Mr. David Grondin reports

AM RESOURCES ANNOUNCES CHANGE OF AUDITOR AND FAILURE TO FILE CEASE TRADE ORDER

AM Resources Corp. has appointed MNP LLP as its new auditor. Effective April 4, 2023, MNP LLP (the successor auditor) replaced Raymond Chabot Grant Thornton LLP (the former auditor) as the corporation's auditor.

All procedures have been properly followed under National Instrument 51-102 -- Continuous Disclosure Obligations regarding the change of auditor and, as required, a notice of change of auditor together with the required letters from the former auditor and the successor auditor have been filed via SEDAR with each securities commission in each province in which the corporation is a reporting issuer. There were no reportable events (as defined in NI 51-102) between the former auditor and the corporation.

Failure-to-file cease trade order

The corporation announces that the Autorite des marches financiers has issued a cease trade order (CTO) in respect of its securities as a result of the corporation's inability to file its audited annual financial statements and corresponding management's discussion and analysis for the year ended Dec. 31, 2022, including the CEO (chief executive officer) and CFO (chief financial officer) certifications, before May 1, 2023, as required by NI 51-102.

AM is working diligently and expeditiously with the successor auditor to complete the audit and expects to file the financial documents on or about June 30, 2023.

The corporation is not currently subject to any insolvency proceedings. The corporation also confirms that there is no other material information concerning the affairs of the corporation that has not been generally disclosed as of the date of this press release. The corporation will provide updates as further information relating to the financial documents becomes available.

Correction to previous news release

In the news release dated May 3, 2023, the corporation announced the acquisition of the exclusive right and interest to earn a 100-per-cent interest in three properties located in Austria. The corporation has obtained such option from Julien Desrosiers and not Prospection Grosier Mineraux Ltee. Furthermore, in connection with the option, the corporation will grant a 2-per-cent NSR (net smelter return) royalty of which 0.5 per cent of the NSR may be repurchased by the corporation for an amount of $1.5-million.

About AM Resources Corp.

AM Resources is a mining exploration company with interests in coal and natural bitumen projects in Colombia. AM is betting on Colombia's excellent mineral potential and favourable climate to pursue its Colombian venture.