

The recent Preliminary Economic Assessment published by Amex Exploration highlights the project's economic potential with a Gold Mineral Resource Estimate (May 2025) of:

• 1.615 million ounces of Measured & Indicated @ 6.14 g/t Au in 8.18 MT
• 698,000 ounces of Inferred @ 4.31 g/t Au in 5.04 MT

The updated Preliminary Economic Assessment (PEA) (at US$3,400/oz gold, all number are Pre-tax) (September2025):

• IRR of 148.7%
• NPV (5%) of C$3.2 billion
• Cash flow of C$5.1 billion
• Payback period of only 0.2 years

"This award reflects the power of perseverance in exploration," added Cantore. "We are proud to contribute to the growth and vitality of Quebec's mining industry and look forward to advancing this exciting discovery towards production."

The Quebec Mineral Exploration Association (QMEA) annually presents the Discovery of the Year award to recognize excellence in exploration and the identification of new mineral resources that strengthen Quebec's mining future.

Qualified Person and QA&QC

Scientific and technical information presented in this news release was reviewed and approved by Stephen Coates, P. Eng. of Evomine Consulting Inc., an independent "Qualified Person" as defined in 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. On June 25, 2025, the MRNF converted the Perron claims from 117 to 135 contiguous claims, maintaining the same surface area of 45.18 km². The project 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 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 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, PEA results (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 under the "About Amex" paragraph and 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 SEDAR+ at 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/272712

FAQ

What did Amex Exploration (AMXEF) announce on October 31, 2025?

Amex announced it won the Discovery of the Year award from QMEA for its Perron Gold Property and highlighted resource and PEA metrics.

What is the Perron Gold Project resource for AMXEF (May 2025)?

The May 2025 estimate lists 1.615 million oz Measured & Indicated @ 6.14 g/t Au and 698,000 oz Inferred @ 4.31 g/t Au.

What are the key PEA economics for AMXEF's Perron (September 2025)?

PEA (pre-tax, US$3,400/oz) shows IRR 148.7%, NPV(5%) C$3.2B, cash flow C$5.1B, and 0.2 year payback.

Does the Perron PEA for AMXEF include after-tax figures?

No; the release states all PEA numbers are reported pre-tax.

Which high-grade zone at Perron did Amex highlight in the award announcement?

The company highlighted the Champagne Zone as one of the high-grade gold zones at Perron.