TORONTO, ONTARIO – August 2nd, 2023 – American Eagle Gold Corp. ("American Eagle" or the "Company") (AE:TSX.V | AMEGF:OTCQB) is pleased to announce that its Annual General & Special Meeting of Shareholders ("AGSM") will be held on Thursday, October 19^th. More information on the meeting will be available in the Company's management information circular, which will be posted on Sedar+ in September.  

Stock Option Grant
The Company is also pleased to announce that the Board of Directors has approved grants totalling 3,600,000 stock options to certain directors, officers, and consultants of the Company, allowing for the acquisition of up to, in the aggregate, 3,600,000 shares of the Company, pursuant to the Company's stock option plan. 2,600,000 stock options were granted to certain directors and officers of the Company. The options are exercisable at CAD $0.30 per share for five (5) years from the date of grant, vest one (1) year from the date of grant and are subject to regulatory policies and approvals. 500,000 options granted to directors and consultants of the Company are subject to shareholder approval at the upcoming AGSM.

The grant of options to certain directors and officers is a "related party transaction" ‎under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special ‎Transactions ("MI 61-101"). The Company relied on the exemptions from the formal valuation and minority ‎shareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(1)(a) of MI ‎‎61-101 in respect of related party matters, as the Company is listed on the TSX Venture Exchange ("TSXV") and neither the fair ‎market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of ‎the consideration for, the transaction, insofar as it involves the related parties, exceeded 25% of the ‎Company's market capitalization (as determined under MI 61-101).‎

About American Eagle's NAK Project
The NAK Project is in the Babine copper-gold porphyry district of British Columbia, near past-producing mines and with excellent infrastructure. Previous drilling at NAK revealed a large near-surface copper-gold system measuring over 1.5 km x 1.5 km. Historical exploration was limited to shallow depths, averaging 170 m. In 2022, American Eagle's 2022 drilling program explored deeper and discovered significant copper-gold mineralization. The objective for 2023 is to expand the known mineralized footprint at NAK and identify high-grade sources of copper and gold. The property is accessible by road, can be drilled year-round, and largely without helicopter support.

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About American Eagle Gold Corp.

American Eagle is focused on exploring its NAK project in the Babine Copper-Gold Porphyry district of central British Columbia.

Anthony Moreau, Chief Executive Officer
Phone:  416.644.1567
Email:  amoreau@oregroup.ca
www.americaneaglegold.ca

Reader Advisory

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the TSX Venture Exchange policies) accept responsibility for the adequacy or accuracy of this release. Certain information in this press release may contain forward-looking statements. Forward-looking statements in this press release include, but are not limited to, statements regarding whether the Company can exercise its option to acquire the Project as anticipated and whether the Company's exploration efforts on the Project produce the results anticipated by management. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Therefore, actual results might differ materially from those suggested in forward-looking statements. American Eagle Gold Corp. assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to American Eagle Gold Corp. Additional information identifying risks and uncertainties is contained in filings by American Eagle Gold Corp. with Canadian securities regulators, which filings are available under American Eagle Gold Corp. profile at www.sedarplus.ca.