TIDMAEXG
RNS Number : 9516J
AEX Gold Inc
27 August 2021
("AEX" or the "Corporation")
AEX Gold Inc. Reports Second Quarter Financial Results,
Operational Update and Board Changes
TORONTO, ONTARIO - AUGUST 27, 2021 - AEX Gold Inc. (AIM: AEXG;
TSXV: AEX), an independent gold Corporation with a portfolio of
exploration licences in Greenland, announces its unaudited
condensed interim consolidated financial statements ("Financial
Statements") for the quarter ended June 30, 2021. All figures are
in Canadian dollars unless otherwise noted.
The Financial Statements and the accompanying Management
Discussion and Analysis are available on the Corporation's website
at www.aexgold.com and will be filed under the Corporation's SEDAR
profile at
www.sedar.com later today .
As previously communicated, the Nalunaq Project was put on hold
in February 2021 due to unforeseen cost increases associated with
the impacts of the COVID-19 global pandemic and as per the April
2021 announcement, the Corporation was focussing on four elements
to continue advancing and de-risking the Nalunaq Project:
-- Conducting a third-party engineering study to optimize the
Project costs and de-risk the Project schedule that will enable AEX
to re-assess the execution methodology (self-execution vs. EPC)
post completion;
-- Conducting fully funded 'early works' infrastructure and a
20,000-30,000m exploration program to expand the Nalunaq
Resource;
-- Continue to advance the EIA and SIA to obtain all permits;
-- Regional exploration targeting both gold and Green/Strategic
minerals through technical research, sampling and geophysical
surveys.
Corporate and Operational Update
-- The Corporation completed a tender process for the
third-party engineering study and have appointed Halyard Inc.
('Halyard') a boutique engineering consulting firm based out of
Toronto, Canada. Halyard was involved in the engineering and design
of most of the components in the Nalunaq processing plant and comes
with Greenlandic, project execution experience. The engineering
study on the process plant and associated infrastructure are
progressing according to plan and we still expect completion by Q4
2021. The study will advance engineering and significantly de-risk
project cost and schedule.
-- Legacy procurement and contracting commitments have been
reviewed and orders that were placed for the Process Plant and Site
Mobile fleet prior to the February 2021 announcement are ready for
delivery, and a strategy for logistics/storage is being
considered.
-- The third-party review of the Nalunaq Resource Model by
InnovExplo, a specialist in a wide range of exploration and
technical services in the metals and mining industry, has been
completed and has concluded that the existing resource model
contains no fatal flaws. The results of the review and
recommendations formed the framework of the 2021 exploration
program at Nalunaq. The drilling program will also leverage the
latest findings from the drilling campaigns of 2019 and 2020 to
test the down-dip extension of Main Vein in the Kirkspir Valley,
nearby the South and Valley Blocks. The drilling campaign has got
off to a slow start given the influence of COVID-19 and the high
demand placed on drilling contractors which has been caused by high
Commodity prices. Negotiations are currently underway with
additional international drilling companies to support our
exploration efforts this year, which will extend to our 2022
campaign.
-- A condition assessment of the Bulkhead will be conducted in
October 2021 to confirm the design parameters and the quality of
construction after which a remediation plan will be developed. The
assessment will include non-destructive pile integrity and
ultrasound tests to determine the Bulkhead thickness as well as an
unconfined compressive strength test of cored concrete samples.
-- In June 2021, site preparation for the 50-person exploration
camp commenced. Construction of the camp is progressing according
to plan with estimated completion by September 2021. The camp will
support continuing exploration activities at Nalunaq as the weather
conditions turn towards winter in the coming months. Following the
camp construction, the bridge crossing the Kirkespir River will be
upgraded to provide reliable access between the exploration camp
and historical mine site.
-- The Environmental Impact Assessment ("EIA") and Social Impact
Assessment ("SIA") are being advanced with no material update at
this stage.
-- In parallel to the exploration being conducted at Nalunaq,
regional exploration is predominately focused on the Vagar and
Nanoq gold targets as well as other evolving targets in licences
around Nalunaq. Furthermore, we are exploring for copper/base
metals and rare earth elements ("REE") in the Sava licence,
platinum group elements ("PGEs") in the Sagga dyke, graphite at
Norrearm and base metals across the Tartoq licences.
