Amex Gold Mining – Development Update Moving Towards Bulk Sample Mining and Production For 2027, and Phase 1 Commercial Production in 2028

[Recorded 10-30-2026] - Victor Cantore, President and CEO of AMEX Gold Mining Inc. (TSXV: AMX) (OTCQX: AMXEF) (FSE: MX0), joined me live at the New Orleans Investment Conference for a big picture update on their transition to development and near-term production at their flagship 100%-owned Perron Gold Project, located in Quebec, Canada. The Company is moving into a trial mining 40,000-tonne bulk sample program, that will then directly transition over into Phase 1 mining over the next 2 years. In parallel, their exploration team will be maintaining their ongoing 100,000 meter 6-drill rig program, so there is still the dual-focus on exploration; along with development towards near-term production.

On September 21, the Company provided an update on activities at its Perron Gold Project, highlighting the successful completion of portal construction and the commencement of underground development.

Recent and ongoing surface infrastructure activities at Perron include:

• The decline has now advanced more than 75 metres underground as part of Amex's permitted 40,000-tonne bulk sample program. (Victor mentioned as of the NOIC conference that the decline is now over 200 meters in length)
• Construction of the mechanical shop has commenced, providing permanent infrastructure to support underground equipment and site activities;
• Clearing of the right-of-way for the 25 kV power line has been completed, with pole installation underway.
• Continued underground development toward the high-grade Champagne Zone;
• Continued operation and optimization of the site's water treatment infrastructure;
• Ongoing development of surface infrastructure, laydown areas and services required to support underground activities; and
• Continued planning and engineering for additional infrastructure required at Perron.

Victor outlined how this 40,000-tonne bulk sample program at Perron will provide important technical information on underground mining conditions, grade continuity and recovery, and metallurgical performance, measured against the metrics outlined in the positive Feasibility Study for the 5 years of commercial Phase 1 production. The bulk sample will have an initial capital outlay of around ~C$60Million, after including the additional step of connecting the site to the hydroelectric power line. After processing ~40,000 tonnes via toll-milling at a nearby plant; and producing around 23,000-28,000 ounces of gold, this will generate revenues more than double that capex, which combined with the C$80M raised in June will go on to fund Phase 1 mining.

We discussed how the market does not seem to fully appreciate or value that the Company will be mining and producing metals and revenues by the end of 2027. Additionally, Victor points out that the portal and decline/ramp development utilized in this upcoming bulk sample is the exact same plan envisioned in their economic study, and will shave all that capital, development work, and time off the front-end of Phase 1 development, providing a faster organic natural transition in Phase 1 commercial mining in 2028 simply by extending that ramp further into the mine.

In addition to all the development slated for this year, the company is pressing forward with the ongoing 100,000 meter drill campaign, continuing to delineate and expand resources at the main Perron Project; while also beginning to explore on their expanded land package across the provincial border into Ontario. The company has substantially increased their land holdings through a combination of staking claims and the 2 recent acquisitions of the Perron West and the Abbotsford/Hepburn properties.

On October 29th, the Company announced:

• 114.07 g/t Au over 1.00 m including 227.46 g/t Au (and 17.90 g/t Ag) over 0.50 m at a vertical depth of ~187 m in hole PE-26-959 of the Denise Zone
• 29.86 g/t Au over 2.50 m including 126.24 g/t Au (and 20.80 g/t Ag) over 0.50 m at a vertical depth of ~220 m in hole PE-26-957 of the Denise Zone

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If you have any questions for Victor regarding Amex Exploration, then please email them into me at [email protected].

• In full disclosure, Shad is a shareholder of Amex Exploration at the time of this recording, and may choose to buy or sell shares at any time.

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