Amex Exploration Inc. · TSXV:AMX
Amex Exploration — Investor Presentation (October 2025)
42 slides from Amex Exploration's investor presentation, October 2025
Slide 1: Corporate Presentation: Making the Grade
T SXV : A MX CORPORATE PRESENTATION MAKING THE GRADE: BUILDING QUEBEC’S NEXT HIGH-GRADE GOLD MINE October 2025 TSXV: AMX | FSE: MX0 | OTCQX: AMXEF amexexploration.com
Slide 2: Cautionary Statements: Forward Looking Statement
CAUTIONARY STATEMENTS FORWARD LOOKING STATEMENT The purpose of this presentation is to provide general corporate information about Amex’s activities current as of February 18, 2023. The information is given in summary form and does not intend to be complete; readers are urged to review the Company’s
Slide 3: Qualified Persons and Third-Party Data
QA/QP QUALIFIED PERSONS AND THIRD-PARTY DATA QUALIFIED PERSON PEA QUALIFIED PERSONS The technical information in this presentation has been reviewed and approved by Aaron Stone, P. Geo. (OGQ 2170 and PGO 3708) for the Perron The qualified persons independent of the issuer, responsible for the techni
Slide 4: Location, Location, Location!
PERRON & PERRON WEST PROJECTS LOCATION, LOCATION, LOCATION! • 100% owned projects in Quebec & Ontario, Canada • Recognized premier mining jurisdiction - permitting, legal, taxation • Great existing infrastructure to facilitate exploration, development, and operations • Core-shack 20 minutes from air
Slide 5: Robust Infrastructure
NORMÉTAL OVERVIEW ROBUST INFRASTRUCTURE • Fully road accessible year-round by government- maintained highway and forestry roads • Proximal to power and water services TSXV: AMX | FSE: MX0 | OTCQX: AMXEF amexexploration.com 5
Slide 6: Perron Property: Multiple Gold and VMS Discoveries
MULTIPLE GOLD AND VMS DISCOVERIES PERRON PROPERTY • 117 contiguous claims covering 45.60 km2 • A number of significant gold zones and VMS discoveries have been made at Perron that stretch over a 4 km strike • Hosts all gold & VMS zones to date - bulk-tonnage open pit and high-grade gold underground
Slide 7: Combined Perron Property: District Scale Land Package
DISTRICT SCALE LAND PACKAGE COMBINED PERRON PROPERTY Perron & Perron West Projects • Combined land package is truly district scale at 197.52 km2 • AMEX controls over 35 km of the prolific Normétal Fault and 9 km of the Perron Fault TSXV: AMX | FSE: MX0 | OTCQX: AMXEF amexexploration.com 7
Slide 8: Perron West Property: Potential Mirror Image of Beaupré Block
PERRON WEST PROPERTY POTENTIAL MIRROR IMAGE OF BEAUPRÉ BLOCK • Perron West project consist of 151.92 km2 and hosts continuation of the Normétal-Burntbush greenstone belt • Bears several geological similarities to the Perron Project • Potential mirror image of the prolific Beaupré Block rhyolite, whi
Slide 9: Perron Project Drilling: Mineralized System – Plan View
PERRON PROJECT DRILLING MINERALIZED SYSTEM – PLAN VIEW v TSXV: AMX | FSE: MX0 | OTCQX: AMXEF amexexploration.com 9
Slide 10: Perron Project Drilling: Mineralized System – Longitudinal
PERRON PROJECT DRILLING MINERALIZED SYSTEM – LONGITUDINAL TSXV: AMX | FSE: MX0 | OTCQX: AMXEF amexexploration.com 10
Slide 11: >99% Recovery of Gold and Silver
CHAMPAGNE ZONE METALLURGY PROGRAM >99% RECOVERY OF GOLD AND SILVER Metallurgical Holes Head Grade Returned • 27.65 g/t Au over 11.80 m (PEM-20-001) • 12.70 g/t Au over 16.60 m (PEM-20-002) • 5.65 g/t Au over 10.60 m (PEM-20-003) • All three composite samples found to be amenable to gravity and cyani
Slide 12: >95% Gold Recovery from Major Gold Zones
METALLURGICAL RESULTS >95% GOLD RECOVERY FROM MAJOR GOLD ZONES Final results (gravity + flotation + leaching) from the metallurgical test work completed across the Perron property. • Better than 95% gold recovery means our ore is easily processable at virtually every mill in the Abitibi, providing u