Strengthening of the Board
The Corporation is pleased to announce the further strengthening
of its Board of Directors with the appointment of two additional
Non-Executive Directors, Liane Kelly and Warwick Morley-Jepson.
Liane brings a wealth of ESG experience to the Board having
enjoyed a successful career focused on advising companies on
sustainability and CSR initiatives. She currently sits on the Board
of B2Gold Corporation and acts as a CSR Advisor to Middle Ground
Consulting. Liane specialises in advising companies on community
engagement and social impact, both of which will be vital for AEX
as the Corporation continues to build on its strong engagement with
its Greenlandic stakeholders. Liane replaces George Fowlie, who
steps down from the Board, but will continue to provide his
invaluable expertise in corporate and business development to the
Corporation as well as supporting our Investor Relations in
Canada.
Warwick has significant experience in mining having spent just
under 40 years' in the industry, holding various managerial and
executive positions including his current roles as Chairman and
Independent Director of Wesdome Gold Mines and Karora Minerals
respectively. Warwick was previously the Executive Vice President
and Chief Operating Officer at Ivanhoe Mines and before that held
the same positions at Kinross Gold Corporation. His experience in
mine development and operations at global mining firms is highly
relevant to AEX as the Corporation continues to progress both the
Nalunaq mine and its various exploration targets.
Q2 2021 Financial Highlights
-- The Corporation had a strong cash balance of $49.6 million at
June 30, 2021 ($61.9 million at December 31, 2020), with no debt,
and total working capital of $48.5 million ($61.4 million at
December 31, 2020).
-- Capital asset purchase commitments, net of deposits on order
as at June 30, 2021 was $6.0 million. These commitments, as
previously reported, relate predominantly to the purchase of
components of the process plant and surface mobile vehicles.
Available liquidity, net of commitments as at June 30, 2021 was
$43.6 million.
-- Construction in progress increased by $2.1 million in H1 2021
(zero at December 31, 2020), as a result of capitalized engineering
costs on the Nalunaq Project prior to suspension on February 10,
2021.
-- Exploration and evaluation expenses during the quarter was
$2.0 million (Q2 2020: $0.9 million), predominantly on the Nalunaq
Property.
-- General and administrative expenses during the period were
$2.1 million (Q2 2020: $0.5 million), the result of increased
headcount, consulting and professional fees associated with
right-sizing the organizational structure to develop Nalunaq.
Selected Financial Information
The following selected financial data is extracted from the
Financial Statements for the three and six months ended June 30,
2021.
Financial Results
Three months Six months
ended June 30, ended June 30,
2021 2020 2021 2020
$ $ $ $
----------- ----------- ----------- -----------
Exploration and evaluation
expenses 1,998,049 912,676 3,245,196 1,524,451
General and administrative 2,093,578 498,639 3,678,649 881,550
Net loss and comprehensive
loss (4,576,963) (2,442,132) (7,866,015) (3,408,569)
Basic and diluted loss per
common share (0.03) (0.03) (0.04) (0.04)
----------- ----------- ----------- -----------
Financial Position
As at June 30, 2021 As at December 31,
2020
$ $
------------------- ------------------
Cash on hand 49,593,636 61,874,999
Total assets 58,772,695 65,944,682
Total current liabilities 1,248,048 897,799
Shareholders' equity 56,776,955 64,282,970
Working capital 48,500,792 61,411,208
------------------- ------------------
Eldur Olafsson, CEO of AEX, commented:
"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.
I would also like to welcome Liane and Warwick onto the AEX
Board. On behalf of the Corporation, we look forward to leveraging
their experience as we continue to execute our development
strategy.
Warwick's experience across the mining value chain will be
essential as the Corporation advances the engineering study and
evaluates the Nalunaq Project execution methodology in the near
future.
Liane's appointment together with the promotion of Joan Plant to
Vice President - Environmental, Social & Governance is a strong
recognition of AEX's commitment to being a responsible corporate
citizen of Greenland. I would also like to thank George for the
incredible work he has done throughout the years as a Board member
and I look forward to continuing working with him as AEX
develops"
AIM Rule Disclosures
In relation to the appointment to the board, there is no further
information required to be disclosed pursuant to paragraph (g) of
Schedule 2 of the AIM Rules for Companies save what is disclosed
below.
