Feasibility Phase 1 Highlights
- Gold production to average 147,000 oz per year over the 5 years of commercial Phase 1 production at an All in Sustaining Cost (“AISC”) of USD$910/oz Au;
- Projected Post-Tax IRR of 114.6% and Post-Tax NPV5 of CAD$1.13 billion generated from a Cumulative Undiscounted Post-Tax Cash Flow of CAD$1.44 billion at an assumed gold price USD$3,500/oz
- The Phase 1 Feasibility Study evaluates an initial development scenario at Perron, building on the broader potential outlined in the September 2025 PEA, which indicated a potential mine life of approximately 17 years[1]
- Phase 1 mine development consists of two (2) years pre-production, followed by five (5) years of commercial mining and toll milling operations
- Executing a toll milling approach reduces risks and accelerates production schedule targeting revenue in 2028
- Proven and Probable mineable reserve of 1,989 kilotonnes at a grade of 12.1 grams per tonne, for 774,000 ounces of gold mined
- Low initial capital cost estimate of CAD$193.9 million
- After-tax payback period of 0.5 years
Montreal, Quebec - April 13, 2026 - Amex Exploration Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) ("Amex" or the "Company") is pleased to announce the results of a feasibility study (“FS”) for the Phase 1 development of the 100%-owned Perron Gold Mine, located in the community of Valcanton and 6.5 kilometers north-west of the municipality, of Normétal, in the Abitibi region of Québec, the Perron Gold Mine is planned to consist of multiple phases. Phase 1 of the Life of Mine (“LOM”) will utilise underground mining and toll-milling of the high-grade Champagne Zone. During Phase 1 production, efforts will be directed for assessing and developing Phase 2, which plans to further develop both underground and open pit operating areas. Phase 2 will also contemplate the construction of an on-site mill and additional facilities to facilitate processing of the remaining mineralization (please refer to the Company’s 2.3 million ounce resource reported on May 21, 2025. In parallel, AMEX will continue exploration activities on the newly expanded land package. that covers some 70 kilometers of strike with a consolidated land package spanning a district-scale 618.53 km². This extensive property lies within highly prospective, geology favourable areas for both high-grade gold and VMS mineralization that in all likelihood will expand the Perron MRE.
CEO Commentary:
Victor Cantore, President and Chief Executive Officer of AMEX Exploration commented, “This feasibility study clearly establishes Perron as a low-cost producer, high-grade gold project with a rapid and capital-efficient path to production. Our Phase 1 strategy is built on leveraging existing infrastructure in the Abitibi region via a toll milling approach, enabling a lower-risk, capital-efficient pathway to accelerated production while minimizing shareholder dilution.
With average annual gold production of 147,000 ounces at an industry-leading all-in sustaining cost of USD$910 per ounce, Perron delivers very high margins and powerful cash flow generation from the outset. The project’s strong economics position it among the most compelling development opportunities in our sector.
Our disciplined, staged approach to production will unlock substantial near term and long-term value for our shareholders as we pursue the studies and works to bring on Phase 2 on-site production.”
FS Technical Presentation details
In connection with this news release, AMEX will hold a conference call and audio webcast on April 13, at 4 pm EDT, followed by a question-and-answer session.
To access the call please Register Here
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All dollar ($) amounts in this news release are in Canadian dollar ($) unless otherwise indicated.
Phase 1 Toll Milling Feasibility Study Summary:
The Perron FS incorporates the latest Mineral Resource Estimate (MRE - released May 21st, 2025). The following assumes a gold price of USD$3,500/ounce ("oz") and a CAD$/USD$ exchange rate of 1.38:1.
- Phase 1 development strategy designed to unlock the full value of Perron through a disciplined and staged production approach, by leveraging existing regional infrastructure and minimizing capital intensity.
- Strategy of initiating production under a toll milling arrangement to de-risk the project, simplify the permitting process, accelerate time to revenue (targeting 2028) and minimize shareholder dilution.
- Phase 1 Proven and Probable reserves of 1,989 million tonnes at 12.1 grams per tonne
- 5-year 1,100 ore tonnes per day (tpd) contract mining, toll milling operation in the Abitibi region, where numerous processing plants are in operation;
- Low initial capital cost estimate of $193.9M. During the pre-production period $68.1M of revenue is generated which could offset some capital required;
- Average annual gold production of 147,000 oz gold (“Au”) at an All in Sustaining Cost (“AISC”) of US$910/oz Au;
- Average diluted head grade of 12.0 grams per tonne ("gpt") for 770,000 oz Au recovered
- 5.0 years of commercial production;
- Sustaining Capex of $238.2M;
- Pre-tax NPV of $1,976M and After-tax NPV of $1,127M;
- Pre-tax IRR of 160.4% and After-tax IRR of 114.6%;
- Cumulative Pre-tax Undiscounted Net Free Cash Flow of $2,492M and Cumulative After-tax Undiscounted Net Free Cash Flow of $1,436M;
- Pre-tax payback period of 0.4 years and After-tax payback period of 0.5 years.
Table 1: FS Economic Analysis Highlights
1 As of April 9, 2026
Table 2: FS Physical Highlights
Notes:
- 1 Based on a calculated cut-off grade of 2.7 grams per tonne
Table 3: FS Study Financial Highlights
Notes:
- 2 Initial CAPEX of $193.9M gross of CAD$68.1M in pre-production revenue
- The economic analysis of the project was carried out using a discounted cash flow approach on a pre-tax and after-tax basis with a discount rate of 5%.