Slide 13: Perron Mineral Resource Estimate May 2025
EXCEPTIONAL RESULTS PERRON MINERAL RESOURCE ESTIMATE MAY 2025 Open Pit Constrained COG 0.40 g/t Au UG Stope Constrained COG 1.40 g/t Au Total Tonnes Gold Tonnes PERRON PROJECT (k) Grade (g/t Au) Gold (koz) Tonnes (k) Grade (g/t Au) (koz) (kt) Grade (g/t Au) Gold (koz) Measured 48 1.10 2 333 14.20 15
Slide 14: 2025 Mineral Resource
PERRON PROJECT 2025 MINERAL RESOURCE Plan view of the mineralized wireframes for each zone of the 2025 mineral resource at Perron. View looking to the north of the 2025 constrained mineral resources delineated at Perron. Open pits are shown in blue while underground stopes are displayed in red. TSXV
Slide 15: 2025 Mine Plan
PERRON PROJECT 2025 MINE PLAN • Champagne Zone defined to 1.4 km vertically • Low initial capital cost estimate of $146.1M, partially offset from pre-production revenues of CA$68.6M • Open pits to be back-filled with tailings from processing plan avoiding the need for a Tailings Management Facility
Slide 16: A Simple Project: Building the Perron Mine
BUILDING THE PERRON MINE A SIMPLE PROJECT • 4.7 m average stopes width supporting mechanized and productive longhole stoping • Vertical deposit (>85 degrees) • Good grade continuity, especially in the high-grade Champagne zone • Geology of Champagne Zone simple and easy to follow • Simple metallurgy
Slide 17: PEA on Perron Gold Project – Staged Production
PRELIMINARY ECONOMIC ASSESSMENT HIGHLIGHTS PEA ON PERRON GOLD PROJECT – STAGED PRODUCTION PHASE 1 PHASE 2 LIFE OF MINE • 4-year 1,000 t/d contract mining, • 13-year 2,000 t/d owner-operated • 17.5 years of production toll-milling operation in the Abitibi mine with on-site processing • Average dilute
Slide 18: Development Strategy
PERRON PROJECT DEVELOPMENT STRATEGY • Staged production strategy: – Phase 1 → 4-year 1,000 t/d toll-milling in Abitibi – Phase 2 → 13-year 2,000 t/d mine with on-site milling • First pit mined in Phase 1 to store the future tailings of the processing plant (Phase 2) • Underground mining method to co
Slide 19: Gold Production
PERRON PROJECT GOLD PRODUCTION • Average annual production of 112 koz Au for the first 10 years and 95 koz Au for the Life of Mine – Phase 1 → 429 koz Au produced (incl. 20 koz Au produced in pre-production) – Phase 2 → 1,251 koz Au produced – Total → 1,680 koz Au produced Perron Project - Gold Prod
Slide 20: Capital & Operating Expenditures
PERRON PROJECT CAPITAL & OPERATING EXPENDITURES • Phase 1 initial capital cost of $146.1M • Phase 2 growth capital of $191.6M • Quotations from reputable suppliers were obtained for most of the large and high-cost equipment • Sustaining capital of $386M over the 17.5-year mine life Financial Highlig
Slide 21: Economic Analysis Highlights
PERRON PROJECT PEA ECONOMIC ANALYSIS • Base case at US$2,500/oz HIGHLIGHTS • Pre-tax IRR of 99.1% (70.1% After-tax) • Pre-tax NPV of $1,885M ($1,085M After-tax) Economic Analysis Highlights Unit Base Case Spot • Cumulative Pre-tax Undiscounted Net FCF of $3,010M Gold Price US$/Au oz 2,500 3,400 ($1,
Slide 22: Amex's Vision for Developing Perron: Project Development Timeline
PROJECT DEVELOPMENT TIMELINE AMEX’S VISION FOR DEVELOPING PERRON PROJECT DEVELOPMENT TIMELINE 2025 2026 2027 2028 2029 2030 2031 2032 2033 PEA Update Bulk Sample Phase 1 - Direct Shipping Ore Scenario Feasibility Study Enviro. & Impacts Studies / Authorizations / BAPE Site Preparation DSO Operation
Slide 23: Capital Structure & Market Performance
