AEX Gold

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Market Cap:
£84.12 m
47.50 GBX
52 weeks high
52 weeks low

AEX is focused on building a full-cycle gold company in Greenland, leveraging its first mover advantage supported by its property portfolio in South Greenland.

AEX’s strategy is:

  • Leveraging extensive existing infrastructure in the redevelopment of the past-producing Nalunaq mine
  • Responsible mining, by bringing benefits to local communities where we operate and to Greenland as a whole
  • Managing safety risks by committing to abide by the highest Health and Safety standards
  • Exploring innovative technologies to operate in the most sustainable way
  • Commitment to our shareholders through the development of high grade gold assets


Nalunaq gold mine is a past-producing underground mine located in South Greenland. Having produced approximately 350 thousand ounces of gold between 2004 and 2009 it has demonstrated a low-cost production potential from past operations. Click here to read further.


High-grade quartz vein and granodiorite-hosted gold mineralisation on the Niaqornaarsuk Peninsula, South Greenland. Click here to read further.


AEX’s 100% owned Tartoq project covers the entire Tartoq Gold Belt and all known gold occurrences, for a total of 248 km2. Locally high-grade orogenic gold mineralisation is hosted in a classic Archean greenstone belt setting. Click here to read further.

Nuna Nutaaq

Licence covers historic high-grade gold targets within the Nanortalik Gold Belt and unexplored areas on major structural trends. Click here to read further.




Eldur Olafsson

Founder & Chief Executive Officer

Eldur founded AEX Gold in 2017, having previously worked for over 7 years on integrated mining projects in Greenland. He has had an extensive career in the geothermal and mining industries, during which he built the largest geothermal district heating company in the world alongside SinopacGroup. Eldur has a successful track record of leading companies from exploration to production, as shown by his  time at Orka Energy, where Eldur was responsible for securing the acquisition, and subsequent development, of the Company’s geothermal energy in both China and the Philippines. Prior to this, he worked with Geysir Green Energy, a geothermal investment company, where he led their business development. He later became the Technical Director of energy company Enex, a 100% owned subsidiary of Geysir, where he grew the Company from its inception to a position where it was operating in three Chinese provinces. Eldur holds a BSc Geology degree from the University of Iceland.


Martin Ménard

Chief Operating Officer

Martin has over 15 years’ experience in a variety of engineering and management roles across global energy, mining and mineral processing projects, assisting companies in the transition of their projects from exploration to operations. Prior to joining AEX, he has held various management positions in the mining industry, notably for Greenstone Gold Mines Ltd.’s Hardrock Project in Ontario, Canada, Newmont Corporation’s Merian Project in Suriname and IAMGOLD Corporation’s Essakane Project in Burkina Faso. Martin has a B. Eng. in Electrical Engineering from McGill University in Montreal, Canada, and a Masters in Economics, Finance and Management from Universitat Pompeu Fabra in Barcelona, Spain. He is a registered engineer in the Province of Quebec and Ontario.


Graham Stewart


Graham has worked in the international oil & gas industry for 30 years. Throughout his career, Graham has created a reputation for generating significant shareholder value for the companies he acts for. Most recently, he founded Faroe Petroleum, which he became the CEO of in 2002 and listed on AIM in 2003. He proceeded to grow Faroe into a highly successful independent full-cycle exploration and production company with portfolios in the UK and Norway. The company was sold in January 2019 for USD 800 million to DNO. Graham has engineering and business degrees from Heriot Watt and Edinburgh University.


George Fowlie

Chief Financial Officer

George has extensive experience in the banking and finance industry following a successful 40-year career working for several high-quality global companies. During this time, George spent 10 years as an investment banker with First Marathon Securities as well as four years as a partner at Edgestone Capital Partners, a $1bn private equity company. He later joined Westwind Partners as a partner, focusing on the natural resources sector and overseeing a team of 12 bankers in Toronto, Calgary and London. George and his partners subsequently sold Westwind to Thomas Weisel Partners in early 2008. He subsequently set up his own consulting company to manage private company investments and advise other companies through capital raising and M&A mandates. George has a BA from the University of Toronto and an MBA from the University of Western Ontario.


Joan Plant

Company Secretary

Joan has 10 years of expertise in operating in Greenland, having worked on projects there since 2010. During this time, she has had regular contact with the Greenland Government, building relationships and a depth of knowledge covering all aspects of the mining licencing, governance and monitoring processes. Before moving to Greenland, Joan worked for 15 years in various positions at Barclays Bank, including becoming the Change Manager responsible for 13 sites, before moving to a Project Manager role at Barclays’ head office.


Georgia Quenby


Georgia is a highly experienced commercial lawyer, who is qualified in both London and New York. Throughout her career, she has worked on a number of cross-border transactions, both in financings and M&A, in many industries including natural resources and the defence sector. Georgia is regulated by the Institute of Chartered Accountants of England and Wales as a non-appointment taking Insolvency Practitioner. She was the recipient of the FT Non-Executive Director Diploma and is currently a member of the advisory council of the Centre for Commercial Law Studies. Georgia has a degree in Jurisprudence from Oxford University.


Robert Ménard


Robert has over 40 years’ experience in project management, both as a contractor and an executive. He has used this extensive knowledge in his role as a VP for Engineering and Construction on a number of notable projects, including on Andean Resources’ Cerro Negro Project in Argentina and IAMGOLD’s Nunavik Nickel Project in Canada. He also occupied this role for Cambior on all of their development projects before their acquisition by IAMGOLD. Robert holds a degree in Applied Science (Electrical Engineering) from the University of Ottawa.

AEX Gold Inc.
3400 One First Canadian Place,
PO Box 130,
Toronto, On, M5X 1A4,

3400 One First Canadian Place,
PO Box 130,
Toronto, On, M5X 1A4,



Head Office

123 Front Street West
Suite 905
Toronto, Ontario, M5J 2M2


Registered and Records Office

3400 One First Canadian Place
PO Box 130
Toronto, Ontario, M5X 1A4


Registrar and Transfer Agent

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Phone +1 514 982 7888



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