Highlights:

• Every hole mineralized: All nine Phase 1 holes intersected long stretches of mineralization, confirming continuity between earlier holes, extending mineralization into ground previously interpreted as weakly mineralized or unmineralized, and adding volume within the approximately 1.7 km by 1.5 km area drilled to date.

• NAK26-97: 711 metres of 0.32% copper equivalent (CuEq) from 44 metres, including 277 metres of 0.41% CuEq, with strong gold near surface and numerous high-grade veins of semi-massive chalcopyrite and bornite.

• NAK26-92: 844 metres of 0.30% CuEq from 58 metres, including 410 metres of 0.37% CuEq, with bornite and chalcopyrite continuing to the end of the hole.

• Additional intersections: NAK26-96 returned 751 metres of 0.20% CuEq from 16 metres, including 275 metres of 0.25% CuEq; NAK26-94 returned 110 metres of 0.33% CuEq from 14 metres and 13 metres of 0.81% CuEq from 478 metres; and NAK26-95 returned 102 metres of 0.31% CuEq from 21 metres.

• Phase 2 underway: step-out drilling has begun along the margins of the stock and beyond, with first results expected in the coming weeks.

• Program progress: 32 of approximately 80 planned holes have been drilled and 15 have been reported (approximately 11,700 metres, roughly 20% of the planned 55,000-metre program), with assays pending on the remainder. Three rigs are drilling continuously through April 2027.

Toronto, Ontario--(Newsfile Corp. - November 10, 2026) - American Eagle Gold Corp. (TSXV: AE) (OTCQB: AMEGF) ("American Eagle" or the "Company") reports results from nine holes (NAK26-85 and NAK26-90 to NAK26-97) at its 100%-owned NAK copper-gold porphyry project in British Columbia. All nine holes intersected long stretches of mineralization, headlined by 844 metres of 0.30% CuEq, including 410 metres of 0.37% CuEq, in NAK26-92 and 711 metres of 0.32% CuEq, including 277 metres of 0.41% CuEq, in NAK26-97.

"Phase 1 did exactly what it was designed to do," said Anthony Moreau, Chief Executive Officer of American Eagle Gold. "All nine holes were mineralized. They connect the known zones, add volume to the deposit and move us toward the drill density we need to take NAK into a resource, and the trails and pads our team built along the way now carry the rest of the program. We are now stepping out along the margins of the stock, where our model says the higher-grade potential lies. We expect to begin reporting those holes shortly."

These holes complete Phase 1 of the 2026-2027 program, an infill and continuity program designed to connect the known mineralized zones and infill the central portion of the deposit, largely within and along the margins of the Babine porphyry stock, toward the drill density required to support a mineral resource estimate. Continuity between earlier holes is confirmed, and mineralization now extends into ground previously interpreted as weakly mineralized or unmineralized. Phase 1 provides the foundation for the mineral resource estimate and engineering studies planned for 2027.

With Phase 1 complete, drilling has moved to Phase 2: step-outs along the margins of the stock and beyond. Starting closer to the core of the deposit, a change from the sequence outlined in the Company's May 8, 2026 news release, allowed trails and drill pads to be built ahead of the rigs rather than flying rigs by helicopter to isolated collars at much higher cost, and that infrastructure now carries the step-out drilling. Phase 2 includes step-outs south and east of the stock, where crews also identified mineralized outcrop along the exploration trail in previously undrilled ground. Each hole is reported once all of its assays are received, with the first Phase 2 results expected in the coming weeks.

Following the Contact

NAK is a large, continuous porphyry system, and the drilling to date identifies where it is strongest. Holes such as NAK25-70 (521 metres of 0.58% CuEq; View NR Here) and the holes reported today support the Company's thesis that the best grades occur near the contact between the Babine stock and the surrounding host rocks, while within the stock, grade generally increases with depth as bornite becomes more common. Today's results fit that pattern: the two strongest holes, NAK26-92 and NAK26-97, were drilled along the western margin of the stock, while the holes drilled entirely within the stock returned lower grades. The Phase 2 targeting model is simple and repeatable: follow the contact and go deeper.

Phase 2 and Beyond

Phase 2 will continue until the Christmas break. Its purpose is to test the margins of the Babine stock and beyond, following the contact between the stock and the surrounding sedimentary rocks, where the Company's model indicates the higher-grade potential lies, and to define the extent of the mineralized system ahead of the mineral resource estimate planned for 2027. Drilling is focused on two areas: the North and East of Stock Zone and the South of Stock Zone, with additional holes testing the periphery of the system. Several Phase 2 holes have been completed with assays pending, and further holes are planned before year end.

View the Phase 2 Drill Plan

Following the Christmas break, the Company expects Phase 3 to begin in January 2027 and to run for approximately three months, possibly longer, depending on results and conditions.

