Dr. Jacques Trottier reports

AMEX REPORTS HIGH GRADE DRILL INTERSECTS FROM DEPTH EXTENSION OF EASTERN DENISE ZONE AND PROVIDES CORPORATE UPDATE

Amex Exploration Inc. has released the results of a number of drill holes focused on exploration and definition drilling at the Denise zone, part of the Eastern gold zone (EGZ), of the Perron project (see an attached table for assay results).

Highlights include:

• PE-23-663 returned 9.50 metres of 8.48 grams per tonne gold, including 0.50 m of 155.15 g/t Au, at a vertical depth of approximately 600 m.
• PE-23-681W1 returned 4.20 m of 29.27 g/t Au, including 0.50 m of 236.57 g/t Au, at a vertical depth of approximately 570 m.
• PE-23-621 returned 4.30 m of 12.60 g/t Au, including 1.50 m of 32.57 g/t Au, at a vertical depth of approximately 565 m.

Today's drill results are focused on defining and expanding upon the high-grade shoot of the main Denise body, as well as some exploratory drilling to the east. Amex has identified a distinct, high-grade lens of subvertical mineralization that dips eastward, in a similar fashion to the High Grade zone. The presence of significant visible gold, and associated multiounce assays, indicates the strength of the mineralized system. Amex aims to define this lens as well as explore for additional lenses along the main Denise trend, all of which will add significantly to the overall inventory of mineralization on the Perron project.

Dr. Jacques Trottier, PhD, executive chairman of Amex Exploration, commented: "Today's results clearly demonstrate high-grade depth extensions to Eastern Denise, combined with a significant strike length of at least 500 metres. This shoot follows the plunge and geometry of the High Grade zone, which we are modelling as an underground target. The presence of this well-mineralized Denise system adds significantly to the future ounce-per-vertical-metre count in the system and should be highly accretive to a future mining scenario. Amex intends to continue defining this shoot, as well as testing a second higher-grade shoot further to the east which likely follows the same plunge, as evident by holes PE-22-545 and PE-22-584."

In addition, the company currently has five drills on site dedicated to exploring and defining the Team zone, High Grade zone, Denise zone and Gratien zone, and regional exploration.

Corporate update

Subject to regulatory approval, Amex has engaged the services of Independent Trading Group (ITG) to provide market-making services, in accordance with the policies of the TSX Venture Exchange. Under the agreement, ITG will receive compensation of $7,000 per month, payable monthly in advance. The agreement is for an initial term of one month and will renew for additional one-month terms, unless terminated. The agreement may be terminated by either party with 30 days notice. There are no performance factors contained in the agreement, and ITG will not receive shares or options as compensation. ITG and the company are unrelated and unaffiliated entities and, at the time of the agreement, neither ITG nor its principals have an interest, directly or indirectly, in the securities of the company.

Qualified person and quality assurance/quality control

Dr. Jerome Augustin, PGeo, PhD (OGQ 2134), an independent qualified person as defined by National Instrument 43-101 standards, has reviewed and approved the geological information reported in this news release. The drilling campaign and the quality control program have been planned and supervised by Dr. Augustin. Core logging and sampling were completed by Laurentia Exploration. The quality assurance/quality control protocols include the insertion of blank or standard samples every 10 samples on average, in addition to the regular insertion of blank, duplicate and standard samples accredited by Laboratoire Expert during the analytical process. For all analyses targeting gold mineralization, gold values are estimated by fire assay with finish by atomic absorption. Values over three parts per million Au are reanalyzed by fire assay with a gravimetric finish by Laboratoire Expert, Rouyn-Noranda. Samples containing visible gold mineralization are analyzed by metallic sieve. For additional quality assurance/quality control, all samples were crushed to 90 per cent passing fewer than two millimetres prior to pulverization, in order to homogenize samples that may contain coarse gold. The qualified person has not completed sufficient work to verify the historical information on the property or neighbouring projects, particularly in regard to historical drill results. However, the qualified person believes that drilling and analytical results were completed to industry-standard practices. The information provides an indication of the exploration potential of the property but may not be representative of expected results.

About Amex Exploration Inc.

Amex Exploration has made significant gold discoveries on its 100-per-cent-owned, high-grade Perron gold project, located approximately 110 kilometres north of Rouyn-Noranda, Que., consisting of 117 contiguous claims covering 4,518 hectares. The project is well serviced by existing infrastructure, on a year-round road, 10 minutes from an airport and just outside the town of Normetal (approximately eight kilometres). In addition, the project is in close proximity to a number of major gold producers' milling operations. The project hosts both bulk-tonnage and high-grade-gold-style mineralization. Since January, 2019, Amex has intersected significant gold mineralization in multiple gold zones and discovered copper-rich volcanogenic massive sulphide zones.

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