Liane Catherine Kelly, aged 57, has held the following
directorships and/or partnerships in the past five years:
Current Directorships/Partnerships Previous Directorships/Partnerships
B2Gold Corporation Geosoft Inc now Seequent Ltd
Cheetah Conservation Fund
Warwick Peter Morley-Jepson, aged 63, has held the following
directorships and/or partnerships in the past five years:
Current Directorships/Partnerships Previous Directorships/Partnerships
Wesdome Gold Mines Limited
Karora Resources Inc (formally
RNC Minerals)
Enquiries:
AEX Gold Inc.
Eldur Olafsson, Executive Director and CEO
+354 665 2003
eo@aexgold.com
Eddie Wyvill, Investor Relations
+44 (0)7713 126727
ew@aexgold.com
Stifel Nicolaus Europe Limited (Nominated Adviser and
Broker)
Callum Stewart
Simon Mensley
Ashton Clanfield
+44 (0) 20 7710 7600
Panmure Gordon (UK) Limited (Joint Broker)
John Prior
Hugh Rich
Dougie Mcleod
+44 (0) 20 7886 2500
Camarco (Financial PR)
Gordon Poole
Nick Hennis
+44 (0) 20 3757 4980
AEX Gold Inc: Unaudited Condensed Interim Consolidated Financial
Statements for the three and six Months Ended June 30, 2021
AEX Gold Inc.
Consolidated Statements of Financial Position
(Unaudited, in Canadian Dollars)
As at As at December
June 30, 31,
Notes 2021 2020
-------------------------------------------- ----- ------------ ---------------
$ $
ASSETS
Current assets
Cash 49,593,636 61,874,999
Sales tax receivable 64,482 62,750
Prepaid expenses and others 90,722 371,258
Total current assets 49,748,840 62,309,007
Non-current assets
Deposit on order 4 5,186,000 1,711,970
Escrow account for environmental monitoring 434,159 460,447
Mineral properties 3 62,244 62,244
Capital assets 4 3,341,452 1,401,014
Total non-current assets 9,023,855 3,635,675
-------------------------------------------- ----- ------------ ---------------
TOTAL ASSETS 58,772,695 65,944,682
-------------------------------------------- ----- ------------ ---------------
LIABILITIES AND EQUITY
Current liabilities
Trade and other payables 1,198,466 831,899
Lease liabilities - current portion 5 49,582 65,900
-------------------------------------------- ----- ------------ ---------------
Total current liabilities 1,248,048 897,799
Non-current liabilities
Lease liabilities 5 747,692 763,913
Total non-current liabilities 747,692 763,913
Total liabilities 1,995,740 1,661,712
Equity
Capital stock 88,500,205 88,500,205
Contributed surplus 3,285,952 2,925,952
Accumulated other comprehensive loss (36,772) (36,772)
Deficit (34,972,430) (27,106,415)
-------------------------------------------- ----- ------------ ---------------
Total equity 56,776,955 64,282,970
-------------------------------------------- ----- ------------ ---------------
TOTAL LIABILITIES AND EQUITY 58,772,695 65,944,682
-------------------------------------------- ----- ------------ ---------------
The accompanying notes are an integral part of these unaudited
condensed interim consolidated financial statements.
AEX Gold Inc.
Consolidated Statements of Comprehensive Loss
( Unaudited, i n Canadian Dollars)
Three months Six months
ended June 30, ended June 30,
----------------------------- ----- ---------------------------- -------------------------------
Notes 2021 2020 2021 2020
----------------------------- ----- --------------- ----------- ------------------ -----------
$ $ $ $
Expenses
Exploration and evaluation
expenses 7 1,998,049 912,676 3,245,196 1,524,451
General and administrative 8 2,093,578 498,639 3,678,649 881,550
Stock-based compensation 6 360,000 1,031,650 360,000 1,031,650
Foreign exchange loss (gain) 157,092 3,830 647,691 (21,567)
Operating loss 4,608,719 2,446,795 7,931,536 3,416,084
Other expenses (income)
Interest income (41,859) (4,873) (85,929) (9,915)
Finance costs 10,103 210 20,408 2,400
----------------------------- ----- --------------- ----------- ------------------ -----------
Net loss and comprehensive
loss (4,576,963) (2,442,132) (7,866,015) (3,408,569)
----------------------------- ----- --------------- ----------- ------------------ -----------
Weighted average number of
common shares outstanding
- basic and diluted 177,098,737 81,176,725 177,098,737 77,307,646
Basic and diluted loss per
common share (0.03) (0.03) (0.04) (0.04)
----------------------------- ----- --------------- ----------- ------------------ -----------
The accompanying notes are an integral part of these unaudited
condensed interim consolidated financial statements.
