Mr. Anthony Moreau reports

AMERICAN EAGLE GOLD PLANNING 2024 NAK PROPERTY EXPLORATION PROGRAM

In May, American Eagle Gold Corp. will begin a 15,000-metre drill program at its Nak copper-gold porphyry project, located in west-central British Columbia, Canada. The drill program is fully financed and will more than double the metreage the company drilled on the Nak project to date.

Highlights:

• A fully financed 15,000-metre drill program will commence in May.
• An induced polarization ground geophysical survey will begin in approximately three weeks that will aid in defining drill targets;
• Initial targets will focus on expanding and outlining near-surface potential and linking higher-grade zones in the south to those in the north (see details as follows).

Some aims of the 2024 Nak drill program:

• Further define, expand and link the high-grade north and south mineralized zones (north: 530 metres of 0.61 per cent copper equivalent in drill hole NAK23-12; south: 302.1 metres of 1.09 per cent copper equivalent in drill hole NAK23-17 (see attached table);
• Expand and outline near-surface potential, such as immediately west of the shallow high-grade encountered in NAK23-17, and similarly high-grade mineralization in historically untested or little-tested parts of the historical north zone, in the vicinity of the collars of NAK23-04, NAK23-07 and NAK23-12;
• Extend the near-surface high-grade and gold-rich quartz chalcopyrite vein stockwork-style mineralization along the eastern margin of the south zone, including to depth and eastward, toward drill hole NAK23-09 (117.4 metres of 0.4 per cent copper equivalent from surface).

Induced polarization survey

The company also plans to undergo a nine-line induced polarization (IP) survey to assist with drill targeting this April. IP surveying has proven to be effective at targeting at Nak, and American Eagle's best drill hole to date, NAK23-17, which was the company's final hole of the 2023 season, was largely targeted using an IP survey run immediately prior to drilling that hole. In addition, the data from the 2023 IP survey have since been modelled, in concert with historical IP and airborne magnetic data, and certain geophysical signatures and features appear to correlate well with elevated downhole copper equivalent grades -- hence the expectation that it will aid in drill targeting.

In-depth review of work to date and geological review with Dr. Alan Wilson

The company has just completed an in-depth geological review of Nak with Dr. Wilson, a prominent economic geologist and porphyry specialist who has over 30 years of experience working on porphyry copper-gold systems. With help from Dr. Wilson and with new data still incoming (for example, hyperspectral data, new age dates, the final holes of a propertywide relog and the coming IP survey), the Nak technical team is continually refining its plans for drilling. Consequently, the company will provide further updates as the drill season approaches and targeting is refined.

About American Eagle's Nak project

The Nak project lies within the Babine copper-gold porphyry district of central British Columbia. It has excellent infrastructure, being accessed by a network of active all-season logging roads, and being supported by proximity not only by nearby logging camps, but also by the vibrant town of Smithers, B.C., through which a cross-Canada rail line and a major provincial highway (Highway 16) pass. The property is also close to the past-producing Bell and Granisle open-pit copper-gold mines. Historical drilling and geophysical, geological and geochemical work at Nak, which began in the 1960s, tested only to shallow depths, but the work revealed a very large near-surface copper-gold system that measures over 1.5 kilometres by 1.5 kilometres. Drilling by the company in 2022 and 2023 has returned significant intervals of high-grade copper-gold mineralization that lie beyond the extent of historical drilling, indicating that a number of zones of near-surface and deeper mineralization, locally with considerably higher grades, exist within the broader Nak property mineralizing system.

About American Eagle Gold Corp.

American Eagle is focused on exploring its Nak copper-gold porphyry project, located in west-central British Columbia, Canada. Teck Resources made three separate equity investments in the company in 2023, helping to finance American Eagle, which is fully financed for its 15,000-metre drill program scheduled to commence in May.

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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