AEX Gold Inc. Reports Third Quarter Financial Results and Operational Update
ACCESS Newswire
22 min read
TORONTO, ON / ACCESSWIRE / November 24, 2021 / AEX Gold Inc. (AIM:AEXG)(TSXV:AEX), an independent gold company with a portfolio of exploration licences in Greenland, announces its unaudited condensed interim consolidated financial statements ("Financial Statements") for the quarter ended September 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. As per the April 2021 announcement, the Corporation has been 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 to 30,000 metres exploration program to build upon 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
Halyard Inc. ("Halyard") is on track to complete the engineering study focused on the process plant and surface infrastructure by end of Q4 2021. The engineering study is focused on de-risking the Nalunaq Project cost and schedule through additional and improved trade-off studies and advancing engineering to feasibility level
Over 9,000 metres of diamond drilling have been completed so far in the Valley Block, with 90% of drill holes reaching target depth and intersecting the main vein. The drilling target for the full year has been reduced to 10,000 to 15,000 metres, and four winterised drilling rigs continue to operate on site until mid-December.
The new 50 person winterised exploration camp has been completed and will give the Corporation the ability to restart site activities in early 2022.
In addition to this, the bridge over the Kirkespir River, which connects the camp to the Nalunaq site, has been expanded and improved to provide reliable access between the exploration camp and the historical mine site all year round.
A condition assessment of the bulkhead was conducted in early November 2021 to confirm the design parameters and the quality of construction after which a remediation plan will be developed. The assessment included non-destructive pile integrity and ultrasound tests to determine the bulkhead thickness as well as an unconfined compressive strength test of cored concrete samples. The final report will be issued in December 2021.
Procurement completed prior to the February 2021 delay announcement has been reconciled to the overall project cost estimate and all major process plant components were taken delivery of in October and moved to storage locations in Montreal and Denmark. Critical fleet such as the fuel truck, multi-purpose truck, industrial snow blower, personnel bus, ambulance and crane have been delivered to site for usage during this and future field seasons.
The Environmental Impact Assessment ("EIA") and Social Impact Assessment ("SIA") are being advanced with no material update at this phase.
Further exploration activities, mine planning, mine infrastructure and mine development will be evaluated based on the outcomes of the 2021 drilling campaign. In preparation for this evaluation, representatives from mining contractors and an underground geotechnical engineering team have conducted technical visits to the former mine. One key observation has been that the ground conditions are considered as high quality.
Exploration activities across the license portfolio continue with assistance from Goldspot and SRK. This has been targeting both additional gold resource potential as well as base, critical and strategic metals.
Field activities have seen further gold exploration including targeted airborne geophysics on Vagar, Nanoq, Tartoq and on targets north east of Nalunaq in order to progress these to a drill ready status.
AEX geologists have completed further assessment of the graphite hosting potential of the licence portfolio and have collected representative bulk samples from the Nørream target.
The Saaqqa Platinum Element Group (PGE) hosting dyke system close to Nalunaq has also been revisited in 2021 with additional confirmation samples taken as well as ground geophysics for future drill sighting.
Activities have also focused on the Corporation's Sava Iron-Oxide-Copper-Gold (IOCG) target with airborne geophysics, advanced geochemistry and alteration mapping having been completed. This target holds the potential to host copper, gold, and Rare Earth Element (REE) mineralisation.
On 6 October 2021, the Corporation received approval for a new mineral exploration licence in the Kobberminebugt region of South Greenland covering an area of approximately 266 km 2 . This licence area hosts the former producing Josva copper mine which will be the focus for AEX's further exploration due diligence. AEX consider this to be an extension of the IOCG belt that also hosts the Sava target and is believed to be similar to belts in Northern Sweden.
Management Update
James Gilbertson was appointed as Vice President - Exploration on September 13, 2021 and will oversee all of the Corporation's exploration activities. James has been working with AEX as a consultant for the past six years and will now join the Corporation on a full-time basis. James has over 20 years of experience in mineral exploration and resource development with 17 years as a Principal Exploration Geologist, and until recently, as Managing Director of SRK Exploration.
Q3 2021 Financial Highlights
The Corporation had a strong cash balance of $37.9 million as at September 30, 2021 ($61.9 million at December 31, 2020), with no debt, and total net working capital of $34.5 million ($61.4 million at December 31, 2020).