- Revenue was based on a long-term gold price of $3,500/oz in USD.
Reserves
In establishing the mineral reserves, a marginal cut-off grade of 2.7 grams per tonne was considered for production and a cut-off grade of 1.2 grams per tonne was considered for development.
Proven Mineral Reserves of 346 kt with a gold grade of 12.12 g/t for 135 koz of contained gold and Probable Mineral Reserves of 1,643 kt with a gold grade of 12.10 g/t for 639 koz of contained gold, have an effective date of April 1, 2026 and form the basis of the FS. Only Mineral Resources that were classified as Measured and Indicated were given economic attributes in the mine design and when demonstrating economic viability were classified as Mineral Reserves, incorporating mining dilution and mining recovery factors.
Table 4: Summary of total Mineral Reserves at the Perron Project
Perron Gold project Mineral Reserve Estimate notes:
- Totals may not add up due to rounding
- Mineral Reserves have been estimated in accordance with CIM Definition Standards for Mineral Resources and Mineral Reserves (2014), which are incorporated by reference in NI 43-101.
- Mineral Reserves used the following assumptions: USD$3,500/oz gold price, CAD/USD exchange rate of 1.38, and gold marginal cut-off grade of 2.70 g/t for production and of 1.20 g/t for development.
- Mineral Reserves consider both internal and external mining dilution, as well as mining recovery.
Mining
The underground mine will be operated 24 hours per day, seven (7) days per week by a mining contractor, managed by Amex Exploration. The mine will have an overall average production rate of 1,100 tpd of ore. Commercial mine production is preceded by a 24-month pre-production period.
Mine characteristics:
- Ramp only access (5.0 m wide x 5.3 m high) reaching a maximum depth of 1,385 m;
- Average ramp advance of 135 m per month for a vertical advance of 230 m per year;
- Mining method is longitudinal longhole-stoping with cemented rockfill;
- Stope dimensions average 17.5 m in length, 25 m in height, and 4.5 m in width (LOM average) and minimum mining width of 3.0 m;
- Total mining dilution (footwall and hanging wall) ranging between 0.7 to 1.2m added to the stopes varying with depth;
- Five (5) to six (6) stopes will be in operation on a given month over two (2) mining levels;
- The mine will have approximately 53 mining levels planned with each level being 25 meters in height;
- Three (3) mine sills worked in parallel. One (1) in development and two (2) in production;
- Planned stope cycle is around 30 days;
- A peak of six (6), 42-tons haul trucks is required to sustain operation.
Table 5: Mine Material Movement
Notes:
- The difference between the average gold grade mined (12.1 g/t), and the average gold grade processed (12.0 g/t) is attributable to a 0.5% grade loss assumption during transport and manipulation at the toll milling facility.
Figure 1: Mine Plan Design looking north.
Link to original news:
Qualified Persons
The Qualified Persons (within the meaning of National Instrument 43-101) responsible for the technical information in this Press Release are Stephen Coates, P.Eng. of Evomine, Alexandre Burelle, P.Eng. of Evomine, Pierre Roy, P.Eng. of Soutex, Antoine Yassa P.Geo. of P&E, Denys Vermette, P.Geo. of Norda Stelo, Jérôme Augustin, Ph.D., P.Geo. of Laurentia Exploration, and Michael Verreault, P.Eng., of Hydro Ressources (each, a “QP”). Each of the QPs is independent of Amex Exploration. The scientific and technical content of this press release has been reviewed and approved by the Qualified Persons.
Disclosure
Non-GAAP financial measures
The Company has included certain non-GAAP financial measures in this document. These financial measures are not defined under IFRS and should not be considered in isolation. The Company believes that these financial measures, together with financial measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. The inclusion of these financial measures is meant to provide additional information and should not be used as a substitute for performance measures prepared in accordance with IFRS. These financial measures are not necessarily standard and therefore may not be comparable to other issuers.
All-in sustaining cost
All in sustaining cost is a non-GAAP financial measure calculated based on guidance published by the World Gold Council ("WGC"). The WGC is a market development organization for the gold industry and is an association whose membership comprises leading gold mining companies. Although the WGC is not a mining industry regulatory organization, it worked closely with its member companies to develop these metrics. Adoption of the all-in sustaining cost metric is voluntary and not necessarily standard, and therefore, this measure presented by the Company may not be comparable to similar measures presented by other issuers. The Company believes that the all-in sustaining cost measure complements existing measures and ratios reported.
All-in sustaining cost includes both operating and capital costs required to sustain gold production on an ongoing basis. Sustaining operating costs represent expenditures expected to be incurred that are considered necessary to maintain production. Sustaining capital represents expected capital expenditures comprising mine development costs, including capitalized waste, and ongoing replacement of mine equipment and other capital facilities, and does not include expected capital expenditures for major growth projects or enhancement capital for significant infrastructure improvements.
About Amex Exploration Inc.
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 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 618.53 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
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.
[1] The Feasibility Study supersedes the 2025 MRE and the 2025 PEA prepared for the Project. Amex is not treating any of the results of the 2025 MRE or the 2025 PEA as current or indicative of the potential economic viability of the Project and they should not be relied upon.