AEX Gold Inc.
Consolidated Statements of Changes in Equity
( Unaudited, i n Canadian Dollars)
Accumulated
Number of other
common shares Capital Contributed comprehensive Total
Notes outstanding Stock Warrants surplus loss Deficit Equity
-------------- ------- ------------- ---------- ----------- ----------- ------------- ------------ -----------
$ $ $ $ $ $
Balance at
January 1,
2020 70,946,394 13,883,611 1,459,604 1,535,400 (36,772) (14,767,303) 2,074,540
Net loss and
comprehensive
loss - - - - - (3,408,569) (3,408,569)
Warrants
exercised 11,387,626 6,140,518 (1,010,418) - - - 5,130,100
Warrants
expired - - (210,437) 210,437 - - -
Options
exercised 100,000 60,000 - (22,000) - - 38,000
Stock-based
compensation - - - 1,031,650 - - 1,031,650
-------------- ------- ------------- ---------- ----------- ----------- ------------- ------------ -----------
Balance at
June 30, 2020 82,434,020 20,084,129 238,749 2,755,487 (36,772) (18,175,872) 4,865,721
-------------- ------- ------------- ---------- ----------- ----------- ------------- ------------ -----------
Balance at
January 1,
2021 177,098,737 88,500,205 - 2,925,952 (36,772) (27,106,415) 64,282,970
Net loss and
comprehensive
loss - - - - - (7,866,015) (7,866,015)
Stock-based
compensation 6 - - 360,000 - - 360,000
-------------- ------- ------------- ---------- ----------- ----------- ------------- ------------ -----------
Balance at
June 30, 2021 177,098,737 88,500,205 - 3,285,952 (36,772) (34,972,430) 56,776,955
-------------- ------- ------------- ---------- ----------- ----------- ------------- ------------ -----------
The accompanying notes are an integral part of these unaudited
condensed interim consolidated financial statements.
AEX Gold Inc.
Consolidated Statements of Cash Flows
( Unaudited, i n Canadian Dollars)
Six months
Notes ended June 30,
---------------------------------------------- ----- -------------------------
2021 2020
---------------------------------------------- ----- ------------ -----------
$ $
Operating activities
Net loss for the period (7,866,015) (3,408,569)
Adjustments for:
Depreciation 4 143,723 114,317
Stock-based compensation 6 360,000 1,031,650
Finance costs - 2,400
Foreign exchange loss (gain) 644,430 (19,112)
---------------------------------------------- ----- ------------ -----------
(6,717,862) (2,279,314)
Changes in non-cash working capital items:
Sales tax receivable (1,732) (14,067)
Prepaid expenses and others 280,536 93,561
Trade and other payables 231,188 293,916
509,992 373,410
---------------------------------------------- ----- ------------ -----------
Cash flow used in operating activities (6,207,870) (1,905,904)
---------------------------------------------- ----- ------------ -----------
Investing activities
Acquisition of mineral properties 3 - (13,737)
Acquisition of capital assets 4 (2,084,161) -
Deposit on order 4 (3,474,030) -
Cash flow used in investing activities (5,558,191) (13,737)
---------------------------------------------- ----- ------------ -----------
Financing activities
Principal repayment - lease liabilities 5 (32,539) -
Exercise of warrants - 5,130,100
Exercise of stock options - 38,000
Deferred share issuance costs - (324,293)
Cash flow from (used in) financing activities (32,539) 4,843,807
---------------------------------------------- ----- ------------ -----------
Net change in cash before effects of exchange
rate changes on cash during the period (11,798,600) 2,924,166
Effects of exchange rate changes on cash (482,763) 1,517
---------------------------------------------- ----- ------------ -----------
Net change in cash during the period (12,281,363) 2,925,683
Cash, beginning of period 61,874,999 1,515,406
---------------------------------------------- ----- ------------ -----------
Cash, end of period 49,593,636 4,441,089
---------------------------------------------- ----- ------------ -----------
Supplemental cash flow information
Interest received 85,929 9,915
Exercise of warrants credited to capital
stock - 1,010,418
Exercise of stock options credited to capital
stock - 22,000
Deferred share issuance costs included in
trade and other payables - 851,228
The accompanying notes are an integral part of these unaudited
condensed interim consolidated financial statements.