Capital asset purchase commitments, net of deposits on order as at September 30, 2021 was $0.9 million. These decrease from the prior quarter relates predominantly to the receipt of major process plant components and surface mobile vehicles. Available liquidity, net of commitments as at September 30, 2021 was $37.0 million.
Construction in progress increased by $6.0 million for the nine months ended September 30, 2021 (zero at December 31, 2020), primarily resulting from the purchase of major process plant equipment and mobile surface vehicles, deposits on orders, and preliminary surface infrastructure in advance of future project development activities.
Exploration and evaluation expenses during the quarter was $4.2 million (Q3 2020: $2.9 million), predominantly on the Nalunaq Property.
General and administrative expenses during the period were $3.0 million (Q3 2020: $1.1 million), the result of increased headcount that was relative to Q3 2020 and severance costs associated with the departure of Martin Menard.
Selected Financial Information
The following selected financial data is extracted from the Financial Statements for the three and nine months ended September 30, 2021.
Financial Results
Three months
ended September 30,
Nine months
ended September 30,
2021
2020
2021
2020
$
$
$
$
Exploration and evaluation expenses
4,196,019
2,908,340
7,441,215
4,432,791
General and administrative
3,022,738
1,104,822
6,701,387
1,986,372
Net loss and comprehensive loss
(7,008,968
)
(4,609,492
)
(14,874,983
)
(8,018,061
)
Basic and diluted loss per common share
(0.04
)
(0.03
)
(0.08
)
(0.08
)
Financial Position
As at September 30, 2021
As at December 31, 2020
$
$
Cash on hand
37,852,228
61,874,999
Total assets
54,307,568
65,944,682
Total current liabilities
3,809,088
897,799
Shareholders' equity
49,767,987
64,282,970
Working capital
34,500,785
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.
We have made significant progress during the quarter across our entire licence area, both in terms of development at Nalunaq and our wider exploration opportunities.
Despite taking a cost conscious and disciplined strategic approach, we continue to be extremely excited by the wider exploration potential of our assets. The Board looks forward to being able to demonstrate the potential value of its non-gold, strategic mineral assets in due course."
Enquiries:
AEX Gold Inc.
Eldur Olafsson, 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
Follow @AexGold on Twitter Follow AEX Gold Inc. on LinkedIn
AEX Gold Inc: Unaudited Condensed Interim Consolidated Financial Statements for the three and nine Months Ended September 30, 2021
AEX Gold Inc. Consolidated Statements of Financial Position (Unaudited, in Canadian Dollars)
As at
September 30,
As at December 31,
Notes
2021
2020
$
$
ASSETS
Current assets
Cash
37,852,228
61,874,999
Sales tax receivable
55,412
62,750
Prepaid expenses and others
402,233
371,258
Total current assets
38,309,873
62,309,007
Non-current assets
Deposit on order
4
8,322,838
1,711,970
Escrow account for environmental monitoring
434,341
460,447
Mineral properties
3
62,244
62,244
Capital assets
4
7,178,272
1,401,014
Total non-current assets
15,997,695
3,635,675
TOTAL ASSETS
54,307,568
65,944,682
LIABILITIES AND EQUITY
Current liabilities
Trade and other payables
3,758,883
831,899
Lease liabilities - current portion
5
50,205
65,900
Total current liabilities
3,809,088
897,799
Non-current liabilities
Lease liabilities
5
730,493
763,913
Total non-current liabilities
730,493
763,913
Total liabilities
4,539,581
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
(41,981,398
)
(27,106,415
)
Total equity
49,767,987
64,282,970
TOTAL LIABILITIES AND EQUITY
54,307,568
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, in Canadian Dollars)
Three months
ended September 30,
Nine months
ended September 30,
Notes
2021
2020
2021
2020
$
$
$
$
Expenses
Exploration and evaluation expenses
7
4,196,019
2,908,340
7,441,215
4,432,791
General and administrative
8
3,022,738
1,104,822
6,701,387
1,986,372
Stock-based compensation
6
-
-
360,000
1,031,650
Foreign exchange loss (gain)
(185,986
)
717,577
461,705
696,010
Operating loss
7,032,771
4,730,739
14,964,307
8,146,823
Other expenses (income)
Interest income
(33,700
)
(25,960
)
(119,629
)
(35,875
)
Finance costs (income)
9,897
(95,287
)
30,305
(92,887
)
Net loss and comprehensive loss
(7,008,968
)
(4,609,492
)
(14,874,983
)
(8,018,061
)
Weighted average number of common shares outstanding - basic and diluted
