Hycroft Mining Holding Corporation Class A press release

RETRANSMISSION: Amex Delivers a Positive Feasibility Study for Development of the Perron Gold Mine

2026-04-13

NASDAQ - Nasdaq Stock Market · Gold · Silver · United States · Technical Studies

RETRANSMISSION: Amex Delivers a Positive Feasibility Study for Development of the Perron Gold Mine

Feasibility Phase 1 Highlights

Gold production to average 147,000 oz per year over the 5 years of commercial Phase 1 production at an All in Sustaining Cost ("AISC") of USD$910/oz Au

Projected Post-Tax IRR of 114.6% and Post-Tax NPV5 of CAD$1.13 billion generated from a Cumulative Undiscounted Post-Tax Cash Flow of CAD$1.44 billion at an assumed gold price USD$3,500/oz

The Phase 1 Feasibility Study evaluates an initial development scenario at Perron, building on the broader potential outlined in the September 2025 PEA, which indicated a potential mine life of approximately 17 years1

Phase 1 mine development consists of two (2) years pre-production, followed by five (5) years of commercial mining and toll milling operations

Executing a toll milling approach reduces risks and accelerates production schedule targeting revenue in 2028

Proven and Probable mineable reserve of 1,989 kilotonnes at a grade of 12.1 grams per tonne, for 774,000 ounces of gold mined

Low initial capital cost estimate of CAD$193.9 million

After-tax payback period of 0.5 years

Montreal, Quebec--(Newsfile Corp. - April 13, 2026) - Amex Exploration Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) ("Amex" or the "Company") is pleased to announce the results of a feasibility study ("FS") for the Phase 1 development of the 100%-owned Perron Gold Mine, located in the community of Valcanton and 6.5 kilometers north-west of the municipality, of Normétal, in the Abitibi region of Québec, the Perron Gold Mine is planned to consist of multiple phases. Phase 1 of the Life of Mine ("LOM") will utilise underground mining and toll-milling of the high-grade Champagne Zone. During Phase 1 production, efforts will be directed for assessing and developing Phase 2, which plans to further develop both underground and open pit operating areas. Phase 2 will also contemplate the construction of an on-site mill and additional facilities to facilitate processing of the remaining mineralization (please refer to the Company's 2.3 million ounce resource reported on May 21, 2025). In parallel, AMEX will continue exploration activities on the newly expanded land package. That covers some 70 kilometers of strike with a consolidated land package spanning a district-scale 618.53 km². This extensive property lies within highly prospective, geology favourable areas for both high-grade gold and VMS mineralization that in all likelihood will expand the Perron MRE.

CEO Commentary:

Victor Cantore, President and Chief Executive Officer of AMEX Exploration commented, "This feasibility study clearly establishes Perron as a low-cost producer, high-grade gold project with a rapid and capital-efficient path to production. Our Phase 1 strategy is built on leveraging existing infrastructure in the Abitibi region via a toll milling approach, enabling a lower-risk, capital-efficient pathway to accelerated production while minimizing shareholder dilution.

"With average annual gold production of 147,000 ounces at an industry-leading all-in sustaining cost of USD$910 per ounce, Perron delivers very high margins and powerful cash flow generation from the outset. The project's strong economics position it among the most compelling development opportunities in our sector.

"Our disciplined, staged approach to production will unlock substantial near term and long-term value for our shareholders as we pursue the studies and works to bring on Phase 2 on-site production."

FS Technical Presentation details

In connection with this news release, AMEX will hold a conference call and audio webcast on April 13, at 4 pm EDT, followed by a question-and-answer session.

To access the call please Register Here:

You may also access the conference call on a listen-only basis via webcast at our website www.amexexploration.com. The audio webcast will be archived on www.amexexploration.com.

All dollar ($) amounts in this news release are in Canadian dollar ($) unless otherwise indicated.

