Amex Gold Mining completes 75 m underground decline at Perron

Montreal, Quebec--(Newsfile Corp. - September 21, 2026) - Amex Gold Mining Inc. (TSXV: AMX) (FSE: MX00) (OTCQX: AMXEF) (" Amex " or the " Company ") is pleased to provide an update on development activities at its 100%-owned Perron Gold Project, located near Normétal, Quebec. Please view video here: https://youtu.be/rMp5CVNU53Q

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Following the successful completion of portal construction and the commencement of underground development, the decline has now advanced more than 75 metres underground as part of Amex's permitted 40,000-tonne bulk sample program.

In parallel, Amex continues to advance key surface infrastructure at Perron. Construction of the mechanical shop has commenced, while clearing of the right-of-way for the 25 kV power line has been completed. Installation of the power line poles is expected to begin in the coming weeks.

Recent and ongoing activities at Perron include:

More than 75 metres of underground decline development completed, representing another important milestone in the advancement of the bulk sample program;

Construction of the mechanical shop has commenced, providing permanent infrastructure to support underground equipment and site activities;

Clearing of the right-of-way for the 25 kV power line has been completed, with pole installation scheduled to begin in the coming weeks;

Continued underground development toward the high-grade Champagne Zone;

Continued operation and optimization of the site's water treatment infrastructure;

Ongoing development of surface infrastructure, laydown areas and services required to support underground activities; and

Continued planning and engineering for additional infrastructure required at Perron.

The ongoing work is being completed as part of a broader effort to progressively establish the infrastructure required at Perron while advancing the 40,000-tonne bulk sample program. The program is designed to provide important technical information on underground mining conditions, grade continuity, dilution, mining recovery, and metallurgical performance of the high-grade Champagne Zone.

Victor Cantore, President and CEO of Amex Gold Mining, commented: "Reaching the first 75 metres of underground development is another important milestone for Perron. Since commencing underground development, we have continued to make steady progress below surface while simultaneously advancing several important infrastructure projects at site."

"With construction of the mechanical shop underway, the power line right-of-way cleared, and pole installation expected to begin shortly, the Perron site continues to evolve rapidly. We remain focused on safely and efficiently executing the bulk sample program while progressively putting in place the infrastructure required to support the project's continued development."

Underground Portal

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Overall site layout

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Water treatment plant

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Pad for maintenance shop and dome

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Underground ramp

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Tree line cut for future 25 kV power line

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About Amex Amex Gold Mining Inc. has made significant high-grade gold discoveries, along with copper-rich volcanogenic massive sulphide (VMS) zones, at its 100%-owned Perron Gold Project. It is located in the territory of Valcanton in northern Quebec, approximately 110 kilometres north of Rouyn-Noranda.

The Perron Project in Quebec consists of 183 contiguous claims for a surface area of 65.72 km². The project hosts several zones of high-grade gold mineralization, VMS mineralization and 'hybrid' gold-rich VMS mineralization.

When combined with the adjacent and contiguous Perron West Project and Abbotsford and Hepburn Projects (including additional claims acquired through staking) in Ontario, the consolidated land package spans a district-scale 570.94 km². This extensive property lies within highly prospective geology favourable for both high-grade gold and VMS mineralization.

The Project benefits from excellent infrastructure: it is accessible by a year-round road, located just 30 minutes from an airport, and approximately 6.5 km from the Town of Normétal. Being in close proximity to several processing plants owned by major gold producers also constitutes a strategic advantage.

Qualified Person

The technical information in this news release has been reviewed and approved by Aaron Stone, P.Geo (OGQ - 2170, PGO - 3708), Vice President Exploration of the Company, acting as a Qualified Person within the meaning of National Instrument 43-101.

For further information please contact: Victor Cantore President and Chief Executive Officer Amex Gold Mining Inc.: +1-514-866-8209 Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements

This News Release contains forward-looking statements. All statements, other than statements of historical fact, contained in this News Release including, but not limited to those describing the impact of the foregoing on the Perron Gold Project economics, results of the feasibility study for the Phase 1 development of the Perron Gold Project announced by Amex Gold Mining Inc. ("Amex" or the "Company") on April 13, 2026 (the "Feasibility Study" or "FS") (as such results are commented in the text of this News Release), including CAPEX, OPEX, NPV and IRR, the estimated value of the Perron Gold Project, operations development scenarios for the Perron Gold Project, commercial and technical parameters, the attractive economics for the Perron Gold Project, LOM plans, the Company's intended marketing strategy, market trends, future gold prices, the impact of the Perron Gold Project on the local communities, including job creation, the projected annual production of the Company's operations, the timelines and costs related to the various initiatives, deliverables and milestones described in this News Release and their expected results, the Company's expected financial and operational performance, the nature of relationships with stakeholders such as the local community including the Abitibiwinni First Nation, Mineral Resource estimates (including assumptions and estimates used in preparing the Mineral Resource estimates), the general business and operational outlook of the Company, the Company's future growth and business prospects, and those statements which are discussed elsewhere in the News Release which essentially describe the Company's outlook and objectives, constitute "forward-looking information" or "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws, and are based on expectations, estimates and projections as of the time of this News Release. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Moreover, these forward-looking statements were based upon various underlying factors and assumptions, including the business relationship between the Company and its stakeholders, the ability to operate in a safe and effective manner, the timely delivery and installation at estimated prices of the equipment supporting the production, assumed sale prices for gold, the accuracy of any Mineral Resource estimates, future currency exchange rates and interest rates, political and regulatory stability, prices of commodity and production costs, the receipt of governmental, regulatory and third party approvals, licenses and permits on favourable terms, sustained labour stability, stability in financial and capital markets, availability of equipment and critical supplies, spare parts and consumables, various tax assumptions, CAPEX and OPEX estimates, the Perron Gold Project permits' status, all economic and operational projections relating to the project, local infrastructures, the Company's business prospects and opportunities and estimates of the operational performance of the equipment, and are not guarantees of future performance. Forward-looking statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Risk factors that could cause actual results or events to differ materially from current expectations include, among others, delays in the scheduled delivery times of equipment, the ability of the Company to successfully implement its strategic initiatives and whether such strategic initiatives will yield the expected benefits, the availability of financing or financing on favorable terms for the Company, the dependence on commodity prices, the impact of inflation on costs, the risks of obtaining the necessary permits, the operating performance of the Company's assets and businesses, competitive factors in the gold mining and production industry, changes in laws and regulations affecting the Company's businesses, political and social acceptability risk, environmental regulation risk, currency and exchange rate risk, technological developments, and general economic conditions, as well as earnings, capital expenditure, cash flow and capital structure risks and general business risks. A further description of risks and uncertainties can be found in the Company's annual Management's Discussion and Analysis, including in the section thereof captioned "Risk Factors", which is available on sedarplus.ca . Unpredictable or unknown factors not discussed in this Cautionary Note could also have material adverse effects on forward-looking statements. Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. The Company disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.

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TMX Newsfile

September 21, 2026 - 4:00 AM PDT

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