177,098,737
146,280,087
177,098,737
100,466,279
Basic and diluted loss per common share
(0.04
)
(0.03
)
(0.08
)
(0.08
)
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, in Canadian Dollars)
Notes
Number of common shares
outstanding
Capital
Stock
Warrants
Contributed surplus
Accumulated other comprehensive loss
Deficit
Total
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
-
-
-
-
-
(8,018,061
)
(8,018,061
)
Share issuance under a fundraising
94,444,445
74,550,202
-
-
-
-
74,550,202
Share issuance costs
(6,312,546
)
-
-
-
-
(6,312,546
)
Warrants exercised
11,607,898
6,318,938
(1,078,702
)
-
-
-
5,240,236
Warrants expired
-
-
(380,902
)
380,902
-
-
-
Options exercised
100,000
60,000
-
(22,000
)
-
-
38,000
Stock-based compensation
-
-
-
1,031,650
-
-
1,031,650
Balance at September 30, 2020
177,098,737
88,500,205
-
2,925,952
(36,772
)
(22,785,364
)
68,604,021
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
-
-
-
-
-
(14,874,983)
(14,874,983)
Stock-based compensation
6
-
-
-
360,000
-
-
360,000
Balance at September 30, 2021
177,098,737
88,500,205
-
3,285,952
(36,772)
(41,981,398)
49,767,987
The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.
AEX Gold Inc. Consolidated Statements of Cash Flows (Unaudited, in Canadian Dollars)
Notes
Nine months
ended September 30,
2021
2020
$
$
Operating activities
Net loss for the period
(14,874,983
)
(8,018,061
)
Adjustments for:
Depreciation
4
190,309
157,513
Stock-based compensation
6
360,000
1,031,650
Finance costs (income)
-
(92,887
)
Payment from cash held in escrow account for environmental monitoring
-
(95,102
)
Escrow account for environmental monitoring
-
95,102
Foreign exchange loss
403,826
685,401
(13,920,848
)
(6,236,384
)
Changes in non-cash working capital items:
Sales tax receivable
7,338
(80,557
)
Prepaid expenses and others
(30,975
)
(380,430
)
Deposit
-
(27,944
)
Trade and other payables
2,273,639
1,377,889
2,250,002
888,958
Cash flow used in operating activities
(11,670,846
)
(5,347,426
)
Investing activities
Acquisition of mineral properties
3
-
(13,737
)
Acquisition of capital assets
4
(5,415,805
)
(373,540
)
Deposit on order
4
(6,610,868
)
-
Cash flow used in investing activities
(12,026,673
)
(387,277
)
Financing activities
Shares and warrants issuance
-
74,550,202
Share issuance costs
-
(6,140,329
)
Principal repayment - lease liabilities
5
(49,115
)
-
Exercise of warrants
-
5,240,236
Exercise of stock options
-
38,000
Cash flow from (used in) financing activities
(49,115
)
73,688,109
Net change in cash before effects of exchange rate changes on cash during the period
(23,746,634
)
67,953,406
Effects of exchange rate changes on cash
(276,137
)
(726,428
)
Net change in cash during the period
(24,022,771
)
67,226,978
Cash, beginning of period
61,874,999
1,515,406
Cash, end of period
37,852,228
68,742,384
Supplemental cash flow information
Interest received
119,629
35,875
Additions in capital assets included in trade and other payables
551,762
-
Share issuance costs included in trade and other payables
-
126,600
Exercise of warrants credited to capital stock
-
1,078,702
Exercise of stock options credited to capital stock
-
22,000
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 nine months ended September 30, 2021 and 2020 (Unaudited, in 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 nine months ended September 30, 2021 ("Financial Statements") were approved by the Board of Directors on November 23, 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
Additions
As at
September 30,
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
Additions
As at
December 31,
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 equipment and infrastruc- ture
Vehicles and rolling stock
Equipment (including intangible)
Construc-tion In Progress
Right-of-use assets
Total
$
$
$
$
$
$
Nine months ended September 30, 2021
Opening net book value
146,203
256,865
177,052
-
820,894
1,401,014
Additions
-
-
-
5,967,567
-
5,967,567
Depreciation
(76,217
)
(37,753
)
(15,781
)
-
(60,558
)
(190,309
)
Closing net book value
69,986
219,112
161,271
5,967,567
760,336
7,178,272
As at
September 30, 2021
Cost
387,323
533,800
185,878
5,967,567
841,080
7,915,648
Accumulated depreciation
(317,337
)
(314,688
)
(24,607
)
-
(80,744
)
(737,376
)
Closing net book value
69,986
219,112
161,271
5,967,567
760,336
7,178,272
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 $122,672 ($157,513 for the nine months ended September 30, 2020) was expensed as exploration and evaluation expenses.
