Amex Exploration Inc. · TSXV:AMX
Amex Exploration — Investor Presentation (April 2026)
42 slides from Amex Exploration's investor presentation, April 2026
Slide 1: Making the Grade: Building Quebec's Next High-Grade Gold Mine
TSXV: AMX PERRON PROJECT PHASE 1 SURFACE INFRASTRUCTURE APRIL 2026 MAKING THE GRADE: BUILDING QUEBEC’S NEXT TSX-V: AMX | FSE: MX0 | OTCQX: AMXEF HIGH-GRADE GOLD MINE TSXV: AMX | FSE: MX0 | OTCQX: AMXEF amexexploration.com
Slide 2: 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 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, resp
Slide 4: Tier-One Gold Asset: Development & Exploration Excellence
TIER-ONE GOLD ASSET COMMITMENT TO DEVELOPMENT & EXPLORATION EXCELLENCE, SUSTAINABLE PRACTICES AND STRATEGIC GROWTH SIGNIFICANT • +$130M spent to date • Company traded on TSXV • +600,000 m of drilling WELL-FUNDED • Major shareholders: Eldorado (27%) & Insiders (6.2%) INVESTMENT • 100% owned Perron go
Slide 5: 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 6: 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 6
Slide 7: Perron Property
MULTIPLE GOLD AND VMS DISCOVERIES PERRON PROPERTY • 183 contiguous claims covering 65.75 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 - high-grade gold underground and open-pit mining TSXV:
Slide 8: Combined Perron Property: District Scale Land Package
DISTRICT SCALE LAND PACKAGE COMBINED PERRON PROPERTY Perron, Perron West Projects, Acquisitions and Staked Claims • Combined land package is truly district scale at 618.53 km2 • AMEX controls over 70 km strike length of the prolific Abitibi Greenstone Belt and 9 km of the Perron Fault • 100,000 m of
Slide 9: Potential Mirror Image of Beaupré Block
PERRON WEST PROPERTY POTENTIAL MIRROR IMAGE OF BEAUPRÉ BLOCK • Original Perron West acquisition consisted of 151.92 km 2 and hosted continuation of the Normétal-Burntbush greenstone belt • Bears several geological similarities to the Perron Project • Potential mirror image of the prolific Beaupré Bl
Slide 10: High Processing Recovery
CHAMPAGNE ZONE METALLURGY PROGRAM HIGH PROCESSING RECOVERY 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 achieved via a simple flowsheet (gravity circuit followed by
Slide 11: > 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. • > 95% gold recovery means our ore is easily processable at virtually every mill in the Abitibi, providing us wi
Slide 12: 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 13: 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 14: Perron Gold Project – Staged Production
PERRON PROJECT PERRON GOLD PROJECT – STAGED PRODUCTION A PHASED APPROACH Fully • Bulk Sample (2026 – 2027) Mining 40,000 of ore at a depth of 230m Permitted Feasibility • Phase 1 (2028 – 2033) Underground mining and toll-milling of the high-grade Champagne Zone Completed • Phase 2 (2033 – 2045+) Con
Slide 15: Permitted for 40,000-Tonne Bulk Sample
PERRON GOLD MINE – BULK SAMPLE PERMITTED FOR 40,000-TONNE BULK SAMPLE TSXV: AMX | FSE: MX0 | OTCQX: AMXEF amexexploration.com 15
Slide 16: Phase 1 Feasibility Study
TSXV: AMX PHASE 1 FEASIBILITY STUDY PERRON GOLD MINE TSXV: AMX | FSE: MX0 | OTCQX: AMXEF amexexploration.com
Slide 17: Champagne Zone Mineral Reserves April 2026
BUILDING THE PERRON MINE – PHASE 1 CHAMPAGNE ZONE MINERAL RESERVES APRIL 2026 (Phase 1 Feasibility Study) UG Stope Constrained COG 2.70 g/t Au CHAMPAGNE ZONE Tonnes (k) Grade (g/t Au) Gold (koz) Proven 346 12.12 135 Probable 1,643 12.10 639 Total 1,989 12.10 774 Perron Gold project Mineral Reserve E
Slide 18: A Simple Project
Phase 1 Stopes BUILDING THE PERRON MINE – PHASE 1 A SIMPLE PROJECT • 4.5 m average stopes width supporting mechanized and productive longhole stoping • Vertical deposit (>85 degrees) • Good grade continuity, especially in the high-grade Champagne zone 1.4 km • Geology of Champagne Zone simple and ea
Slide 19: Mine Characteristics