AEX Gold Inc.
Condensed Notes to the interim Consolidated Financial
Statements
Three and six months ended June 30, 2021 and 2020
( Unaudited, i n Canadian Dollars)
1. NATURE OF OPERATIONS, BASIS OF PRESENTATION
AEX Gold Inc. (the "Corporation") was incorporated on February
22, 2017 under the Canada Business Corporations Act. The
Corporation's head office is situated at 3400, One First Canadian
Place, P.O. Box 130, Toronto, Ontario, M5X 1A4, Canada. The
Corporation operates in one industry segment, being the
acquisition, exploration and development of mineral properties. It
owns interests in properties located in Greenland. The
Corporation's financial year ends on December 31. Since July 2017,
the Corporation's shares are listed on the TSX Venture Exchange
(the "TSX-V") under the AEX ticker and since July 2020, the
Corporation's shares are also listed on the AIM market of the
London Stock Exchange ("AIM") under the AEXG ticker.
These unaudited condensed interim consolidated financial
statements for the three and six months ended June 30, 2021
("Financial Statements") were approved by the Board of Directors on
August 26, 2021.
1.1 Basis of presentation
The Financial Statements have been prepared in accordance with
International Financial Reporting Standards as issued by the
International Accounting Standards Board ("IFRS") including
International Accounting Standard ("IAS") 34, Interim Financial
Reporting. The Financial Statements have been prepared under the
historical cost convention.
The Financial Statements should be read in conjunction with the
annual financial statements for the year ended December 31, 2020
which have been prepared in accordance with IFRS. The accounting
policies, methods of computation and presentation applied in these
Financial Statements are consistent with those of the previous
financial year ended December 31, 2020.
2. CRITICAL ACCOUNTING JUDGMENTS AND ASSUMPTIONS
The preparation of the Financial Statements requires Management
to make judgments and form assumptions that affect the reported
amounts of assets and liabilities at the date of the Financial
Statements and reported amounts of expenses during the reporting
period. On an ongoing basis, Management evaluates its judgments in
relation to assets, liabilities and expenses. Management uses
historical experience and various other factors it believes to be
reasonable under the given circumstances as the basis for its
judgments. Actual outcomes may differ from these estimates under
different assumptions and conditions.
In preparing the Financial Statements, the significant
judgements made by Management in applying the Corporation
accounting policies and the key sources of estimation uncertainty
were the same as those that applied to the Corporation's audited
annual financial statements for the year ended December 31, 2020.
Estimates and assumptions are continually evaluated and are based
on historical experience and other factors, including expectations
of future events that are believed to be reasonable under the
circumstances.
3. MINERAL PROPERTIES
As at December
31, 2020 As at
June 30,
Additions 2021
--------------------------------------- -------------- --------- ---------
$ $ $
Nalunaq 1 - 1
Tartoq 18,431 - 18,431
Vagar 11,103 - 11,103
Naalagaaffiup Portornga 6,334 - 6,334
Nuna Nutaaq 6,076 - 6,076
Saarloq 7,348 - 7,348
Anoritooq 6,389 - 6,389
Sava (previously called Kangerluarsuk) 6,562 - 6,562
Total mineral properties 62,244 - 62,244
--------------------------------------- -------------- --------- ---------
.
