Mr. Anthony Moreau reports

AMERICAN EAGLE ANNOUNCES WARRANT EXTENSION

American Eagle Gold Corp. has applied to the TSX Venture Exchange to extend the expiry date of common share purchase warrants issued by the company on May 3, 2021, in connection with the listing of the company on the TSX Venture Exchange.

The amendments to the expiry date of the warrants is set out in the attached table.

The amended expiry date for the warrants is subject to acceleration in the event that the volume weighted average trading price of the common shares of the company (or the shares of a successor entity) on the TSX Venture Exchange is at least 40 cents for a minimum of 10 consecutive trading days (whether or not trading occurs on all such days), the company may, in its sole discretion issue a news release announcing that the exercise period has been reduced to 30 days following the date of the issuance of such news release (the accelerated expiry date). If such news release is issued, all warrants that are not exercised prior to 5 p.m. Toronto time on the accelerated expiry date will expire immediately after such time on the accelerated expiry date.

The proposed amendment of the warrants is subject to the approval of the TSX-V.

Certain of the warrants are held by parties who are considered to be related parties of the company. Therefore, the amendment of the related party warrants constitutes a related party transaction as contemplated by Multilateral Instrument 61-101 -- Protection of Minority Shareholders in Special Transactions, and TSX-V Policy 5.9 -- Protection of Minority Shareholders in Special Transactions. However, the exemptions from formal valuation and minority approval requirements provided for by these guidelines can be relied upon because neither the fair market value of the related party warrants nor the fair market value of the consideration paid for the related party warrants exceeds 25 per cent of the market capitalization of the company. A material change report in respect of this related party transaction will be filed by the company.

Holders of warrants will not receive an amended warrant certificate, and will be required to submit their original warrant certificate in order to exercise warrants.

We seek Safe Harbor.