Mr. Anthony Moreau reports

AMERICAN EAGLE UPDATES ON NAK DRILL PROGRAM

American Eagle Gold Corp. has updated shareholders on its continuing drill program at the NAK copper-gold porphyry project (NAK) in British Columbia. The visual assessment of NAK 23-08, NAK 23-09 and NAK 23-10 is encouraging, showing zones of consistent mineralization, though management emphasizes that visual interpretations do not always correlate with positive assay results.

NAK 23-08 complete

NAK 23-08 at NAK has revealed compelling visual chalcopyrite mineralization, extending to a downhole depth of 881 metres. This hole has provided access to untested ground west of the main historically drilled South zone, and west of the north-south fence of deep holes drilled by the company in 2022. Initially, hole 23-08 was planned to be drilled to 300 m depth, but visuals prompted continuation of drilling and have provided the company with encouragement to drill additional stepout holes to the west. The visuals in NAK 23-08 highlight the significant potential of this area and further emphasize the potential at the NAK property.

NAK 23-09 complete

Drill hole NAK23-09 was drilled 730 metres east of NAK22-01, in an area immediately south of the main Babine stock intrusion. It also yielded encouraging visuals and confirms the presence of mineralization beyond the limit of historical drilling. American Eagle is assessing the results and actively integrating them into the overall NAK system. Adjustments to the 2023 drilling plan may prioritize further exploration in this area, which the company now refers to as the Southern Margin zone.

NAK 23-10 in progress

NAK 23-10 is focused on extending the historically higher grade near-surface mineralization encountered in NAK 22-01 and NAK22-02 and linking this shallower mineralization with the newly recognized deeper mineralization farthest west in drill hole NAK23-08. Early visuals from the top of the hole are promising. The local zones of chalcopyrite, molybdenite and bornite veining are consistent with that observed in NAK 23-08.

The aim of the company's 2023 exploration efforts is to build scale, discover further high-grade zones and to link those together with an improved understanding of the geology and controls on mineralization within the extensive NAK system.

Assay results and core photos

The company plans to release assay results in batches as it receives data from the laboratory. The company may also share photos of the core, though it will not comment on the timing of dissemination of such material and assays.

About American Eagle's NAK project

The NAK project is in the Babine copper-gold porphyry district of British Columbia, near past-producing mines and with excellent infrastructure. Previous drilling at NAK revealed a large near-surface copper-gold system measuring over 1.5 kilometres by 1.5 km. Historical exploration was limited to shallow depths, averaging 170 m. In 2022, American Eagle's 2022 drilling program explored deeper and discovered significant copper-gold mineralization. The objective for 2023 is to expand the known mineralized footprint at NAK and identify high-grade sources of copper and gold. The property is accessible by road, can be drilled year-round and largely without helicopter support. The promising initial results make NAK an ideal candidate for further exploration. Drilling resumed in 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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