TIDMAEXG
RNS Number : 3422T
AEX Gold Inc
24 November 2021
("AEX" or the "Corporation")
AEX Gold Inc. Reports Third Quarter Financial Results and
Operational Update
TORONTO, ONTARIO - 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 Nine months
ended September 30, 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, As at December 31,
2021 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
Panmure Gordon (UK) Limited (Joint Broker)
John Prior
Hugh Rich
Dougie Mcleod
+44 (0) 20 7886 2500
Camarco (Financial PR)
Gordon Poole
Emily Hall
+44 (0) 20 3757 4980
For Company updates:
Follow @AexGold on Twitter
Follow AEX Gold Inc. on LinkedI
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, i n Canadian Dollars)
As at As at December
September 30, 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, i n Canadian Dollars)
Three months Nine months
ended September 30, 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, i n Canadian Dollars)
Number of Accumulated
common other
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 - - - - - (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, i n Canadian Dollars)
Nine months
Notes 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 -
S hare 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, 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 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 As at
September 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
$ $ $ $ $ $
-------------------------- ----------------- ------------- ------------- -------------- ------------- ----------
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 Year ended December
September 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 (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 Exercise
exercisable 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 Nine months
ended September 30, 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 Nine months
ended September 30, 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
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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.
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END
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(END) Dow Jones Newswires
November 24, 2021 02:00 ET (07:00 GMT)
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