Drill Results

The strongest intersections in this release are in NAK26-92 and NAK26-97, summarized above and described below. NAK26-96 returned 751 metres of 0.20% CuEq entirely within the Babine stock, NAK26-94 returned 110 metres of 0.33% CuEq and a discrete 13 metres of 0.81% CuEq at depth, and NAK26-95 returned 102 metres of 0.31% CuEq. NAK26-85, NAK26-90, NAK26-91 and NAK26-93 each returned long intervals of lower-grade mineralization, detailed in the tables below.

Drill Hole Descriptions

NAK26-97

NAK26-97 was drilled westerly to fill the gap between NAK26-84 and NAK26-88. The hole collared in mixed pebbly sandstone and siltstone on the western margin of the Babine porphyry stock and passed through the now well-constrained conglomerate, fine siltstone and sandstone, and basal concretion-bearing sandstone units. Mineralization was present from the top of the hole, with strong gold and moderate copper, subsiding below approximately 120 metres before strengthening again in the middle conglomerate unit as veins and disseminations of chalcopyrite and bornite, giving way to chalcopyrite and pyrite deeper and farther west. Numerous metre-scale intervals of very strong grade reflect discrete centimetre-scale intermediate-sulphidation epithermal veins of semi-massive chalcopyrite with accessory molybdenite and sulphosalts, as observed in the on-section holes to the east and west.

View NAK26-97 Cross Section

* Copper equivalent (CuEq) values shown in the tables for drill intercepts are calculated on the basis of US$4.50/lb for Cu, US$3,375/oz for Au, US$60/oz for Ag, and US$25/lb for Mo, with 80% metallurgical recoveries assumed for all metals (since it is unclear what metals will be the principal products, assuming different recoveries is premature at this stage). The formula is: CuEq = Cu % + (Au grade in g/t x (Au recovery / Cu recovery) x [Au price ÷ 31] / [Cu price x 2200 x 1%]) + (Ag grade in g/t x (Ag recovery / Cu recovery) x [Ag price ÷ 31] / [Cu price x 2200 x 1%]) + (Mo grade in % x (Mo recovery / Cu recovery) x [Mo price] / [Cu price]). The assays have not been capped. The reported intervals represent drill intercepts, and insufficient data are currently available to state the true thickness of the mineralized intervals.

NAK26-92

NAK26-92 collared approximately 150 metres north of NAK26-87 and was drilled to the southeast. The hole demonstrates strong continuity of grade within the well-defined stratified rocks that bound the western margin of the Babine porphyry stock. The strongest grades came from well-mineralized conglomerate, with more discrete high-grade intervals in the strongly veined underlying sandstone. Bornite and chalcopyrite remained the dominant sulphides to the end of the hole.

View NAK26-92 Cross Section

NAK26-96

NAK26-96 collared in the central-west portion of the Babine porphyry stock and was drilled to the southeast. The hole remained entirely within the stock, cut by narrow late-stage felsic dykes, and returned moderate to low grades consistently over its entire length. Mineralization is largely confined to stringers and veinlets of chalcopyrite, with bornite becoming more common below 200 metres.

View NAK26-96 Cross Section

NAK26-95

NAK26-95 collared approximately 200 metres north of NAK26-84 and was drilled westerly, intersecting approximately 80 metres of very strong chalcopyrite mineralization within late-stage copper-bearing monzonitic dykes and the bounding fine-grained sedimentary rocks. Like the other holes west of the stock, it passed through the established sedimentary sequence and bottomed in the lower concretion-bearing sandstone unit. Zones of stronger copper mineralization continue to the end of the hole, where chalcopyrite locally overtakes pyrite as the most abundant sulphide.

View NAK26-95 Cross Section

NAK26-85, NAK26-91, NAK26-93 and NAK26-94

NAK26-85, NAK26-91, NAK26-93 and NAK26-94 tested the sparsely drilled area of the stock immediately northwest of the historical high-grade South Zone. Grade is lower within the weakly mineralized Babine porphyry stock, but discrete high-grade intervals are present throughout, and grade generally increases with depth as the holes encounter more fracture- and veinlet-hosted bornite. NAK26-85, NAK26-91 and NAK26-93 were entirely within the sparsely mineralized Babine stock; NAK26-94 collared in the stock and exited within the thinly bedded siltstone unit known to locally occlude sulphide mineralization.

View NAK26-91 Cross Section

View NAK26-94 Cross Section

NAK26-90

NAK26-90 tested the far western edge of the Main Zone, west of the NAK26-84, NAK26-88 and NAK26-97 fence. It encountered dominantly pyrite mineralization from surface, with several local zones of stronger grade where chalcopyrite replaces pyrite over short lengths of core. The result helps constrain the western extent of Main Zone mineralization.