Phase 1 Toll Milling Feasibility Study Summary:

The Perron FS incorporates the latest Mineral Resource Estimate (MRE - released May 21st, 2025). The following assumes a gold price of USD$3,500/ounce ("oz") and a CAD$/USD$ exchange rate of 1.38:1.

Phase 1 development strategy designed to unlock the full value of Perron through a disciplined and staged production approach, by leveraging existing regional infrastructure and minimizing capital intensity

Strategy of initiating production under a toll milling arrangement to de-risk the project, simplify the permitting process, accelerate time to revenue (targeting 2028) and minimize shareholder dilution

Phase 1 Proven and Probable reserves of 1,989 million tonnes at 12.1 grams per tonne

5-year 1,100 ore tonnes per day (tpd) contract mining, toll milling operation in the Abitibi region, where numerous processing plants are in operation

Low initial capital cost estimate of $193.9M. During the pre-production period $68.1M of revenue is generated which could offset some capital required

Average annual gold production of 147,000 oz gold ("Au") at an All in Sustaining Cost ("AISC") of US$910/oz Au

Average diluted head grade of 12.0 grams per tonne ("gpt") for 770,000 oz Au recovered

5.0 years of commercial production

Sustaining Capex of $238.2M

Pre-tax NPV of $1,976M and After-tax NPV of $1,127M

Pre-tax IRR of 160.4% and After-tax IRR of 114.6%

Cumulative Pre-tax Undiscounted Net Free Cash Flow of $2,492M and Cumulative After-tax Undiscounted Net Free Cash Flow of $1,436M

Pre-tax payback period of 0.4 years and After-tax payback period of 0.5 years

Table 1: FS Economic Analysis Highlights

Economic Analysis HighlightsUnitBase CaseSpot1

Gold PriceUSD$/Au oz3,5004,750

Exchange RateCAD$/US$1.381.38

Pre-Tax Free Cash FlowCAD$M2,4923,761

Pre-Tax NPV (5%)CAD$M1,9762,999

Pre-Tax IRR%160.4211.5

Pre-Tax Payback PeriodYrs0.40.3

Post-Tax Free Cash FlowCAD$M1,4362,156

Post-Tax NPV (5%)CAD$M1,1271,706

Post-Tax IRR%114.6152.2

Post-Tax Payback PeriodYrs0.50.4

Ratio Post-Tax NPV (5%) to Initial CAPEXCAD$M/CAD$M5.88.8

1 As of April 9, 2026

Table 2: FS Physical Highlights

Physical HighlightsUnitPre-prodPhase 1Total

Grade Loss Attributable to Material Handling %0.500.500.50

Processing Ratetpd

1,100

Durationyrs2.05.07.0

Avg. Mill Feed Grade Au gpt13.612.012.0

Avg. Gold ProductionAu oz/yr

147,000

Total Gold ProductionAu koz14736751

Tonnes Processed1kt341,9551,989

Processing Recovery Rate%97.5097.5097.50

Notes:

1 Based on a calculated cut-off grade of 2.7 grams per tonne

Table 3: FS Study Financial Highlights

Financial HighlightsUnitPhase 1

Average Operating CostUSD$/oz675

All-in Sustaining Cash Costs (''AISC'')USD$/oz910

Initial Capital Expenditure2CAD$M193.9

LOM Sustaining Capital ExpenditureCAD$M238.2

Notes:

2 Initial CAPEX of $193.9M gross of CAD$68.1M in pre-production revenue

The economic analysis of the project was carried out using a discounted cash flow approach on a pre-tax and after-tax basis with a discount rate of 5%

Revenue was based on a long-term gold price of $3,500/oz in USD

Reserves

In establishing the mineral reserves, a marginal cut-off grade of 2.7 grams per tonne was considered for production and a cut-off grade of 1.2 grams per tonne was considered for development.