STRONG MARKET PRESENCE CAPITAL STRUCTURE & MARKET ANALYST SHAREHOLDER PERFORMANCE COVERAGE SUPPORT ELDORADO 17% Eldorado brings considerable expertise as a Jeremy Hoy high-grade, low-cost gold producer in the Abitibi ERIC SPROTT 10.5% INSIDERS 6.2% Rabi Nizami COMMITMENT TO ESG Pierre Vaillancourt S
Slide 24: 2025 Activities & Catalysts
2025 ACTIVITIES & CATALYSTS DEVELOPMENT CATALYSTS • Updated Preliminary Economic Assessment delivered in 2025 • Advance Perron towards production through baseline studies and begin Feasibility Study • Started permitting process for bulk sample EXPLORATION CATALYSTS • Expand Gratien and Grey Cat Zone
Slide 25: Champagne Zone
EASTERN GOLD ZONE CHAMPAGNE ZONE Highlights from the deeper (eastern) Champagne Zone include: • 102.07 g/t Au over 6.10 m (PE-21-386W1) • 29.62 g/t Au over 8.40 m (PE-21-318) • 35.89 g/t Au over 6.75 m (PE-21-404W2) • 37.59 g/t Au over 6.20 m (PE-21-287) • 30.85 g/t Au over 6.35 m (PE-21-347W5) • 17
Slide 26: QF Zone: Base Metal Discoveries
QF ZONE BASE METAL DISCOVERIES PEX-21-076 (discovery hole) 2.40% Cu, 0.72% Zn over 7.80m Incl. 3.92% Cu, 1.22% Zn over 4.40m Note: The drill intervals for the QF zone are presented in core lengths. TSXV: AMX | FSE: MX0 | OTCQX: AMXEF amexexploration.com 26
Slide 27: Led by Seasoned Management Team & Technical Experts
STRONG TRACK RECORD OF GOLD DISCOVERIES LED BY SEASONED MANAGEMENT TEAM & TECHNICAL EXPERTS Victor Cantore Luisa Moreno President and CEO, Director Director • Decades of experience in mineral exploration, Pierre Carrier André Shareck corporate finance, and capital markets. Chief Operating Officer, D
Slide 28: Partnering with Our Communities
STRONG ROOTS, SHARED FUTURE: PARTNERING WITH OUR COMMUNITIES The AMEX team with Lyne Blanchet, general manager, and Chantal Roy, deputy general manager of the city Management office of Normétal located in Normétal The AMEX team The AMEX team with Claudine at the inauguration Desgagnés, president of
Slide 29: Tier-One Gold Asset
TIER-ONE GOLD ASSET COMMITMENT TO DEVELOPMENT & EXPLORATION EXCELLENCE, SUSTAINABLE PRACTICES AND STRATEGIC GROWTH • +$125M spent to date • Company traded on TSXV SIGNIFICANT • +500,000 m of drilling WELL-FUNDED • Major shareholders: Eldorado (17%) Eric Sprott INVESTMENT • 100% owned Perron gold pro
Slide 30: Perron Project Exploration Highlights
T SXV : A MX PERRON PROJECT EXPLORATION HIGHLIGHTS TSXV: AMX | FSE: MX0 | OTCQX: AMXEF amexexploration.com 30
Slide 31: In the Heart of the Abitibi Greenstone Belt
IN THE HEART OF THE ABITIBI GREENSTONE BELT ONE OF THE WORLD'S MOST PROLIFIC GOLD- PRODUCING REGIONS • Abitibi production >200Moz* • Perron proximal to: – Normétal mine which produced10 Mt at 2.25% copper, 5.4% zinc, 0.5 g/t Au and 44.5 g/t Ag – Major gold producers' milling operations *Canada’s Gol
Slide 32: 2025 Exploration Program
2025 EXPLORATION PROGRAM ADDING VALUABLE OUNCES & SEARCHING FOR THE NEXT BIG GOLD DISCOVERY EXPLORE NEW, UNTESTED TARGETS Regional Drill Program: • The untested Patten Pluton • The northwestern areas of the Beaupré Block. • The Normétal South Block. EXPAND KNOWN GOLD ZONES Expansion Drill Program: •
Slide 33: Eastern Gold Zone: Open in All Directions
EASTERN GOLD ZONE (EGZ) OPEN IN ALL DIRECTIONS ALONG STRIKE & AT DEPTH • Several parallel mineralized zones • Denise Zone + Champagne Zone TSXV: AMX | FSE: MX0 | OTCQX: AMXEF amexexploration.com 33
Slide 34: Denise Zone
EASTERN GOLD ZONE DENISE ZONE Intersected at least 750 vertical metres of gold mineralization starting from surface across a strike of more than 1 km. Highlights from Western Denise • 1.89 g/t Au over 65.00 m, including 197.35 g/t Au over 0.50 m (PE-21-422) • 1.82 g/t Au over 58.50 m, including 177.