As at December
31, 2019 As at
December 31,
Additions 2020
--------------------------------------- -------------- --------- -------------
$ $ $
Nalunaq 1 - 1
Tartoq 18,431 - 18,431
Vagar 11,103 - 11,103
Naalagaaffiup Portornga 6,334 - 6,334
Nuna Nutaaq 6,076 - 6,076
Saarloq - 7,348 7,348
Anoritooq - 6,389 6,389
Sava (previously called Kangerluarsuk) - 6,562 6,562
Total mineral properties 41,945 20,299 62,244
--------------------------------------- -------------- --------- -------------
4. CAPITAL ASSETS
Field Vehicles Equipment Construc-tion Right-of-use Total
equipment and rolling (including In Progress assets
and infrastruc- stock intangible)
ture
$ $ $ $ $ $
-------------------------- ----------------- ------------- ------------- -------------- ------------- ----------
Six months ended
June 30, 2021
Opening net book
value 146,203 256,865 177,052 - 820,894 1,401,014
Additions - - - 2,084,161 - 2,084,161
Depreciation (61,220) (31,610) (10,521) - (40,372) (143,723)
-------------------------- ----------------- ------------- ------------- -------------- ------------- ----------
Closing net book
value 84,983 225,255 166,531 2,084,161 780,522 3,341,452
As at June 30,
2021
Cost 387,323 533,800 185,878 2,084,161 841,080 4,032,242
Accumulated depreciation (302,340) (308,545) (19,347) - (60,558) (690,790)
-------------------------- ----------------- ------------- ------------- -------------- ------------- ----------
Closing net book
value 84,983 225,255 166,531 2,084,161 780,522 3,341,452
-------------------------- ----------------- ------------- ------------- -------------- ------------- ----------
4. CAPITAL ASSETS (CONT'D)
Depreciation of capital assets related to exploration and
evaluation properties is being recorded in exploration and
evaluation expenses in the consolidated statement of comprehensive
loss, under depreciation. Depreciation of $98,632 ($ 114,317 for
the six months ended June 30, 2020) was expensed as exploration and
evaluation expenses during the six months ended June 30, 2021.
As at June 30, 2021, the Corporation had capital asset purchase
commitments, net of deposit on order, of $6,030,167. These
commitments relate to purchases of equipment, infrastructure and
vehicles.
5. LEASE LIABILITIES
As at
June 30,
2021
---------------------------------------- ------------
$
Balance beginning 829,813
Principal repayment (32,539)
---------------------------------------- ------------
Balance ending 797,274
Non-current portion - lease liabilities (747,692)
Current portion - lease liabilities 49,582
---------------------------------------- ------------
6. STOCK OPTIONS
An incentive stock option plan (the "Plan") was approved
initially in 2017 and renewed by shareholders on June 9, 2021. The
Plan is a "rolling" plan whereby a maximum of 10% of the issued
shares at the time of the grant are reserved for issue under the
Plan to executive officers and directors, employees and
consultants. The Board of directors attributes the stock options
and the exercise price of the options shall not be less than the
closing price on the last trading day preceding the grant date. The
options have a maximum term of ten years. Options granted pursuant
to the Plan shall vest and become exercisable at such time or times
as may be determined by the Board, except options granted to
consultants providing investor relations activities shall vest in
stages over a 12 month period with a maximum of one-quarter of the
options vesting in any three-month period. The Corporation has no
legal or constructive obligation to repurchase or settle the
options in cash.
On June 9, 2021, the Corporation granted to the CFO 900,000
stock options exercisable at an exercise price of $0.59, with an
expiry date of December 31, 2027. The stock options vested 100% at
the grant date. Those options were granted at an exercise price
equal the closing market value of the shares the previous day of
the grant. Total stock-based compensation costs amount to $360,000
for an estimated fair value of $0.40 per option. The fair value of
the options granted was estimated using the Black-Scholes model
with no expected dividend yield, 75.85% expected volatility, 1.07%
risk-free interest rate and 6.6 years options expected life. The
expected life and expected volatility were estimated by
benchmarking comparable companies to the Corporation.
