Amex Exploration Inc. · TSXV:AMX
Amex Exploration — Investor Presentation (September 2026)
20 slides from Amex Exploration's investor presentation, September 2026
Slide 1: Two Engines of Value Creation
INVESTOR PRESENTATION | SEPTEMBER 2026 TWO ENGINES OF VALUE CREATION ACCELERATED PATHWAY TO PRODUCTION + DISTRICT-SCALE DISCOVERY UPSIDE
Slide 2: Two engines of value creation
INVESTMENT THESIS THE INVESTMENT CASE Two engines of value creation Near-term execution is designed to unlock value while exploration preserves meaningful upside. 01 CREDIBLE PATHWAY 02 DISCOVERY & DISTRICT- TO PRODUCTION SCALE EXPLORATION UPSIDE BULK 40,000 t program SAMPLE underground access + rea
Slide 3: Well Located: Québec and Ontario
WELL LOCATED Québec and Ontario ~8 km from town of Normétal, ~110 km north of Rouyn-Noranda, Quebec • Fully road accessible year-round by government-maintained highway and forestry roads • Proximal to power and water services, skilled talent pool for all facets of mining cycle • Established network
Slide 4: A high-grade development story with unusually strong Phase 1 economics
WHY AMEX / WHY NOW A high-grade development story with unusually strong Phase 1 economics The core investment case can be understood in six numbers. Base case at US$3,500/oz 774 koz 12.10 g/t 147 koz/yr P&P RESERVES RESERVE GRADE AVG. PRODUCTION US$910/oz C$1.976B C$2.492B CUMULATIVE PRE-TAX AISC PR
Slide 5: High grade sits at the centre of the investment case
ASSET QUALITY High grade sits at the centre of the investment case Champagne provides a concentrated, high-margin production core inside a broader Perron resource base. CHAMPAGNE ZONE MINERAL RESOURCE MAY 2025 831 koz 16.20 g/t Open Pit Constrained COG 0.40 g/t Au UG S tope Constr ained COG 1.40 g/t
Slide 6: The path to production is already underway
EXECUTION The path to production is already underway The development strategy deliberately stages capital and operating complexity. 2026–2027 2028–2033 2033–2045+ BULK SAMPLE PHASE 1 PHASE 2 • 40,000 t underground program → • High-grade Champagne Zone → • • On-site milling concept Broader resource c
Slide 7: Staged path from bulk sample to Phase 1 production
DEVELOPMENT TIMELINE Staged path from bulk sample to Phase 1 production The plan sequences capital and permitting bulk sample infrastructure and data support the transition into high-grade Phase 1, while Phase 2 remains the longer-run expansion pathway. 2026 2027 2028 2029 2030 2031 2032 2033+ BULK
Slide 8: The bulk sample is a bridge from study to execution
DE-RISKING The bulk sample is a bridge from study to execution It creates underground access, operating data and infrastructure before full Phase 1 production. WHAT IT ACCOMPLISHES UNDERGROUND Portal and ramp development ACCESS advance the mine physically. Real mining, geotechnical and OPERATING met
Slide 9: High-margin production without building a full processing complex
PHASE 1 High-margin production without building a full processing complex Contract mining and toll milling keep the initial development strategy focused and capital-light. GOLD RECOVERED (koz) 147 koz/yr 12.0 g/t 175 160 166 AVG. AVG. FEED PRODUCTION GRADE 124 111 US$910/oz 751 koz TOTAL AISC RECOVE
Slide 10: Strong cash generation and rapid payback
ECONOMICS Strong cash generation and rapid payback The Phase 1 FS economics remain robust across a wide range of gold prices. Post-tax Post-tax Gold price Post-tax Payback NPV (US$/oz) IRR period Economic Analysis Highlights Unit Base Case Spot1 (CA$M) (years) Gold Price US$/Au oz 3,500 4,750 Exchan
Slide 11: A manageable funding requirement relative to project value