Proven Mineral Reserves of 346 kt with a gold grade of 12.12 g/t for 135 koz of contained gold and Probable Mineral Reserves of 1,643 kt with a gold grade of 12.10 g/t for 639 koz of contained gold, have an effective date of April 1, 2026 and form the basis of the FS. Only Mineral Resources that were classified as Measured and Indicated were given economic attributes in the mine design and when demonstrating economic viability were classified as Mineral Reserves, incorporating mining dilution and mining recovery factors.

Table 4: Summary of total Mineral Reserves at the Perron Project

ClassUNDERGROUND (CoG 2.70 g/t Au)

TonnesAuAu

kg/tkoz

TotalProven34612.12135

Probable1,64312.10639

Total1,98912.10774

Perron Gold project Mineral Reserve Estimate notes:

Totals may not add up due to rounding

Mineral Reserves have been estimated in accordance with CIM Definition Standards for Mineral Resources and Mineral Reserves (2014), which are incorporated by reference in NI 43-101

Mineral Reserves used the following assumptions: USD$3,500/oz gold price, CAD/USD exchange rate of 1.38, and gold marginal cut-off grade of 2.70 g/t for production and of 1.20 g/t for development

Mineral Reserves consider both internal and external mining dilution, as well as mining recovery

Mining

The underground mine will be operated 24 hours per day, seven (7) days per week by a mining contractor, managed by Amex Exploration. The mine will have an overall average production rate of 1,100 tpd of ore. Commercial mine production is preceded by a 24-month pre-production period.

Mine characteristics:

Ramp only access (5.0 m wide x 5.3 m high) reaching a maximum depth of 1,385 m

Average ramp advance of 135 m per month for a vertical advance of 230 m per year

Mining method is longitudinal longhole-stoping with cemented rockfill

Stope dimensions average 17.5 m in length, 25 m in height, and 4.5 m in width (LOM average) and minimum mining width of 3.0 m

Total mining dilution (footwall and hanging wall) ranging between 0.7 to 1.2m added to the stopes varying with depth

Five (5) to six (6) stopes will be in operation on a given month over two (2) mining levels

The mine will have approximately 53 mining levels planned with each level being 25 meters in height

Three (3) mine sills worked in parallel. One (1) in development and two (2) in production

Planned stope cycle is around 30 days

A peak of six (6), 42-tons haul trucks is required to sustain operation

Table 5: Mine Material Movement

TotalYr -2Yr -1Yr 1Yr 2Yr 3Yr 4Yr 5

Ore minedkt1,989-40359392408407383

Waste rock minedkt1,67011425134232129928656

Total miningkt3,659114291701713707693439

Ore gold grade minedg/t12.1-13.411.014.212.813.28.9

Notes:

The difference between the average gold grade mined (12.1 g/t), and the average gold grade processed (12.0 g/t) is attributable to a 0.5% grade loss assumption during transport and manipulation at the toll milling facility

Figure 1: Mine Plan Design looking north.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/2667/292141_1e72932704816a52_002full.jpg

Transport, Processing & Grade Control

The Phase 1 FS represents a 5.0-year, 1,100 tpd contract-mined, toll-milling operation in the Abitibi region, where numerous processing plants are currently in operation. Ore will be loaded at the project site and transported by a fleet 30 to 35 tonnes trucks by a local contractor to the selected processing facility.

Amex has entered into a non-binding letter of intent and is in discussions with multiple parties for a formal toll milling agreement. A number of these facilities are already permitted for toll milling, while others could obtain the required authorizations through commercial arrangements. These facilities represent viable options to process Perron mineralized material.

A representative sample of mineralized material, including expected dilution, was submitted to ALS Global. The metallurgical test program, managed by Soutex, a Québec-based mineral processing consultant, was designed to confirm key parameters such as gold recovery, grindability, reagent consumption, and overall metallurgical performance. The program also aims to assess the compatibility of Perron material with conventional processing flowsheets currently used in Abitibi mills.