Slide 35: Gratien Gold Zone: High Grade Corridor Identified
GRATIEN GOLD ZONE GGZ HIGH GRADE CORRIDOR Drill Hole From (m) To (m) Length (m) Au (g/t) IDENTIFIED PEG-19-65 incl. 109.40 109.40 110.85 110.20 1.45 0.80 67.52 4.13 • Series of stacked vertical mineralized envelopes incl. 110.20 110.85 0.65 145.53 surrounding the contact of Perron Fault PEG-19-66 22
Slide 36: Gratien Gold Zone: Western Extension
GRATIEN GOLD ZONE GGZ WESTERN EXTENSION Best near-surface intercept of 76.69 g/t Au over 3.50 m was found in the western extension of the Gratien orebodies. January 9, 2025 – Assay Results • 5.71 g/t Au over 3.80 m, including 18.15 g/t Au over 0.50 m at a vertical depth of ~230 m (PEG-24-826) • 7.44
Slide 37: Grey Cat Gold Zone Drilling
GREY CAT GOLD ZONE DRILLING From Length Hole ID To (m) Au (g/t) ➢ Trenching, mapping, (m) (m) drilling is currently sampling, along with follow-up PEG-19-78 ongoing 94.00 128.00 34.00 1.89 Including 94.00 101.50 7.50 5.07 Including 117.10 128.00 10.90 2.25 PEG-19-80 243.10 270.00 26.90 3.42 Includin
Slide 38: Team Gold Zone: Consolidated (210 & E3)
TEAM GOLD ZONE CONSOLIDATED (210 & E3) • All three zones display similarity in their lithologies, structures and mineralization style, therefore geologically it made sense to combine them into one zone. • Team Zone consists of a large-scale mineralized system containing sub-parallel higher-grade sho
Slide 39: JT Gold Zone: New Gold Discovery
JT GOLD ZONE NEW GOLD DISCOVERY IN A NEVER-BEFORE-SEEN LITHOLOGY WITHIN THE BEAUPRÉ BLOCK OF THE PERRON PROJECT Drill Highlights Include: • 0.91 g/t Au over 70.50 m including 2.83 g/t Au over 10.50 m at vertical depth of ~20-70 m (PEX-24-222) • 0.72 g/t Au over 123.00 m, including 27.12 g/t Au over
Slide 40: E2 Gold Zone: Additional Gold Discoveries
E2 GOLD ZONE ADDITIONAL GOLD DISCOVERIES Hole ID From (m) To (m) Length (m) Au (g/t) Cu (%) Zone Vertical depth PE-24-817 61.5 64.5 3.00 6.02 E2 45 including 63.00 64.50 1.50 10.83 PE-24-819 113.60 116.00 2.40 5.75 E2 105 including 113.60 114.10 0.50 22.63 PE-20-210 108.80 112.70 3.90 58.25 210 Zone
Slide 41: Regional Geochemistry: New Exploration Targets
REGIONAL GEOCHEMISTRY NEW EXPLORATION TARGETS PROPERTY WIDE Ag - Soil Au - Soil Au - Bark Cd - Soil Cu - Soil Pb - Soil WSM - Soil Zn - Soil TSXV: AMX | FSE: MX0 | OTCQX: AMXEF amexexploration.com 41
Slide 42: Perron Project Exploration Upside
PERRON PROJECT EXPLORATION UPSIDE • Western Beaupré remains open for further high- grade discoveries • Andesite of Normétal South Block largely untested • Multiple gold and VMS targets to be tested in Normétal Volcanic Complex TSXV: AMX | FSE: MX0 | OTCQX: AMXEF amexexploration.com 42
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