PERRON GOLD MINE – PHASE 1 FEASIBILITY STUDY MINE CHARACTERISTICS • Mining rate of 1,100 tpd • 2 years of pre-production followed by 5 years of operation • Contractor mined • Ramp access (5.0m x 5.3m) reaching a depth of 1,385 m • Longitudinal longhole-stoping with cemented rockfill • Stopes average
Slide 20: Projected Infrastructure
PERRON GOLD MINE – PHASE 1 FEASIBILITY STUDY PROJECTED INFRASTRUCTURE TSXV: AMX | FSE: MX0 | OTCQX: AMXEF amexexploration.com 20
Slide 21: Gold Production
PERRON PROJECT – PHASE 1 FEASIBILITY STUDY GOLD PRODUCTION • Average annual gold production of 147 koz gold over 5 years at an All in Sustaining Cost of US$910/oz Au; • Average milled head grade of 12.0 g/t for 751 koz Au recovered Gold Production 200 16 180 14 160 12 140 120 10 100 8 koz 80 6 g/t 6
Slide 22: Capital Expenditures
PERRON GOLD MINE – PHASE 1 FEASIBILITY STUDY CAPITAL EXPENDITURES • Phase 1 initial capital cost of $193.9M • Pre-production revenues of $68.1M partially offsets capital cost for a net initial CAPEX of $125.8M • Sustaining capital of $238.2M for Life of Mine of 5.0 years (Phase 1 only) Item Unit Pre
Slide 23: Operating Expenditures
PERRON GOLD MINE – PHASE 1 FEASIBILITY STUDY OPERATING EXPENDITURES • Low AISC of 910 US$/oz attributable to: • high-grade nature of the mineralized material • simplicity of mining attributable to continuity of mineralized material, vertical dip of the orebody, and competent rock Item CA$M US$/oz Mi
Slide 24: Economic Analysis Highlights
PERRON GOLD MINE – PHASE 1 FEASIBILITY STUDY ECONOMIC ANALYSIS • Base case at US$3,500/oz • Pre-tax IRR of 160.4% (114.6% After-tax) HIGHLIGHTS • Pre-tax NPV of $1,976M ($1,127M After-tax) • Cumulative Pre-tax Undiscounted Net FCF of $2,492M ($1,436M After-tax) • Pre-tax payback period of 0.4 years
Slide 25: Amex's Vision for Developing Perron
PROJECT DEVELOPMENT TIMELINE AMEX’S VISION FOR DEVELOPING PERRON PROJECT DEVELOPMENT TIMELINE 2026 2027 2028 2029 2030 2031 2032 2033 BULK SAMPLE Site Preparation and Ramp Development Ore Mining and Processing PHASE 1 - DIRECT SHIPPING ORE SCENARIO Feasibility Study Enviro. & Impacts Studies / Autho
Slide 26: Capital Structure & Market Performance
STRONG MARKET PRESENCE CAPITAL STRUCTURE & MARKET ANALYST SHAREHOLDER PERFORMANCE COVERAGE SUPPORT ELDORADO 27% Eldorado brings Jeremy Hoy considerable expertise as a high-grade, low-cost gold producer in the Abitibi INSIDERS 6.2% Rabi Nizami COMMITMENT TO ESG Pierre Vaillancourt Shares Issued Fully
Slide 27: 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 28: 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 29: 2026 Activities & Catalysts
2026 ACTIVITIES & CATALYSTS DEVELOPMENT CATALYSTS • Phase 1 Feasibility Study Completed • Permitting process for Phase 1 operations underway, including impacts study • 40,000 t bulk sample permit acquired, surface preparation underway, blasting of portal envisaged for early summer 2026 EXPLORATION C
Slide 30: Perron Project Exploration Highlights
TSXV: AMX PERRON PROJECT EXPLORATION HIGHLIGHTS TSXV: AMX | FSE: MX0 | OTCQX: AMXEF amexexploration.com 30
Slide 31: Mineralized System – Plan View
PERRON PROJECT DRILLING MINERALIZED SYSTEM – PLAN VIEW v TSXV: AMX | FSE: MX0 | OTCQX: AMXEF amexexploration.com 31
Slide 32: Mineralized System – Longitudinal
PERRON PROJECT DRILLING MINERALIZED SYSTEM - LONGITUDINAL TSXV: AMX | FSE: MX0 | OTCQX: AMXEF amexexploration.com 32
Slide 33: One of the World's Most Prolific Gold-Producing Regions
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 34: 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 35: 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 35
Slide 36: 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 37: 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 38: 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 39: 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 40: 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 41: New Gold Discovery in a Never-Before-Seen Lithology
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 42: 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
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