Based on the results obtained to date, Soutex considers the Perron mineralized material to be well suited for processing in standard Abitibi gold plants, with no significant metallurgical issues identified and recovery levels consistent with comparable deposits in the region. Overall gold recovery has been assumed at 97.0% for the FS, including a 0.50% loss attributable to transport and manipulation at the toll mill.

Grade control for toll milling will focus on the accurate determination and reconciliation of delivered grades at the processing facility. Standard industry practices will be implemented, including controlled delivery, representative sampling at the plant, and assaying through certified laboratories, all under mutually agreed protocols between the parties.

Primary assays for payable calculations will be based on the agreed sampling point at the processing facility. To ensure transparency, provisions for check assays and an independent umpire laboratory will be included, with a clear reconciliation process between delivered tonnes, plant head grades, and recovered ounces.

Table 6: Gold Production

TotalYr -2Yr -1Yr 1Yr 2Yr 3Yr 4Yr 5

Grade Processed g/t12.0-13.611.014.112.713.29.0

Gold Recovered koz751-14124175160166111

Infrastructure

The Project is approximately 6.5 kilometers from the town of Normétal, Quebec and is accessible via a well-maintained forestry road. The Project will require construction of the supporting infrastructure items, such as:

Security gatehouse and area fences

Diversion road, access roads, service roads, parking areas and haulage roads

Buildings to be used by the mining contractor and by Amex (maintenance shop, warehouses, offices, dry, etc.)

6.5 kilometers of 25kV transmission line and an on-site substation

Surface water management facilities including final effluent water treatment plant, ditches, pond and pumping stations

Piles of top soil, overburden and waste rock

Cemented rock fill facilities

Underground mine portal, mine ventilation systems (intake and exhaust) and waste dump and overburden storage facilities

Mineralized material loading facilities and weigh station

These infrastructures and facilities will require different authorizations and permits prior to being built and operated. No camp will be required considering the nearby qualified labor pool, but some company-provided housing in the area has been considered.

Figure 2: Suggested Infrastructure Arrangement

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/2667/292141_1e72932704816a52_003full.jpg

Figure 3: 3D Rendering of Suggested Infrastructure Arrangement

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/2667/292141_1e72932704816a52_004full.jpg

Workforce

During steady state operations, the number of workers is expected to peak at 253 people, inclusive of Amex employees and contractors. Up to 102 workers are expected in mine operations, 19 in mine overhead, 19 in technical services, and 25 in mine maintenance. Up to 52 workers are expected to be required for mineralized material transport to the toll milling facility, and 36 for general and administrative activities.

Figure 4: Project Workforce

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/2667/292141_1e72932704816a52_005full.jpg

Capital Expenditure

The total initial construction capital expenditure ("Initial CAPEX"), which is to bring Phase 1 of the Project into operation, is estimated at $193.9M, During the pre-production period $68.1M of revenue is generated which could offset some capital required. Note the CAPEX presented has not been adjusted to reflect the synergies from the planned future capital expenditures associated with the bulk sample program, as such costs cannot be incorporated under NI 43-101 guidelines. All required permits for the 40,000t bulk sample were recently received by Amex (see press release dated March 30, 2026). This accounts for site development, the construction of a 25kV powerline connecting to the existing electrical substation in Normétal and the initial development of the underground mine. The Initial CAPEX estimate includes $20.6M indirect costs and a contingency of $16.8M.

The Sustaining CAPEX ("SUSEX") is estimated to be $238.2M, including $3.9M of closure and rehabilitation costs. Underground mining SUSEX is earmarked for mining development, additional equipment, replacement units, and major repairs.

Quotations from reputable suppliers were obtained for the majority of the equipment, the mining contractor and site infrastructures. For other small equipment and supplies, costs were based using consultants' in-house databases.

