Mr. Anthony Moreau reports

AMERICAN EAGLE ANNOUNCES ANNUAL GENERAL MEETING AND OPTION GRANT

American Eagle Gold Corp.'s annual general and special meeting of shareholders (AGSM) will be held on Thursday, Oct. 19. More information on the meeting will be available in the company's management information circular, which will be posted on SEDAR+ in September.

Stock option grant

The company is also pleased to announce that the board of directors has approved grants totalling 3.6 million stock options to certain directors, officers and consultants of the company, allowing for the acquisition of up to, in the aggregate, 3.6 million shares of the company, pursuant to the company's stock option plan. A total of 2.6 million stock options were granted to certain directors and officers of the company. The options are exercisable at 30 cents per share for five years from the date of grant, vest one year from the date of grant and are subject to regulatory policies and approvals. A total of 500,000 options granted to directors and consultants of the company are subject to shareholder approval at the upcoming AGSM.

The grant of options to certain directors and officers is a related party transaction under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party matters, as the company is listed on the TSX Venture Exchange and neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves the related parties, exceeded 25 per cent of the company's market capitalization (as determined under MI 61-101).

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 kilometres. Historical exploration was limited to shallow depths, averaging 170 metres. 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.

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.

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