CAPITAL EFFICIENCY A manageable funding requirement relative to project value Pre-production revenue materially reduces the net initial funding requirement. PHASE 1 INITIAL CAPITAL BRIDGE (C$M) 5.8x 193.9 POST-TAX NPV / INITIAL CAPEX 125.8 The feasibility study specifically notes that planned bulk-s
Slide 12: Perron also contains a larger-scale production concept beyond Phase 1
PHASE 2 Perron also contains a larger-scale production concept beyond Phase 1 The 2025 PEA provides a reference case for an on-site processing expansion using additional Perron resources. PHASE 2 REFERENCE CASE WHY IT MATTERS • Longer production runway 13-year, 2,000 tpd • Additional resource conver
Slide 13: The initial mine sits inside a much larger discovery platform
EXPLORATION UPSIDE The initial mine sits inside a much larger discovery platform The development plan monetizes Champagne while Amex continues to test a district-scale land position. 570.94 km² CONSOLIDATED LAND PACKAGE >70 km 100,000 m STRIKE DRILL EXPOSURE PROGRAM EXPLORATION OBJECTIVE • Expand kn
Slide 14: Perron combines high grade, low AISC and modest initial capital
PEER CONTEXT Perron combines high grade, low AISC and modest initial capital Project studies use different assumptions and stages; the comparison is directional. RESERVE PROJECT AISC INITIAL CAPEX AFTER-TAX IRR GRADE Amex – Perron 12.10 g/t Au US$910/oz C$193.9M 114.6% Skeena – Eskay Creek 3.6 g/t A
Slide 15: The market is being asked to re-rate execution, not just geology
WHY NOW The market is being asked to re-rate execution, not just geology As development milestones become tangible, the valuation framework can shift from explorer to mine developer. RE-RATING CATALYSTS ~C$715M FS COMPLETE High-grade Phase 1 economics established MARKET CAP (AUG. 28, 2026) BULK SAMP
Slide 16: Strategic shareholder support with a tight capital structure
CAPITAL STRUCTURE Strategic shareholder support with a tight capital structure Eldorado and insiders provide meaningful alignment as Amex advances Perron through bulk sample, Phase 1 and future growth. 161.6M SHARES ISSUED SHAREHOLDER ALIGNMENT Eldorado 27% strategic shareholder 33.2% 167.9M FULLY S
Slide 17: Led by seasoned management team & technical experts
STRONG TRACK RECORD OF GOLD DISCOVERIES Led by seasoned management team & technical experts VICTOR CANTORE ANDRÉ SHARECK President and CEO, Director • Decades of experience in mineral Chairman of the Board exploration, corporate finance, and capital markets. PIERRE CARRIER PHILLIP S. BRUMIT SR. Chie
Slide 18: High-grade asset. Clear path to production. District-scale upside.
AM EX GOL D M IN IN G PERRON GOLD PROJECT HIGH-GRADE ASSET. DEVELOPMENT CLEAR PATH TO PRODUCTION. + DISTRICT-SCALE UPSIDE. DISCOVERY The opportunity is the combination — not any one metric. Two independent routes to value creation 774 koz @ 12.10 g/t P&P US$910/oz AISC C$125.8M net initial funding 5
Slide 19: High Processing Recovery
CHAMPAGNE ZONE METALLURGY PROGRAM High Processing Recovery Multiple coarse grains of gold in PEM-20-001 to PEM-20-003 Phase 1 FS Metallurgical Test Work • 120 kg Champagne Zone composite sent to ALS Global Metallurgical Services • > 75% gold recovery achieved by gravity • > 97.5% overall recovery ac
Slide 20: > 95% gold recovery from additional gold zones
METALLURGICAL RESULTS > 95% gold recovery from additional gold zones Final results (gravity + flotation + leaching) from the metallurgical test work completed across the Perron property. RECOVERY Gravity Gravity + Gravity Gravity + Gravity Gravity + Flot Flot + CN + Flot Flot + CN ZONE Test # % Au %
Amex Exploration — Investor Presentation (September 2026) on 6ix