Toronto, Ontario – January 9, 2023 – American Eagle Gold Corp. (AE: TSXV) ("American Eagle" or the "Company") would like to announce that it intends to complete a non-brokered private placement (the “Offering”) of 10,000,000 Units (the “Units”) at a price of C$0.20 per Unit for gross proceeds of C$2,000,000.‎ Each Unit will consist of one common share of the Company and one half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder thereof to purchase one common share at a price of C$0.30 at any time two years from the closing of the Offering. 

Proceeds from the Offering will be used for general working capital purposes and exploration work at the Company’s NAK project located in the Babine Copper-Gold Porphyry district in central British Columbia.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions, the Units will be offered for sale to purchasers resident in Canada and/or other qualifying jurisdictions pursuant to the Listed Issuer Financing Exemption.

There is an offering document (the “Offering Document”) related to the Offering that can be accessed under the Company’s profile at www.sedar.com. Prospective investors should read this offering document before making an investment decision.

The Offering is anticipated to close on or about January 31,  2023, or such later date as the Company may determine (the “Closing Date”) and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

The Company may pay a finder’s fee or commission of up to 6% in cash and convertible securities equal 6% of the securities sold under the Offering.

About American Eagle's NAK Project

NAK is a classic porphyry copper-gold mineralized target that exhibits many signs of a robust and large-scale system. Historical shallow drilling programs defined a near-surface copper-gold system with a footprint greater than 1.5km x 1.5km. It remains open and largely untested at depth.

The NAK property is road accessible, and many target areas coincide with forest industry clear cuts. Drilling can be completed year-round, and no helicopter support is required. The NAK property is 85 kilometres from Smithers, BC, in the Babine copper-gold porphyry district of west-central British Columbia. It lies close to nearby Babine district past-producing mines (Bell, Granisle), in proximity to excellent infrastructure. NAK's highly encouraging initial results make it a prime candidate for further exploration. The Company's main objective is to advance this newly revitalized mineralizing system into a major discovery. 

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About American Eagle Gold Corp.

American Eagle trades under the symbol AE on the TSX Venture Exchange. The Company is focused on exploring its NAK project in the Babine Copper-Gold Porphyry district of west-central British Columbia.

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

Forward-Looking Statements

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 will be able to exercise its option to acquire the Project as anticipated and whether the Company's exploration efforts on the Project produce the results that are 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.sedar.com.