Amex Exploration Inc. · TSXV:AMX
Amex Exploration — Amex Gold Mining — Investor Presentation (October 2026)
23 slides from Amex Exploration's investor presentation, Oct 19, 2026
Slide 1: Two Engines of Value Creation
INVESTOR PRESENTATION | October 2026 TWO ENGINES OF VALUE CREATION ACCELERATED PATHWAY TO PRODUCTION + DISTRICT-SCALE EXPLORATION UPSIDE
Slide 2: Cautionary Statements: Forward Looking Statement
CAUTIONARY STATEMENTS FORWARD LOOKING STATEMENT This presentation contains forward-looking statements. All statements, other than statements of historical fact, contained in this presentation including, but not limited to those describing the impact of the foregoing on the Perron Gold Project econom
Slide 3: Qualified Persons and Third-Party Data
QA/QP QUALIFIED PERSONS AND THIRD-PARTY DATA QUALIFIED PERSON PHASE 1 FEASIBILITY STUDY QUALIFIED PERSONS The qualified persons independent of the issuer, responsible for the technical information relating to the FS in this presentation are Stephen Coates, The technical information in this presentat
Slide 4: Two engines of value creation
BUSINESS STRATEGY Two engines of value creation Near-term execution is designed to unlock value while exploration preserves meaningful exploration upside. 01 CREDIBLE PATHWAY 02 DISCOVERY & DISTRICT- TO PRODUCTION SCALE EXPLORATION UPSIDE BULK 40,000 t program SAMPLE underground access + real operat
Slide 5: Well Located: Québec and Ontario
WELL LOCATED Québec and Ontario ~6.5 km from town of Normétal, ~110 km north of Rouyn-Noranda, Quebec • Fully road accessible year-round • Proximal to power and water services, skilled talent pool for all facets of the mining cycle • Established network of contractors and suppliers near Perron Proje
Slide 6: A high-grade development story
WHY AMEX / WHY NOW A high-grade development story The core business 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 PRE-TAX NPV5 UNDISCOUNTED NET FCF C$125.8M n
Slide 7: High grade sits at the centre of the production case
ASSET QUALITY High grade sits at the centre of the production case Champagne provides a concentrated, 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 Au Total CH
Slide 8: 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 9: Staged path from bulk sample to Phase 1 production
ESTIMATED 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 2
Slide 10: 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 11: Production without building a full processing complex
PHASE 1 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$910/oz 751 koz TOTAL AISC RECOVERED 14 Pre-p
Slide 12: Cash generation and rapid payback
ECONOMICS Cash generation and rapid payback The Phase 1 FS economics remain positive across a wide range of gold prices. Post-tax Post-tax Gold price Post-tax Payback NPV (US$/oz) IRR period Economic Analysis Highlights Unit Base Case Spot1 (CA$M) (years) Gold Price US$/Au oz 3,500 4,750 Exchange Ra
Slide 13: 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 14: 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 resources could
Slide 15: 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 16: 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 17: As Development Milestones Become Tangible, Valuation Framework Can Shift
WHY NOW 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 SAMPLE Portal, infrastructure and underground ADVANCING development b
Slide 18: 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. 162.6M SHARES ISSUED SHAREHOLDER ALIGNMENT Eldorado 27% strategic shareholder 33.2% 167.9M FULLY S
Slide 19: 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 20: High-Grade Asset. Clear Path to Production. District-Scale Exploration.
AM EX GOL D M IN IN G PERRON GOLD PROJECT HIGH-GRADE ASSET. DEVELOPMENT CLEAR PATH TO PRODUCTION. + DISTRICT-SCALE EXPLORATION. 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 fund
Slide 21: 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 22: > 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 %
Slide 23: TSXV: AMX FSE: MX0 OTCQX: AMXEF amexgoldmining.com
TSXV: AMX FSE: MX0 OTCQX: AMXEF amexgoldmining.com
Amex Gold Mining — Investor Presentation (October 2026) on 6ix