Montreal, Quebec--(Newsfile Corp. - November 6, 2024) - Amex Exploration Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) ("Amex or the Company") is pleased to announce that it has expanded the mineralized footprint of the Central Polymetallic Zone ("CPZ") (see number 9 in Figure 1 for location). The new high-grade intercept has the potential to extend the CPZ by 100 m beyond its currently defined area (see Figures 2-4). Additionally, recent drilling in the High Grade and Team Zones have intercepted mineralization outside of the Perron Project's disclosed resource (please see press release dated September 5, 2024) . This drilling was completed after the drillhole database cutoff on June 30, 2024 and the majority of intercepts fall outside of the modelled underground stopes and open pits (see Figures 5-7) meaning they have the potential to grow the existing resource. Finally, Amex has also successfully expanded the latest discovery on the Perron Project, the JT Zone. The mineralized dike of the JT Zone has now been defined to approximately 450 m of strike, with a thickness of 60 m, plunging to the east. The zone is located approximately 750 m to the north-northwest of the High Grade Zone ("HGZ") and approximately 600 m to northwest of the Team Zone. The same late diabase dike that cuts the HGZ can also be seen cutting the JT Zone (see Figure 8). The mineralized dike remains open to the east at depth (see Figure 9). For a full list of today's drill results and collar locations, please see Tables 1-5 below.

Since publishing the NI 43-101 Mineral Resource Estimate at Perron, the Amex Exploration team has been optimizing the drilling plan to target expansion of the open pit and underground stope shapes identified in the resource. Numerous areas across the project have been outlined for expansion due to a lack of drilling. This process will be even further refined when the mine plan is in hand from the upcoming Preliminary Economic Assessment (PEA), expected in the current quarter.

Amex currently has over 5,000 samples waiting for analysis across its range of lab partners but expects this backlog to begin decreasing over the coming weeks.

Drill Highlights Include:

Central Polymetallic Zone:

• PE-24-801 returned 1.80 m of 134.36 g/t Au, including 0.50 m of 480.73 g/t Au at a vertical depth of ~435 m

High Grade Zone:

• PE-21-347W6 returned 9.60 m of 5.06 g/t Au, including 0.50 m of 69.62 g/t Au at a vertical depth of ~1075 m
• PE-24-797 returned 1.00 m of 20.40 g/t Au, including 0.50 m of 35.47 g/t Au at a vertical depth of ~380 m

Team Zone:

• PE-24-789 returned 0.60 m of 62.50 g/t Au at a vertical depth of ~270 m
• PE-24-683EXT returned 1.30 m of 24.62 g/t Au at a vertical depth of ~590 m and 6.10 m of 3.35 g/t Au at a vertical depth of ~649 m
• PE-24-781 returned 0.60 m of 52.01 g/t Au at a vertical depth of ~165 m

JT Zone:

• PEX-24-235 returned 77.00 m of 0.84 g/t Au, including 22.10 m of 1.15 g/t Au at a vertical depth of ~240 to 310 m
• PEX-24-236 returned 63.20 m of 0.59 g/t Au at a vertical depth of ~280 to 335 m

Jacques Trottier, PhD, Executive Chairman of Amex Exploration commented, "This is a significant drill hole for the CPZ, which hadn't seen drilling for a number of years while other areas were being worked on. It demonstrates that there is high-grade gold to be found across the entire Perron Property. This drill hole also displays that while the CPZ primarily hosts broad, gold-rich polymetallic mineralization, it is also capable of producing focused stringers of sulfides with extreme amounts of native gold. By referring to Figure 5, it can be observed that there is a gap in drilling between today's intercept and the main CPZ body. The Amex team is excited to test if this extremely gold-rich stringer grows in size as it approaches its anticipated source."

Aaron Stone, P.Geo, Vice President Exploration of Amex Exploration added, "Today's visually spectacular intercept was a very exciting find for the team, I have personally never seen such an abundance of gold surrounding a sphalerite stringer. I too look forward to following up on the potential continuation of this extremely rich, previously unknown area of the CPZ. All of today's results did not make it into the resource estimate in addition to all other assays published after the June 30, 2024 MRE database cutoff, which included 30.85 g/t Au over 6.35 m from the release dated July 31, 2024. Therefore, results from this date onwards will also not be included in our upcoming PEA but show the potential to grow existing ounces at Perron."

Figure 1: Geological map of the Perron Project, showing each of the significant mineralized zones identified to date.

Figure 2: Geological map of the Central Beaupré Block, showing gold mineralization greater than 0.50 g/t Au, highlighting today's result from PE-24-801. Cross section A-B is displayed in Figure 3.

Figure 3: Geological cross section of the Central Beaupré Block, centered on drill hole PE-24-801, showing the different lithologies and mineralized zones intercepted by the hole.

Figure 4: Photos of visible gold from drill hole PE-24-801. High-grade mineralization is represented by a quartz-carbonate-sulfide vein with visible gold, hosted in a mafic intrusion. Abbreviation: VG - Visible Gold.

Figure 5: Geological map of the Eastern Gold Zone, showing gold mineralization greater than 0.50 g/t Au and the location of today's released holes.

Today's drill holes from the High Grade and Team Zones were planned in conjunction with resource geologists after the release of the Company's recently announced Mineral Resource Estimate ("MRE") in areas that were identified to expand upon the modelled mineralization envelopes. Even with the excellent density of drill holes in the upper portion of the HGZ, several areas were observed as not closed and remained open for growth in close proximity to the surface.

