Amex Starts Permitting Dedicated Hydro-Québec Power Connection for its Perron Project

Rhea-AI Summary

Amex Exploration (OTCQX: AMXEF) awarded a mandate to Moreau to prepare, plan and seek permits for a dedicated 25 kV medium-voltage power line ~6.5 km from Hydro-Québec's Normétal substation to the Perron Project in Valcanton. Subject to permits, commissioning is anticipated in Q3 2026.

The connection aims to replace diesel generation, support bulk sampling and Phase 1 operations under a toll-milling scenario, improve cost visibility and reduce GHG emissions.

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Montreal, Quebec--(Newsfile Corp. - February 3, 2026) - Amex Exploration Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) ("Amex" or the "Company") is pleased to announce that it has awarded a mandate to Moreau to carry out preparatory work and support the regulatory processes required for the construction of a dedicated power line connecting the Normétal substation to the Perron Project, located in Valcanton. This mandate represents a key milestone in the deployment of the project's energy infrastructure and in advancing the next development phases of the Perron Project.

Moreau, an Abitibi-based contractor recognized for its expertise in industrial electrical infrastructure, will support Amex in planning, engineering and permitting activities related to the construction of a 25 kV medium-voltage line over an approximate distance of 6.5 km between Hydro-Québec's Normétal substation and the project site. This infrastructure will provide a stable power supply that meets industrial standards and will support bulk sampling activities as well as projected operations during Phase 1, a toll-milling scenario currently in feasibility study.

Victor Cantore, President and CEO of Amex Exploration commented, "Direct connection to Hydro-Québec's grid is expected to be an important contributor to the technical and economic parameters being evaluated in the ongoing Phase 1 feasibility work. Establishing permanent grid power early enhances cost visibility, operating reliability and overall project robustness."

Connection to Hydro-Québec's grid will enable the Perron Project to rely on a renewable, reliable and low-carbon energy source. This energy integration will significantly reduce dependence on diesel generators, improve site operational efficiency, and directly support the Company's environmental objectives by lowering greenhouse gas emissions, minimizing fuel-handling risks and reducing operational impacts.

Subject to receipt of the required permits, commissioning of the power line is anticipated in the third quarter of 2026. The implementation of this strategic infrastructure strengthens the technical viability of the Perron Project and demonstrates Amex's commitment to deploying durable and high-performance solutions from the earliest stages of development.

The Company continues to methodically advance its critical infrastructure to support the growth of the Perron Project while maintaining high technical, environmental and operational standards.

Figure 1: Proposed route of the 25kV power line

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2667/282502_b043fde844bf3afa_002full.jpg

Qualified Person and QA&QC

Scientific and technical information presented in this news release was reviewed and approved by Stephen Coates, P. Eng., 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. 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 501.08 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/282502

FAQ

What is the scope of the power-line work Amex (AMXEF) awarded to Moreau?

The mandate covers planning, engineering and permitting for a 25 kV medium-voltage line about 6.5 km. According to the company, Moreau will support preparatory work and regulatory processes to connect Normétal substation to Perron.

How does the Hydro-Québec connection affect Perron Project timelines for AMXEF?

Amex expects commissioning of the dedicated line in Q3 2026, subject to permits. According to the company, the schedule supports near-term bulk sampling and Phase 1 feasibility activities if permits are received on time.

What operational benefits will Perron gain from direct grid connection for AMXEF shareholders?

Direct grid power should improve reliability, lower operating costs and reduce diesel use. According to the company, connection enhances cost visibility, operational robustness and supports environmental objectives by lowering GHG emissions.

Will the new power line change Perron Project's environmental footprint for AMXEF?

Yes — the grid link is intended to reduce reliance on diesel generators and lower greenhouse gas emissions. According to the company, the renewable, low-carbon Hydro-Québec supply reduces fuel handling risks and operational impacts.

Who reviewed the technical information on the Perron power connection announcement by AMXEF?

An independent qualified person reviewed the scientific and technical information. According to the company, Stephen Coates, P.Eng., acted as the NI 43-101 qualified person who approved the technical disclosures.