Mr. Victor Cantore reports

AMEX EXPLOATION ANNOUNCES C$26 MILLION PRIVATE PLACEMENT, INCLUDING A STRATEGIC INVESTMENT BY ELDORADO GOLD

Amex Exploration Inc. has arranged a non-brokered charity flow-through private placement of 11,344,130 charity flow-through shares at a price of $2.35 per CFT share to raise aggregate gross proceeds of $26.65-million.

Following completion of the offering, Eldorado Gold Corp. has agreed to make a strategic investment in the company through the purchase of 11,344,130 common shares of the company issued pursuant to the offering, for a purchase price of $15-million. Upon closing, the strategic investment represents approximately a 9.9-per-cent ownership interest in the company's issued and outstanding common shares on a non-diluted basis. In connection with the strategic investment, the company has granted Eldorado a customary anti-dilution right to maintain its equity ownership interest.

Victor Cantore, president and chief executive officer of Amex, commented: "We are very pleased to welcome Eldorado as a strategic shareholder and look forward to leveraging their considerable mining expertise as a high-grade, low-cost gold producer in the Abitibi. This investment represents a strong endorsement of the work conducted at the Perron project to date, and leaves us well capitalized to pursue a dual strategy of advancing known zones of gold mineralization while continuing to unlock significant exploration potential through targeting new discoveries. We feel we have only scratched the surface of the gold potential at Perron. In addition, the company is well funded to produce a resource estimate and follow on preliminary economic assessment of the Perron project."

The closing of the offering is expected to occur on or before Feb. 2, 2024, and is subject to the satisfaction of certain conditions, including receipt of acceptance of the TSX Venture Exchange. All securities issued in connection with the offering will be subject to a hold period of four months and one day from the date of closing, in accordance with applicable Canadian securities laws.

PI Financial Corp. is acting as financial adviser to the company in connection with the strategic investment. Irwin Lowy LLP is serving as legal counsel to the company.

About Amex Exploration Inc.

Amex Exploration is an exploration company with projects in Quebec.

We seek Safe Harbor.