American Eagle Gold Corp. announced that hole NAK23-17 intersected 302 metres of 1.09% Copper Equivalent within 606 metres of 0.74% Copper Equivalent ("CuEq") beginning at 98 metres downhole, west of the South Zone at its NAK Copper Gold porphyry project ("NAK" or the "Project") in British Columbia, Canada. Highlights: NAK23-17 intersected 302 m of 1.09% Copper Equivalent within 606 m of 0.74% Copper Equivalent beginning at 98 m downhole.

NAK23-17 was collared 250 metres west of NAK23-11 (473 metres of 0.62% Copper Equivalent beginning at surface), and more than 250 metres away from any previous hole drilled on the property, extending high-grade mineralization westward. The fully funded 2024 drill program will prioritize expanding the large, high-grade, mineralized South Zone and testing linkages between it and other higher-grade parts of the extensive NAK system. Hole NAK23-17 was collared more than 250 metres distant from any previous drill hole on the property, the nearest being hole NAK23-11, which intersected 473 metres of 0.62% Copper Equivalent from surface.

The high-grade intercept in NAK23-17 has served to confirm and improve upon the scale and tenor of high-grade mineralization discovered west of the historically defined South Zone, by showing continuity between the higher-grade mineralization in hole NAK23-11 and that in holes NAK23-08 and NAK22-01. For the 2024 drill program, the Company intends to test and expand this area of higher- grade mineralization, identify where it reaches the surface, and to determine how much farther it extends to the south, west, and north, including possible connections to deeper, higher-grade mineralization at the North Zone, such as that intersected in drill holes NAK22-04 and NAK23-12. NAK23-17 was collared approximately 250 metres west of hole NAK23-11 in the westernmost part of the South Zone.

The hole was drilled east-southeastward (105 degrees) at an inclination of -73 degrees and was targeted to confirm continuity between the higher-grade intervals of mineralization in holes NAK23-11 and NAK23-08, while also testing a broad zone of favourable induced polarization (IP) signature. NAK23-17 intersected strong mineralization throughout much of its length, beginning at 98 m and continuing until the Babine porphyry stock was intersected at approximately 700 m. Mineralization consists primarily of vein hosted and disseminated chalcopyrite, with minor bornite and molybdenite. Gold and molybdenum grades remained consistently high throughout the mineralized zone in NAK23-17, with the highest grades being closely related to the presence of chalcopyrite- and molybdenite-bearing purple anhydrite veins.

Mineralization is dominantly hosted by coarser grained sedimentary rocks, chiefly conglomerate, and short intervals of relatively narrow dikes. The best-mineralized interval from 98.8 m to 705 m returned 606.2 m of 0.74 % CuEq (0.35 g/t Au, 0.30 % Cu, 1.14 g/t Ag, and 0.026 % Mo), while the strongest zone of mineralization returned 302 m of 1.09 % Cu equivalent (0.53 g/t Au, 0.40 % Cu, 1.27 g/t Ag, and 0.043 % Mo) between 166.87 and 469 m. This strongest zone occurred within a broader zone of 450.7m of 0.89 % CuEq (0.44 g/t Au, 0.33 % Cu, 1.15 g/t Ag, and 0.033 % Mo) from 98.8 to 549.5 m. Data from a late-season three-line, deeper-looking IP survey are currently being integrated with historical geophysical data. Preliminary results indicate a strong correlation between Cu-bearing sulfide mineralization and coincident moderate resistivity and chargeability responses along a northerly trend near the western side of the main area of focus for the Company's 2022-23 drilling.

Work is also underway to integrate this season's geochemical and hyperspectral results with a detailed re- examination of the drill core to more conclusively identify and constrain intrusive lithologies, which appear to play an important role in controlling the distribution of copper mineralization. Following this season's encouraging results, planning is underway for an early and aggressive follow-up drill program in 2024. Early work will include expanding and better defining the high-grade mineralized zone intersected in drill holes NAK23-08, -11 and -17.

A specific emphasis will be to determine where the best grade mineralization comes to surface. Following that, possible connections to deeper, higher- grade mineralization at the North Zone, such as that intersected in drill holes NAK22-04 and NAK23-12, will be evaluated. 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.

Analysis for silver, copper, and molybdenum is by four acid digestion followed by Inductively Coupled Plasma Mass Spectroscopy (ICP-MS). All other major and trace elements are analyzed by four- acid digestion followed by 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 sample, and duplicate 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 mineralization where possible, for a total of 10% QA/QC samples. All gold and copper standard analyses from the 2023 program passed within 2 standard deviations of expected values. Where duplicate values differed significantly, the lower values from the resulting re-analyses were used.