AEX Gold Inc looking to build full-cycle gold company in South Greenland

• Dual-London and Toronto-listed explorer focused on building a full-cycle gold company
• Currently owns seven licences in South Greenland covering an area of 3,356 square kilometres
• AEX’s principal asset is a 100% interest in the previously producing Nalunaq project

What does:

Inc () () is a dual-London and Toronto-listed explorer that is focused on building a full-cycle gold company in South Greenland.

The company was founded in 2017 as an exploration company with a focus on locating high-grade gold deposits in the North Atlantic island.

It currently owns seven licences in South Greenland covering an area of 3,356 square kilometres meaning it has established an unrivalled footprint and the largest gold licence portfolio in Greenland.

Greenland holds significant mineralization potential as a relatively underexplored gold belt.

AEX’s principal asset is a 100% interest in the Nalunaq project, an advanced exploration stage property with an exploitation license including the previously operating Nalunaq gold mine.

The official resource estimate currently stands at 250,000 ounces of gold grading 18.5 grams per tonne, but AEX’s chief executive Eldur Olafsson believes there could be as much as two million ounces of gold in the ground.

How is it doing:

On March 19 this year, told investors that “significant progress is underway” as it continues to review the Nalunaq mine project’s development plan.

A month earlier, it revealed it had decided to defer the project’s development while coronavirus (COVID-19) travel restrictions are in place. Nalunaq had been slated to have its first gold pour by the end of 2021, but, in the current circumstances the project timeline will be impacted.

Now, the company has hired global mining consultant Ausenco to conduct a thorough, independent, review of all technical aspects of the mine development.

A revised plan would also address costs and any potential further capital requirements, along with an assessment of how the company can meet them, the company said. AEX added that the company will report its revised plan to shareholders as soon as reasonably practicable.

On February 1, the company reported results from last year’s exploration campaign at the Kangerluluk property within the Nuna Nutaaq licence in Greenland, which lies 120 kilometres northeast of the Nalunaq project and within the wider Nanortalik gold belt.

Historic channel sampling of the main shear zone has returned high-grade results, with highlights of 175.1 grams per tonne gold over 0.8 metres, and 35.4 grams gold over 0.95 metres. One grab sample collected from the main shear zone in 2020 returned 22.3 grams gold.

In the boardroom, in January this year, the resource group announced the appointment of Jaco Crouse as its chief financial officer (CFO) with immediate effect, replacing George Fowlie who stepped down as the CFO but remained on AEX’s board as a director.

Crouse is a seasoned mining executive with nearly 20 years’ experience in financial management, mine financial planning, business optimization and strategy development, AEX noted.

Inflection points:

• Revised plan report to shareholders
• Gold price moves
• Pandemic restriction developments

What the boss says:

In its most recent corporate update, AEX CEO Eldur Olafsson said: “I am very conscious that our shareholders are keen for an update on our Nalunaq development plan, and especially our capital position, in light of our last announcement on 10 February. I am pleased to be able to report that significant progress is underway, with multiple workstreams involving the Board, the executive team, third party providers and our external advisors.

He added: “I am extremely grateful for the support shown recently by so many of our significant shareholders, and on behalf of the board would like to strongly reiterate our determination to realise the maximum possible value from our significant portfolio of…