Amex Exploration's Strategic Financing and Partnership with Eldorado Gold: A Catalyst for Unlocking the Perron Gold Project's Full Potential

In the volatile yet high-reward world of gold exploration, strategic capital infusions and industry partnerships often serve as the linchpins for transforming promising projects into bankable assets. Amex Exploration (TSXV: AMX) is now at a pivotal juncture, where its recent $30 million financing round and a significant partnership with Eldorado Gold (EGO) are poised to unlock the Perron Gold Project's full potential. This move not only strengthens Amex's balance sheet but also aligns it with a seasoned operator, creating a compelling case for long-term shareholder value creation.

Strategic Financing: A Dual-Pronged Approach

Amex's non-brokered private placement, announced in July 2025, is a masterclass in capital structuring. The offering includes $24.97 million in charity flow-through (CFT) shares and $5 million in hard-dollar (HD) shares, with Eldorado Gold committing $17.6 million to purchase 11 million HD shares. This strategic investment elevates Eldorado's ownership in Amex to 17% on an undiluted basis, a stake that signals the major miner's confidence in Amex's technical and geological potential.

The CFT shares are particularly noteworthy. By raising funds through this tax-advantaged structure, Amex ensures that the proceeds are directed toward incurring Canadian exploration expenses (CEE), which will be renounced by December 31, 2025. This not only accelerates the project's tax efficiency but also provides subscribers with a clear path to recoup their investment through renounced CEEs. Meanwhile, the HD shares provide immediate liquidity, allowing Amex to fund drilling and technical studies without diluting existing shareholders.

Partnership with Eldorado Gold: More Than Just Capital

Eldorado Gold's involvement transcends mere financial support. As a global gold producer with a track record of developing large-scale projects (e.g., the Olympias and El Penon mines), Eldorado brings operational expertise, technical rigor, and a mine-building mindset to the table. This partnership is not just about funding—it's about de-risking the Perron Gold Project through Eldorado's deep understanding of gold district development.

The appointment of Phil Brumit (a 45-year mining veteran from Newmont and Freeport-McMoRan) and Peter Damouni (a corporate finance expert) to Amex's board further underscores this alignment. Brumit's leadership in the newly formed Project Development Technical Team will focus on transitioning Perron from exploration to production, while Damouni's capital markets acumen will ensure Amex secures the right financing at the right time. Together, they form a governance structure that prioritizes execution over speculation.

Perron Gold Project: A High-Grade District with Expansion Potential

The Perron Gold Project's recent 172% increase in Measured & Indicated Resources (to 1.615 million ounces at 6.14 g/t Au) and the 43% grade uplift in the Champagne Zone (16.20 g/t Au) are not just numbers—they are proof of the project's high-grade, district-scale potential. The updated Mineral Resource Estimate (MRE), filed in May 2025, positions Perron as one of the most compelling gold projects in North America, particularly given its proximity to infrastructure (year-round roads, an airport, and nearby mills) and its location within the Abitibi Greenstone Belt, a geological “gold factory” that has produced over 300 million ounces of gold.

Amex's 2025 drill program is equally ambitious. The Regional Drill Program targets underexplored lithologies in the Patten Pluton and Normétal South Block, guided by a 3D lithogeostructural model and enhanced geophysics. The Expansion Drill Program aims to prove continuity in zones like Gratien, Grey Cat, and Denise, with a focus on near-surface mineralization that could support a low-cost, near-term mine plan. This dual approach—expanding known resources while hunting for new discoveries—maximizes Perron's upside.

Catalysts and Valuation: A Recipe for Shareholder Value

For investors, the next 6–12 months are critical. Key catalysts include:
1. Drill results from the 2025 program, which could expand resources or uncover new high-grade zones.
2. The release of the Preliminary Economic Assessment (PEA), which will outline Perron's economic viability and guide future financing.
3. Eldorado's operational input, which could accelerate the project's timeline to production.

Valuation metrics also favor Amex. At a market cap of ~$150 million (as of August 2025), Amex trades at a discount to peers like IAMGOLD and Goldcorp, despite hosting a higher-grade resource. A P/NAV (price-to-net asset value) of ~0.5x suggests significant upside if the PEA justifies a higher multiple.

Investment Thesis: A Gold Sector “Home Run”

Amex's strategic financing and partnership with Eldorado Gold are more than just corporate milestones—they are catalysts for unlocking Perron's full potential. By combining Eldorado's operational expertise, Amex's geological acumen, and a well-structured capital raise, the company is positioning itself to deliver multi-bagger returns for shareholders.

For investors seeking exposure to a high-grade, near-term gold project with a clear path to production, Amex offers a rare combination of technical strength, strategic alignment, and favorable jurisdiction. As the gold sector grapples with inflationary pressures and supply constraints, projects like Perron—backed by institutional credibility and a robust exploration budget—are poised to outperform.

In conclusion, Amex Exploration's Perron Gold Project is not just a gold deposit—it's a blueprint for how strategic capital and partnerships can transform exploration risk into shareholder value. For those with a medium-term horizon, this is a compelling opportunity to capitalize on the next phase of the gold cycle.