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AEX Gold hails significant increase in exploration activity in first half

CEO Eldur Olafsson said the Greenland-focused gold group “is in a very strong position” and funded for planned work at its Nalunaq project

AEX Gold - AEX Gold hails significant increase in exploration activity in first half

AEX Gold Inc’s (LON:AEXG) (CVE:AEX) chief executive has hailed a “significant increase in activity” across its portfolio in the first half of its current year.

Eldur Olafsson added that following a C$72.7mln fundraise and AIM listing in July, the Greenland-focused gold group “is in a very strong position” and funded for planned work at its Nalunaq project, where it is currently performing exploration and pre-development work.

WATCH: AEX Gold on site in Greenland ahead of extensive exploration program

He added that the company is also undergoing additional exploration work across its wider portfolio in southern Greenland, where he believes there is “significant upside for investors in what is a materially undeveloped region”.

To accelerate exploration activities across the portfolio of gold assets in South Greenland, Olafsson also said that AEX is looking to secure additional non-equity funding in the form of a “modest working capital facility, vendor financing or similar”.

“Whilst we will look to execute on this facility as soon as possible, we are in a very strong position post-fundraise and will take time to ensure that any facility we enter into offers the best terms to our company and shareholders, and look forward to updating the market at the appropriate time,” the CEO said.

For the six months ended June 30, the company reported a net loss of C$3.4mln compared to a C$1.07mln loss in the prior year, which was attributed to the increased exploration and evaluation activities during the period.

Shares in AEX were 1.1% lower at 45.5p in late-morning deals on Thursday.

--Adds share price--

Quick facts: AEX Gold

Price: 47.5 GBX

AIM:AEXG
Market: AIM
Market Cap: £84.12 m
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AEX Gold say 'significant potential for expanding the resource base at Nalunaq'

AEX Gold Inc's (LON:AEX) (CVE:AEX), Eldur Olafsson speaks to Proactive London's Katie Pilbeam about the latest results at their flagship Nalunaq property in South Greenland. Olaffsson says that infill drilling at Nalunaq successfully intercepted the Main Vein with true thicknesses of up to...

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