6. STOCK OPTIONS (CONT'D)
Changes in stock options are as follows:
Six months ended Year ended December
June 30, 2021 31, 2020
------------------- ---------------------------- ----------------------------
Weighted Weighted
Number of average exercise Number of average exercise
options price options price
------------------- --------- ----------------- --------- -----------------
$ $
Balance, beginning 7,745,000 0.51 5,650,000 0.43
Granted 900,000 0.59 2,195,000 0.70
Exercised - - (100,000) 0.38
Expired (10,000) 0.38 - -
------------------- --------- ----------------- --------- -----------------
Balance, end 8,635,000 0.52 7,745,000 0.51
------------------- --------- ----------------- --------- -----------------
Stock options outstanding and exercisable as at June 30, 2021
are as follows:
Number of options
outstanding and Exercise
exercisable price Expiry date
----------------- -------- -----------------
$
1,360,000 0.50 July 13, 2022
1,660,000 0.45 August 22, 2023
2,520,000 0.38 December 31, 2025
2,195,000 0.70 December 31, 2026
900,000 0.59 December 31, 2027
----------------- -------- -----------------
8,635,000
----------------- -------- -----------------
7. EXPLORATION AND EVALUATION EXPENSES
Three months Six months
ended June 30, ended June 30,
---------------------------- -------------------- --------------------
2021 2020 2021 2020
---------------------------- ----------- ------- --------- ---------
$ $ $ $
Geology 562,416 524,863 705,954 795,423
Lodging and on-site support 64,523 3,663 64,523 3,663
Underground work 18,588 23,040 18,589 45,847
Drilling 287,760 33,950 287,760 33,315
Safety and environment - 6,568 - 6,568
Analysis 5,362 43,205 84,581 67,068
Transport 21,455 9,923 22,413 70,656
Helicopter charter 109,024 - 109,024 -
Logistic support 64,913 84,223 86,114 162,710
Insurance 45 3,287 8,707 4,513
Project Engineering costs 804,267 102,442 1,736,133 187,297
Government fees 10,380 20,353 22,766 33,074
Depreciation 49,316 57,159 98,632 114,317
---------------------------- ----------- ------- --------- ---------
Exploration and evaluation
expenses 1,998,049 912,676 3,245,196 1,524,451
---------------------------- ----------- ------- --------- ---------
8. GENERAL AND ADMINISTRATION
Three months Six months
ended June 30, ended June 30,
--------------------------- -------------------- --------------------
2021 2020 2021 2020
--------------------------- ----------- ------- ----------- -------
$ $ $ $
Salaries and benefits 667,453 - 1,054,961 -
Management and consulting
fees - 166,369 - 282,441
Director's fees 116,879 25,000 236,379 50,000
Professional fees 690,594 194,349 1,246,949 318,104
Marketing and industry
involvement 190,609 60,606 356,332 146,981
Insurance 148,377 10,561 266,342 21,122
Travel and other expenses 172,156 16,606 302,365 31,180
Regulatory fees 84,965 25,148 170,230 31,722
Depreciation 22,545 - 45,091 -
General and administration 2,093,578 498,639 3,678,649 881,550
--------------------------- ----------- ------- ----------- -------
Further Information:
About AEX
AEX's principal business objectives are the identification,
acquisition, exploration and development of gold properties in
Greenland. The Corporation'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 Corporation has a portfolio of gold assets covering
3,870km(2) , the largest portfolio of gold assets in Southern
Greenland covering the two known gold belts in the region. AEX is
incorporated under the Canada Business Corporations Act and wholly
owns Nalunaq A/S, incorporated under the Greenland Public Companies
Act.
Forward-Looking Information
This press release contains forward-looking information within
the meaning of applicable securities legislation, which reflects
the Corporation's current expectations regarding future events and
the future growth of the Corporation's business. In this press
release there is forward-looking information based on a number of
assumptions and subject to a number of risks and uncertainties,
many of which are beyond the Corporation's control, that could
cause actual results and events to differ materially from those
that are disclosed in or implied by such forward-looking
information. Such risks and uncertainties include, but are not
limited to the factors discussed under "Risk Factors" in the Final
Prospectus available under the Corporation's profile on SEDAR at
www.sedar.com. Any forward-looking information included in this
press release is based only on information currently available to
the Corporation and speaks only as of the date on which it is made.
Except as required by applicable securities laws, the Corporation
assumes no obligation to update or revise any forward-looking
information to reflect new circumstances or events. No securities
regulatory authority has either approved or disapproved of the
contents of this press release. Neither TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Inside Information
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of Article 7 of the UK version of Regulation (EU) No. 596/2014 on
Market Abuse ("UK MAR"), as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018, and Regulation
(EU) No. 596/2014 on Market Abuse ("EU MAR").
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END
IR FFFFLTRIRFIL
(END) Dow Jones Newswires
August 27, 2021 02:00 ET (06:00 GMT)
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