Mr. Anthony Moreau reports

AMERICAN EAGLE GOLD ANNOUNCES ADDITIONAL C$2.67 MILLION FINANCING

Teck Resources Ltd. has agreed to make a strategic investment in American Eagle Gold Corp. through a structured flow-through financing on a private placement basis.

The company will issue 5.94 million common shares on a flow-through basis at a price of 45 cents per share for issue proceeds of approximately $2.67-million. The flow-through financing structure provides for Teck to subsequently acquire the shares for an aggregate purchase price of $1.66-million, or 28 cents per share.

The offering proceeds fully finance an extended 2023 drill program and its 2024 drill program at its NAK copper-gold porphyry project near Smithers, B.C. No warrants or finders fees were issued in connection with the offering.

Immediately following the closing of the offering, Teck will hold 20.34 million common shares of American Eagle, or approximately 19.9 per cent of American Eagle's issued and outstanding common shares, on a non-diluted basis. Teck currently holds 14.4 million common shares of American Eagle, or approximately 15 per cent of American Eagle's issued and outstanding common shares, on a non-diluted basis.

Teck's purchase of the shares is being made for investment purposes. Teck may determine to increase or decrease its investment in American Eagle depending on market conditions and any other relevant factors. This release is required to be issued under the early warning requirements of applicable securities laws. Teck's head office is located at suite 3300 -- 550 Burrard St., Vancouver, B.C., V6C 0B3. A copy of Teck's early warning report may be obtained from Chris Stannell at 604-699-4368.

Closing of the offering is expected to occur on or before Sept. 7, 2023, subject to negotiation and execution of definitive documentation with the initial purchasers of the shares, as well as certain customary conditions, including, but not limited to, the receipt of all necessary regulatory approvals and acceptance of the TSX Venture Exchange. The shares are subject to a statutory hold period of four months plus a day following the closing date.

An amount equal to the gross proceeds from the issuance of the offering will be used to incur, on the company's Canadian mineral exploration properties, eligible resource exploration expenses that will qualify as (i) Canadian exploration expenses (as defined in the Income Tax Act); (ii) flow-through critical mineral mining expenditures (as defined in Subsection 127(9) of the Tax Act); and (iii) as a B.C. flow-through mining expenditure for purchasers in British Columbia. The qualifying expenditures in an aggregate amount not less than the gross proceeds raised from the issue of the offering will be incurred on or before Dec. 31, 2024, and will be renounced by the company to the initial purchasers of the shares with an effective date no later than Dec. 31, 2023. In the event that the company is unable to renounce the issue price for the shares on or prior to Dec. 31, 2023, for each share purchased and/or if the qualifying expenditures are reduced by the Canada Revenue Agency, the company will, for such failure to renounce, indemnify each initial purchaser for the additional taxes payable by such subscriber to the extent permitted by the Tax Act as a result of the company's failure to renounce the qualifying expenditures as agreed.

Pursuant to a prior agreement between American Eagle and Teck, and for so long as Teck's ownership in American Eagle remains greater than 5 per cent of American Eagle's issued and outstanding common shares on a non-diluted basis, Teck holds certain investor rights, being an equity participation right to maintain its pro rata ownership in the company and certain information rights relating to the NAK project.

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 is largely without helicopter support. The promising initial results make NAK an ideal candidate for further exploration. Drilling resumed in June, 2023, and the company released assays for its first hole (NAK23-08) of the 2023 program on Aug. 9, 2023. Highlights of the hole were 776 metres of 0.50 per cent copper equivalent from surface.

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 Projects, has verified and approved the information contained in this news release.

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