AM Resources Announces Change of Auditor and Failure to File Cease Trade Order

MONTREAL, May 8, 2023 /CNW/ - AM Resources Corporation ("AM" or the "Corporation") (TSXV: AMR) (Frankfurt: 76A) announces the appointment of MNP LLP as its new auditor. Effective April 4^th, 2023, MNP LLP (the "Successor Auditor") replaced Raymond Chabot Grant Thornton LLP (the "Former Auditor") as the Corporation's auditor.

All procedures have been properly followed under National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102") regarding the change of auditor and, as required, a Notice of Change of Auditor together with the required letters from the Former Auditor and the Successor Auditor have been filed via SEDAR with each securities commission in each province in which the Corporation is a reporting issuer. There were no reportable events (as defined in NI 51-102) between the Former Auditor and the Corporation.

Failure-to-File Cease Trade Order

The Corporation announces that the Autorité des marchés financiers has issued a cease trade order ("CTO") in respect of its securities as a result of the Corporation's inability to file its audited annual financial statements and corresponding management's discussion and analysis for the year ended December 31, 2022, including the CEO and CFO certifications (collectively, the "Financial Documents"), before May 1^st, 2023 as required by NI 51-102.

AM is working diligently and expeditiously with the Successor Auditor to complete the audit and expects to file the Financial Documents on or about June 30, 2023.

The Corporation is not currently subject to any insolvency proceedings. The Corporation also confirms that there is no other material information concerning the affairs of the Corporation that has not been generally disclosed as of the date of this press release. The Corporation will provide updates as further information relating to the Financial Documents becomes available.

Correction to Previous News Release

In the news release dated May 3, 2023, the Corporation announced the acquisition of the exclusive right and interest to earn a 100% interest in three properties located in Austria (the "Option"). The Corporation has obtained such Option from Mr. Julien Desrosiers and not Prospection Grosier Minéraux Ltée. Furthermore, in connection with the Option, the Corporation will grant a 2% NSR royalty of which 0.5% of the NSR may be repurchased by the Corporation for an amount of CAD$1,500,000.

About AM Resources

AM Resources Corporation (TSXV: AMR) is a mining exploration company with interests in coal and natural bitumen projects in Colombia. AM is betting on Colombia's excellent mineral potential and favourable climate to pursue its Colombian venture.

Neither 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.

SOURCE AM Resources Corp.

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