Mr. Anthony Moreau reports

DRILLING UNDERWAY AT AMERICAN EAGLE'S NAK COPPER-GOLD PROJECT

Drilling has commenced at American Eagle Gold Corp.'s NAK copper-gold porphyry project northeast of Smithers, B.C. This program is fully financed by the strategic investment by Teck Resources, as announced on May 8.

About NAK's drill program

Drilling will continue through October, 2023, with a planned 7,000 metres to further delineate NAK's grade and size potential. The primary objectives for this year's drill program will be to:

• Expand and define the orientation of the higher-grade dike-hosted bornite mineralization;
• Expand the high-grade at-surface south gold zone;
• Drill test the highly prospective southern contact of the main Babine stock porphyry;
• Follow up on 2022's drill program with east-west stepout drilling to delineate the true size of this potential deposit.

About the previous drilling

Historical drilling defined a large surface copper and gold footprint measuring 1,500 by 1,500 metres open in all directions. However, historical drilling had been restricted to the upper parts of the mineralized alteration zone, testing to an average vertical depth of only 170 m. American Eagle's 2022 drill program tested mineralization below the historical shallow drilling and discovered broad intercepts of bornite-bearing copper-gold porphyry mineralization.

Two thousand twenty-three's objective is to continue advancing the NAK property by expanding its known mineralized footprint and identifying the high-grade source of copper and gold on NAK.

About American Eagle's NAK project

NAK is a porphyry copper-gold target that exhibits many signs of a robust and large-scale system. Historical drilling, while shallow, defined a near-surface copper-gold system with a footprint greater than 1.5 kilometres by 1.5 km. Drilling in 2022 showed that the property holds substantial deep potential but remains largely untested at depth, while near-surface mineralization potential was significantly larger than historically defined.

The NAK property is road accessible, and many target areas coincide with forest industry clear cuts. Drilling can be undertaken year-round, and no helicopter support is required. The NAK property is 85 kilometres from Smithers, B.C., in the Babine copper-gold porphyry district of west-central British Columbia. It lies close to past-producing mines (Bell, Granisle) and excellent infrastructure. NAK's highly encouraging initial results make it a prime candidate for further exploration. The company's main objective is to advance this newly revitalized prospect into a major discovery. Drilling is expected to commence in early June, 2023.

About American Eagle Gold Corp.

American Eagle is focused on exploring its NAK project in the Babine copper-gold porphyry district of central British Columbia.

Qualified person statement

Mark Bradley, BSc, MSc, PGeo, a certified professional geologist and qualified person for the purposes of Canada's National Instrument 43-101 -- Standards of Disclosure for Mineral Properties, has verified and approved the information contained in this news release.

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