Toronto, Ontario – August 11, 2022 – American Eagle Gold Corp. (AE: TSXV) ("American Eagle" or the "Company") Is pleased to announce it has entered into an Exploration ("Agreement") with Lake Babine First Nation ("Lake Babine") in central British Columbia. The Agreement establishes commitments for a respectful relationship between American Eagle Gold and the Lake Babine to explore in the NAK Copper-Gold district.

American Eagle Gold’s NAK Copper-Gold Project, located 80 km northeast of Smithers in central BC, lies within Lake Babine traditional territory. The Agreement was negotiated by American Eagle and Lake Babine representatives and defines how a respectful and productive engagement between the parties should proceed, as well as an approach for cooperative planning and pursuing mutual benefit.

"American Eagle values the relationship it has built with Lake Babine, and is respectful of the Nation’s culture, deep-rooted traditions and aspirations for sustainable economic growth and prosperity," said Anthony Moreau, American Eagle Gold CEO.

About the NAK Project

The NAK project is permitted to drill, with a planned 4,000-metre diamond drilling program expected to commence in the coming days.  NAK is in the Babine Copper-Gold Porphyry District of British Columbia (click here to view) and is a classic porphyry target that exhibits all the signs of a large copper-gold system.  There known copper-gold porphyry mineralization at NAK is open at depth and is defined by a compelling geophysical signature analogous to Newcrest's Red Chris Mine and Newmont's Saddle deposit located in Northwest BC.

For detailed information on the NAK property's geological and geophysical interpretation, refer to the Company's Projects page here.  To view drill targets, please click here.

Video with Charlie Greig, winner of 2022 PDAC Bill Dennis Ward, on the potential he sees at NAK Project.

About American Eagle Gold Corp.

American Eagle Gold is traded under the AE symbol on the TSX Venture Exchange. It is focused on exploring its NAK project in the Babine Copper-Gold Porphyry district in central British Columbia. The Company is fully funded for NAK's 2022 exploration program and is currently permitted to drill. American Eagle has contracted C.J. Greig and Associates to advise and execute the Company's exploration program at NAK. Geologist and president of C.J Greig & Associates, Charlie Greig, is a recipient of the prestigious 2022 Bill Dennis Award, recognizing his contribution to the prospecting and exploration industry or a significant mineral discovery.

QP Statement

Mark Bradley, B.Sc., M.Sc., P.Geo., a Certified Professional Geologist and 'qualified person' for Canada's National Instrument 43-101 Standards of Disclosure for Mineral Properties, has verified and approved the information contained in this news release.

Anthony Moreau, Chief Executive Officer
Phone:  416.644.1567
Email:   amoreau@americaneaglegold.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) accepts 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. Actual results might differ materially from results suggested in any 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.