View NAK26-90 Cross Section

Drill Hole Collar Details

QA/QC and Sampling Protocol

Sampling at NAK follows a rigorous methodology and internal QA/QC protocol. Drill core is halved on site, and samples are submitted to ALS Geochemistry in Langley, British Columbia, for preparation and analysis. ALS is accredited to the ISO/IEC 17025 standard for assays. All analytical methods include quality control standards inserted at set frequencies. The entire sample interval is crushed and homogenized, and 250 g of the homogenized sample is pulped. All samples were analyzed for gold, silver, copper, molybdenum, and a suite of 45 other major and trace elements. Analysis for gold is by fire assay fusion followed by Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-AES) on 30 g of pulp. Silver, copper, molybdenum, and all other major and trace elements are analyzed by four-acid digestion followed by Inductively Coupled Plasma Mass Spectrometry (ICP-MS).

Internal QA/QC protocols dictate that individual core samples are no less than 70 cm and no greater than 3 m in length. To control standard, blank, and duplicate sample frequency, and to better constrain pass/fail re-analysis intervals, samples are submitted to the lab in 50-sample batches. Within each 50-sample batch, there is one gold-copper standard and two coarse-reject duplicates, inserted at regular intervals, and two blank samples, inserted sequentially following well-mineralized samples where possible, for a total of 10% QA/QC samples.

About American Eagle Gold Corp.

American Eagle is advancing the NAK copper-gold porphyry project in British Columbia's Babine Porphyry District, located 4.5 km north of the Hearne Hill South Property. The Company is backed by approximately $45 million in cash and four cornerstone strategic shareholders. American Eagle is currently conducting an approximately 55,000-metre drill program, expected to run through April 2027, with three rigs operating continuously across the seasons. Approximately 80 drill holes are planned, and the goal for the season is to significantly expand tonnage while both extending known high-grade zones and discovering new ones. The Company is funded for multiple years from cash on hand, with the current program designed to support future technical studies and demonstrate the viability of NAK as a mine within the current metal cycle.

Q.P. Statement

Mark Bradley, B.Sc., M.Sc., a Certified Professional Geologist and an independent "qualified person" for the purposes of NI 43-101, has verified and approved the technical information contained in this news release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains certain "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). All statements other than statements of historical fact are forward-looking statements and are frequently identified by words such as "plans," "expects," "anticipates," "intends," "believes," "estimates," "targets," "potential," "will," "may," and "could." Forward-looking statements in this news release include, without limitation, statements regarding: the interpretation of the drill results reported herein, including the extent, continuity, geometry and grade of mineralization at NAK; the interpretation that the area of roughly 1.7 kilometres by 1.5 kilometres tested to date is mineralized; the interpretation that higher-grade mineralization is associated with the contact between the Babine stock and the surrounding host rocks; the interpretation that ground previously interpreted as weakly mineralized or unmineralized is mineralized; the expectation that the Phase 1 drilling will contribute to the drill density required to support a mineral resource estimate; the interpretation that grade increases with depth within the Babine stock and the Company's targeting model; the expected timing of a mineral resource estimate and engineering studies, including in 2027; the scope, targeting and expected results of Phase 2 step-out drilling, including the expected timing and results of pending assays; the scope, timing and completion of the Company's approximately 55,000-metre, approximately 80-hole drill program and its anticipated continuation through April 2027; the sufficiency of the Company's funding; and the Company's intention to advance NAK toward future technical studies and to demonstrate its viability as a mine within the current metal cycle.

Forward-looking statements reflect management's expectations as at the date of this news release and are based on assumptions that management believes are reasonable, including that the intercepts reported herein are representative of the mineralization intersected and that continued drilling and pending assays will be broadly consistent with results reported to date; that the geological interpretation of the deposit is materially correct; that the metal prices and metallurgical recoveries assumed in calculating copper equivalent values remain reasonable; and that field work, permits, land access, funding and stakeholder relationships, including with the Lake Babine Nation, continue without material interruption. Actual results may differ materially. In particular, reported intervals represent drill intercepts and true widths are not yet known; assays have not been capped; no mineral resource or mineral reserve has been estimated at NAK and mineralization identified to date may never be shown to be economic; and the Company remains subject to the risks inherent in mineral exploration, including permitting, environmental, community and Indigenous engagement, weather and wildfire, contractor and equipment availability, metal price volatility, and its ability to raise additional financing, as more fully described in the Company's continuous disclosure documents filed on SEDAR+ at www.sedarplus.ca.

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as at the date of this news release. The Company undertakes no obligation to update or revise them except as required by applicable securities laws. 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/323283

Source: American Eagle Gold Corp.