Mr. Victor Cantore reports

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

Amex Exploration Inc., further to its Jan. 16, 2024, press release, has successfully completed a non-brokered charity flow-through (CFT) private placement through the issuance 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.

In connection with the offering, Eldorado Gold Corp. made a strategic investment in the company through the purchase of 11,344,130 common shares of the company. 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.

Each CFT share will qualify as a flow-through share (within the meaning of Subsection 66(15) of the Income Tax Act (Canada) and Section 359.1 of the Taxation Act (Quebec)). The gross proceeds from the offering will be used to advance the company's Perron project in Quebec, which will qualify as Canadian exploration expenses and flow-through mining expenditures, as those terms are defined in the Income Tax Act (Canada), which will be renounced to the initial purchasers of the CFT shares with an effective date no later than Dec. 31, 2024. In addition, with respect to Quebec-resident CFT share subscribers who are eligible individuals under the Taxation Act (Quebec), the Canadian exploration expenses will also qualify for inclusion in the exploration base relating to certain Quebec exploration expenses within the meaning of Section 726.4.10 of the Taxation Act (Quebec), and for inclusion in the exploration base relating to certain Quebec surface mining expenses or oil and gas exploration expenses, within the meaning of Section 726.4.17.2 of the Taxation Act (Quebec).

In connection with the offering, PI Financial Corp. acted as financial adviser to the company and received an advisory fee of $790,000 (exclusive of all applicable taxes).

Prior to the completion of the offering, the company had 103,243,001 issued and outstanding common shares. Upon completion of the offering, the company currently has 114,587,131 issued and outstanding common shares.

About Amex Exploration Inc.

Amex Exploration is an exploration company with projects in Quebec.

We seek Safe Harbor.