As at September 30, 2021, the Corporation had capital asset purchase commitments, net of deposit on order, of $939,016. These commitments relate to purchases of equipment, infrastructure and vehicles. The deposit on order mainly related to purchases of surface mobile equipment as well as components of the process plant that was taken delivery of in October 2021.
5. LEASE LIABILITIES
As at
September 30,
2021
$
Balance beginning
829,813
Principal repayment
(49,115
)
Balance ending
780,698
Non-current portion - lease liabilities
(730,493
)
Current portion - lease liabilities
50,205
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 the CFO with 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:
Nine months ended
September 30, 2021
Year ended December 31, 2020
Number of options
Weighted average exercise price
Number of options
Weighted average exercise 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
(1,910,000
)
0.52
-
-
Balance, end
6,735,000
0.51
7,745,000
0.51
Stock options outstanding and exercisable as at September 30, 2021 are as follows:
Number of options outstanding and exercisable
Exercise
price
Expiry date
$
1,160,000
0.50
July 13, 2022
1,360,000
0.45
August 22, 2023
1,820,000
0.38
December 31, 2025
1,495,000
0.70
December 31, 2026
900,000
0.59
December 31, 2027
6,735,000
7. EXPLORATION AND EVALUATION EXPENSES
Three months
ended September 30,
Nine months
ended September 30,
2021
2020
2021
2020
$
$
$
$
Geochemistry
517,772
-
517,772
-
Geology
1,381,518
936,988
2,087,472
1,732,412
Lodging and on-site support
167,332
182,783
231,855
186,446
Underground work
29,929
19,440
48,518
65,287
Drilling
870,296
134,913
1,158,056
168,227
Safety and environment
-
14,045
-
20,613
Analysis
21,365
132,211
105,946
199,280
Transport
12,863
330,084
35,276
400,740
Supplies and equipment
1,997
-
1,997
-
Helicopter charter
602,189
70,167
711,214
70,167
Logistic support
477,654
215,281
563,769
377,991
Insurance
32,490
29,260
41,197
33,773
Project Engineering costs
56,573
790,631
1,792,705
977,928
Government fees
-
9,341
22,766
42,414
Depreciation
24,041
43,196
122,672
157,513
Exploration and evaluation expenses
4,196,019
2,908,340
7,441,215
4,432,791
8. GENERAL AND ADMINISTRATION
Three months
ended September 30,
Nine months
ended September 30,
2021
2020
2021
2020
$
$
$
$
Salaries and benefits
700,186
62,380
1,755,147
64,832
Management and consulting fees
-
353,231
-
633,220
Director's fees
235,273
85,833
471,652
135,833
Professional fees
731,888
318,897
1,978,837
637,001
Marketing and Investor Relations
220,622
152,044
576,954
299,025
Insurance
169,437
51,402
435,779
72,524
Travel and other expenses
847,998
30,306
1,150,363
61,486
Regulatory fees
94,788
50,729
265,018
82,451
Depreciation
22,546
-
67,637
-
General and administration
3,022,738
1,104,822
6,701,387
1,986,372
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 4,090km 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
This announcement contains inside information for the purposes 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").
Qualified Person Statement
The technical information presented in this press release has been approved by James Gilbertson CGeol, VP Exploration for AEX Gold and a Chartered Geologist with the Geological Society of London, and as such a Qualified Person as defined by NI 43-101.