Since the combination of the 210 and E3 zones with the Team Zone (please see press release dated April 24, 2024), much drilling was planned to test the continuity of the system and continue expanding upon it. Today's results in the Team Zone are a progression of that work.

Figure 6: Longitudinal section of the High Grade Zone looking to the south with the location of today's released drill holes.

Figure 7: Photos of visible gold from the High-Grade Zone (PE-21-347W6) and the JT Zone (PEX-24-225). Mineralization is represented by gold bearing quartz-carbonate-sulfide veins with visible gold hosted in the aphanitic Beaupré rhyolite. Abbreviation: VG - Visible Gold.

In addition, the Company is continuing to investigate the structural significance of the JT dike, as well as other dikes of similar composition at Perron, on the emplacement of gold within the Beaupré Block. A chronology study has begun on these dikes to better understand their relationship with the gold-bearing lithologies of the Property. Results obtained from the thin section analysis completed on samples taken from the JT Dike have shown that free gold exists within the system. Samples were taken to study the gold's relationship with sulfides within the dike and gold grains were found to be free within the matrix and along the borders of sulfide grains rather than being trapped within the sulfides themselves (see Figures 10 and 11). This is a positive sign for the metallurgical recovery of the zone. Metallurgical test samples have been sent to SGS Laboratories in Quebec City and are pending.

Finally, Amex has begun working on trenching the JT Zone to expose the mineralized dike at surface. The goals of this work are to obtain more detailed structural information of the dike, observe its contacts and relationship with the Beaupré rhyolite and conduct channel sampling across the zone. See Figures 12 and 13 for the progress of the trench.

Mr. Trottier stated, "I am pleased to see the trench exposing the JT Dike at surface is progressing well and I believe the channel sampling and mapping program in the trench will unlock some important information. The zone has been expanded significantly in the last few months and remains open at depth. Multiple studies are ongoing as we continue to learn more and more about the zone and its potential structural significance for gold emplacement within the Beaupré Block."

Figure 8: Geological map of the JT Zone, showing gold mineralization greater than 0.50 g/t Au. Thick low-grade mineralization is hosted in a felsic to intermediate dike situated within the Beaupré Block. Some high-grade results can also be observed that are found within quartz veining hosted in the aphanitic rhyolite.

Figure 9: Longitudinal section of the JT Zone looking to the south with the location of today's released drill holes.

Figure 10: Thin section image showing free gold grains found within the matrix of the JT Dike. Abbreviations: Au: Gold; Ep: Epidote; Fsp: Feldspar; Po: Pyrrhotite.

Figure 11: Thin section image showing gold grains found along the borders of sulfide grains within the matrix of the JT Dike. Abbreviations: Au: Gold; Ap: Apatite; Fsp: Feldspar; Po: Pyrrhotite; Sp: Sphalerite.

Figure 12: Drone captured image showing the progress of trenching work at the JT Zone.

Figure 13: Photo taken at the trench of the JT Zone displaying the progress of work and the ongoing channel sampling program across the dike.

Table 1: Assay results from hole PE-24-801 located in the Central Polymetallic Zone area.

*Metal factor is defined as gold grade multiplied by core length.

Table 2: Assay results from the High Grade Zone and Denise Zone.

**Metal factor is defined as gold grade multiplied by true thickness

Table 3: Assay results from the Team Zone

*Metal factor is defined as gold grade multiplied by core length (g/t Au *m)

Table 4: Assay results from the JT Zone at Perron.

*Metal Factor is defined as gold grade multiplied by core length.

Table 5: Drillhole coordinates for today's results.

Qualified Person and QA&QC

Jérôme Augustin P.Geo. Ph.D., (OGQ 2134), an Independent Qualified Person as defined by Canadian NI 43-101 standards, has reviewed and approved the geological information reported in this news release. The drilling campaign and the quality control program have been planned and supervised by Jérôme Augustin. Core logging and sampling were completed by Laurentia Exploration. The quality assurance and quality control protocols include insertion of blank or standard samples every 10 samples on average, in addition to the regular insertion of blank, duplicate, and standard samples accredited by Laboratoire Expert during the analytical process. For all analyses targeting gold mineralization, gold values are estimated by fire assay with finish by atomic absorption. Values over 3 ppm Au are reanalyzed by fire assay with finish by gravimetry by Laboratoire Expert Inc, Rouyn-Noranda. Samples containing visible gold mineralization are analyzed by metallic sieve. For additional quality assurance and quality control, all samples were crushed to 90% less than 2 mm prior to pulverization, in order to homogenize samples which may contain coarse gold. The Qualified Person has not completed sufficient work to verify the historical information on the Property or neighbouring projects, particularly in regards to historical drill results. However, the Qualified Person believes that drilling and analytical results were completed to industry standard practices. The information provides an indication of the exploration potential of the Property but may not be representative of expected results.

About Amex

Amex Exploration Inc. has made significant gold discoveries on its 100% owned high-grade Perron Gold Project located ~110 kilometres north of Rouyn-Noranda, Quebec, consisting of 117 contiguous claims covering 4,518 hectares. The project is well-serviced by existing infrastructure, on a year-round road, 10 minutes from an airport and just outside the town of Normétal (~8 km). In addition, the project is in close proximity to a number of major gold producers' milling operations. The project host both bulk tonnage and a high-grade gold style mineralization. Since January 2019, Amex has intersected significant gold mineralization in multiple gold zones and discovered copper-rich VMS zones.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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, the planned exploration program on the HGZ and Denise Zone, the expected positive exploration results, the extension of the mineralized zones, the timing of the exploration results, the ability of the Company to continue with the exploration program, 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.