Mr. Anthony Moreau reports

AMERICAN EAGLE SECURES 100% OWNERSHIP OF THE NAK COPPER-GOLD PORPHYRY PROJECT IN BC

American Eagle Gold Corp. has fulfilled all obligations under its Dec. 24, 2021, option agreement and has acquired 100-per-cent ownership of the Nak copper-gold porphyry project.

Highlights:

• American Eagle completes its 100-per-cent earn-in at the Nak copper-gold porphyry project, 85 kilometres northeast of Smithers, B.C.;
• Nak stands out among Canadian copper-gold porphyries with its combination of large-scale, near-surface high grades, accessibility, favourable topography and growth potential;
• Highlighted drill results include 248 metres of 1.10 per cent copper equivalent (NAK24-31) and 302 metres of 1.09 per cent copper equivalent (NAK24-17);
• Approximately $37-million in cash with two major mining companies as strategic investors -- South32 and Teck Resources Ltd.;
• 30,000-metre drill program is scheduled to begin in May and the company is financed for an ambitious multiyear drill program.

Securing full ownership of Nak marks a major milestone, reinforcing American Eagle's commitment to advancing this high-quality asset. Located in a prolific mining region, Nak has already delivered some of British Columbia's top drill results, including 248 metres at 1.10 per cent copper equivalent and 302 metres at 1.09 per cent copper equivalent, starting at 132 metres and 167 metres, respectively. The project hosts a large-scale porphyry system with multiple near-one-kilometre intercepts averaging approximately 0.5 per cent copper equivalent, highlighting its significant resource potential.

With over 80 per cent of Nak's prospective ground still untested, a 30,000-metre drill program set for 2025, and, with South32 and Teck as strategic investors, American Eagle is well positioned to unlock substantial value. The company remains fully financed with approximately $37-million in cash to execute an aggressive, multiyear exploration strategy.

As part of the final option payment, American Eagle has issued one million common shares to Bernie Kreft and completed all required cash and work commitments to secure full title to the project.

"American Eagle Gold sincerely thanks Bernie Kreft for his invaluable partnership over the past three years. Bernie secured Nak and recognized the project's potential long before our involvement. Alongside the late Gary Artmont, he was instrumental in introducing the project to American Eagle and helping define the initial drill targets -- setting the stage for our success. We look forward to continuing our collaboration with Mr. Kreft on Nak and exploring future opportunities together," stated American Eagle Gold chief executive officer Anthony Moreau.

American Eagle's 2025 exploration plans and focus

Near-surface mineralization

A primary objective for 2025 is to further define and expand near-surface mineralization further, enhancing the project's economic potential. Nak offers a rare combination of geological and geographical advantages that American Eagle will leverage. Unlike many other porphyry prospects, the Nak project benefits from road access, gentle topography, low elevation and proximity to infrastructure. High-grade copper and gold mineralization has already been identified at surface, with significant potential for additional discoveries across the property.

Key targets within the main zones

• North zone:
  • Historically defined by near-surface vein and disseminated chalcopyrite mineralization in sedimentary rocks;
  • Expanded in 2022 to 2023 to include deeper bornite-rich conglomerate and monzonite dikes;
  • 2024 drilling extended the zone northeast, encountering broad intervals of seriate-textured dikes with disseminated bornite;
  • The Northeast Expansion zone will be an immediate and large focus to expand the North zone, which remains open to the north and east and at depth, with stepout drilling planned to refine its orientation and extent;
• Central zone:
  • The Central zone links the historical North and South zones; it returned significant intercepts at depth in all of American Eagle's drilling from 2022 to 2024, but little systematic drilling has been undertaken to date at shallower depths, up dip of those intersections;
• South zone:
  • Hosts a large-scale gold-rich quartz stockwork mineralized body at surface;
  • Drilling aims to link the mineralized conglomerate intersected in NAK24-17 and NAK24-31 with the broader South zone;
• Stepout targets and emerging zones:
  • The Southeast Expansion zone, south of the Babine porphyry, returned long intervals of anomalous gold and copper in NAK22-09 and NAK22-36; soil anomalies and mineralized outcrops located in the area indicate further potential;
  • The East Expansion zone will utilize additional geophysical surveys to refine targets within and around the Babine porphyry, with scout drilling planned to test these areas.

Exploration beyond drilling

The 2025 program will incorporate several non-drilling initiatives that will enhance the project.

• Geophysics -- aeromagnetic surveying and controlled-source audio magnetotellurics (CSAMT) to refine targets in underexplored areas north, south and east of the Babine stock;
• Metallurgical studies -- testing targeted drill core to assess recovery characteristics across different mineralization styles;
• Core retrieval -- historical drill core (predating American Eagle Gold) for drill holes with significant shallow Main zone intersections is stored on the Nak property and appears to be in good shape; the company will relog and resample this core to incorporate it into its model;
• Timber harvesting -- collaborating with local logging groups and the Lake Babine First Nation to manage previously permitted logging blocks, improving access to remote parts of the property.

Commitment to community and sustainability

American Eagle is committed to strong relationships with local stakeholders, including the Lake Babine Nation, provincial authorities and local contractors. The company prioritizes transparent communication and collaboration as exploration advances.

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 kilometres. Drilling completed by American Eagle in 2022, 2023 and 2024 returned significant intervals of high-grade copper-gold mineralization that reached beyond and much deeper than the historical drilling, indicating that zones of near-surface and deeper mineralization, locally with considerably higher grades, exist within the broader Nak property mineralizing system.

About American Eagle Gold Corp.

American Eagle is dedicated to advancing its Nak copper-gold porphyry project in western-central British Columbia, Canada. The company benefits from over $37-million in cash, bolstered by two strategic investors formed in the past two years with Teck and South32. With substantial financial and technical resources, American Eagle Gold is well positioned to drill, derisk and define the full potential of the Nak copper-gold porphyry project.

Qualified person statement

Mark Bradley, BSc, MSc, PGeo, a certified professional geologist and qualified person for the purposes of 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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