Table 7: Capital Expenditures

ItemDetailsUnitPre-ProdSustainingTotal

Mobile equipmentSurface support equipmentCAD$M1.23.34.5

InfrastructureSite Prep, garage, dry, offices, etc.CAD$M11.21.112.3

Power & Electrical25 kV transmission line, step-down transformers, surface distribution, etc.CAD$M7.7-7.7

Water ManagementDitches, ponds, treatment plant, fresh and reinjection wells, septic, etc.CAD$M8.90.49.3

Mine - SurfacePortal, ventilation, cement storage. distribution infrastructure, culvert, etc.CAD$M10.04.514.5

Mine - UndergroundDevelopment, infrastructureCAD$M97.4210.0307.4

Closure and ReclamationInfrastructure dismantlement, grading, seeding, etc.CAD$M-3.93.9

Pre-production OPEXRamp-up of operations prior to commercial productionCAD$M20.1-20.1

IndirectsOverhead, equipment rental, room and board during constructionCAD$M20.60.220.8

Contingency

CAD$M16.815.031.8

Total

CAD$M193.9238.2432.2

Pre-Production Revenues1

CAD$M68.1-68.1

Note:

Consists of ore mined and sold during the pre-production period, ie., before the mined is developed at a point where a constant mining rate of 660 tonnes per day is sustainable (60% of the planned rate of 1,100 tonnes per day)

As per the CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines, working capital is reported separately to CAPEX in the economic model

The contingency was calculated for the Project using a Monte Carlo probabilistic approach based on execution philosophy, historic data, level of project definition, and advancement of engineering as well as contributions from the various firms according to their scope of work. A contingency of $16.8M was selected, which represents the P80 value of the Monte Carlo simulation.

Operating Costs

Total operating cost is estimated at USD$675 per ounce of gold produced, as summarized below. Total AISC is calculated to be USD$910 per ounce of gold payable based on a total gold production of 751,000 ounces over the 5.0 years of Phase 1. This cost structure places the Project in the bottom quartile of the global gold cost curve, which is mostly due to the high-grade nature of the mineralized material and to the simplicity of mining attributable to continuity of mineralized material, vertical dip of the orebody, competent rock mechanic, etc.

Quotations from reputable suppliers were obtained for the majority of the cost items, including three mining contractors contacted in order to provide estimate for the mining cost.

Transport cost for mineralized material was provided by a contractor for an amount of CA$0.31 per tonne per kilometer. Considering that Amex has not entered into a definitive toll milling agreement with any third-party processing facility, a transport distance of 160km was assumed as base case for this FS, resulting in CA$50 per tonne.

Toll milling cost was assumed at CA$61.5 per tonne and is based on preliminary discussions with contacted third-parties.

Table 8: Operating Costs

ItemCAD$MUSD$/oz

Mining Cost330.9327

Off-Site Transport97.897

Off-Site Processing120.2119

Water Management6.06

General and Administration69.168

Selling Costs5.15

Royalty (1.5%)53.052

Total Operating Costs682.1675

Sustaining Capital238.2236

All-in Sustaining Costs (''AISC'')920.3910

Table 9: Unit Operating Costs

ItemUnitPhase 1

Underground MiningCAD$t/milled169.2

Off-Site TransportCAD$t/milled50.0

Toll Milling ProcessingCAD$t/milled61.5

Water ManagementCAD$t/milled3.1

General & AdministrationCAD$t/milled35.4

Selling CostsCAD$t/milled2.6

Royalty (1.5%)CAD$t/milled27.1

Total Operating CostCAD$t/milled348.8

Financial Analysis

At a base case gold price of USD$3,500/oz and exchange rate of 1.38, the Project generates a post-tax Net Present Value ("NPV") of $1,127M using 5% discount rate and a post-tax Internal Rate of Return ("IRR") of 114.6% with a payback period of 0.5 years from the commencement of commercial production. The Project generates cumulative post-tax free cash flow of $1,436M. Total taxes payable over duration of the operation at the base case gold price is $1,055M.