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AEX Gold strengthens board and maintains strong balance sheet

"The company currently [is] well capitalised and advancing on all our key workstreams

AEX Gold Inc -
Community engagement is the speciiality of one of the new NEDs

AEX Gold Inc (AIM:AEXG, TSX-V:AEX, FRA:2NQ), the Greenland-focused gold explorer, has added two non-executive directors to the board, both of whom have extensive mining careers.

Warwick Morley-Jepson has worked in the industry for 40 years, said AEX, with senior management stints at Ivanhoe Mines and Kinross and is currently chairman of Wedsome Gold Mines and a non-exec at Karora Minerals.

Liane Kelly has worked extensively on sustainability and CSR initiatives for numerous companies with community engagement her speciality. She is currently a director of B2Gold and at AEX replaces George Fowlie who is stepping down from the board.

AEX made the announcement alongside results for the quarter to end June 2021, which showed cash at the end of the period of C$49.6mln and losses for the quarter of C$4.6mln and half-year of C$7.9mln.

In February, AEX puts its Nalunaq Project on hold due to unforeseen cost increases associated with the impacts of the COVID-19 global pandemic and instead focused on four aspects of work there.

These comprise a third-party engineering study to optimise the project costs; carrying out 'early works' infrastructure and a 20,000-30,000m exploration programme, making progress on the environmental and social permits and regional exploration.

Eldur Olafsson, AEX chief executive, said: "I am pleased to report a strong set of results, with the company currently well capitalised and advancing on all our key workstreams.

”In addition to the considerable progress made in the de-risking and development of the Nalunaq project, we are very excited to report on the wider scale exploration efforts that are ongoing alongside the work on our gold targets, targeting green and strategic minerals.”

“We believe that the current efforts to expand the Nalunaq resource, in addition to the focus on our exploration portfolio presents a unique opportunity to investors and we look forward to updating the market in due course.”

Quick facts: AEX Gold Inc

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Price: 26.5 GBX

Market Cap: £46.93 m

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on 7/8/20

2 min read