Mr. Anthony Moreau reports

AMERICAN EAGLE ANNOUNCES PRIVATE PLACEMENT FOR UP TO $5.0 MILLION

American Eagle Gold Corp. intends to complete a non-brokered private placement of up to 4,807,692 charity flow-through (FT) common shares at $1.04 per charity FT share, for aggregate gross proceeds to the company of up to $5-million.

Proceeds from the offering will be used for exploration work at the company's NAK project located in the Babine copper-gold porphyry district in central British Columbia. The final drill hole of the 2023 exploration season yielded 302 metres of 1.09 per cent within 606 m of 0.74 per cent copper equivalent starting from 98 metres downhole. The company plans to stepout from this drill hole to begin the 2024 drill season, set to begin in May.

The charity FT shares will qualify as flow-through shares (within the meaning of Subsection 66(15) of the Income Tax Act (Canada). An amount equal to the gross proceeds from the issuance of the charity FT shares will be used to incur eligible resource exploration expenses which will qualify as: (i) Canadian exploration expenses (as defined in the Tax Act); and (ii) as flow-through critical mineral mining expenditures (as defined in Subsection 127(9) of the Tax Act). Qualifying expenditures in an aggregate amount not less than the gross proceeds raised from the issue of the charity FT shares will be incurred (or deemed to be incurred) by the company on or before Dec. 31, 2025, and will be renounced by the company to the initial purchasers of the charity FT shares with an effective date no later than Dec. 31, 2024.

The offering is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange.

The charity FT shares are being offered for sale to purchasers resident in Canada pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106. The common shares of the company issuable from the sale of these LIFE securities are expected to be immediately freely tradeable under applicable Canadian securities legislation if sold to purchasers resident in Canada. There is an offering document relating to the offering that can be accessed under the company's profile at SEDAR+ and at the company's website. Prospective investors should read this offering document before making an investment decision.

It is not anticipated that any new insiders will be created, nor that any change of control will occur, as a result of the offering.

Details of NAK's 2024 drill program

The 2024 drill program will integrate the company's growing understanding of the relationship between the emplacement of multiphase Eocene dikes and sills with reactive and permeable host rocks to form the extensive NAK mineralized system. The company is developing models for geology, mineralization, alteration and structure for the system, which will form the basis for its continuing planning. The expanded 2024 drill program, currently planned for 15,000 metres, will aim to link, better define and expand upon the historical North and South zones, which the company showed in its 2022 and 2023 drill programs to extend to considerable depths (close to 950 metres below surface) along a strike length of 750 m and across a width of 400 m. Intercepts from 2023 include 900 m of 0.50 per cent copper equivalent from surface in the North zone, and 302 metres of 1.09 per cent within 606 m of 0.74 per cent copper equivalent starting from 98 metres downhole in the South zone.

View the 2024 drill plan at NAK, and the 2024 drill plan webinar hosted by geologists Charlie Greig and Neil Prowse, on-line.

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 through all-season roads and is close to the towns of Smithers, Houston and Burns Lake, B.C., which lie along a major rail line and Provincial Highway 16. Historical drilling and geophysical, geological and geochemical work at NAK, which began in the 1960s, tested only to shallow depths. Still, the work revealed a very large near-surface copper-gold system that measures over 1.5 kilometres by 1.5 km. Drilling completed in 2022 and 2023 by American Eagle has returned significant intervals of high-grade copper-gold mineralization that lie beyond the extent of historical drilling, indicating that several zones of near-surface and deeper mineralization, locally with considerably higher grades, exist within the broader NAK property mineralizing system.

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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