- Dual-London and Toronto-listed explorer focused on building a full-cycle gold company
- Currently owns five licences in South Greenland covering an area of 828 square kilometres
- AEX’s principal asset is a 100% interest in the previously producing Nalunaq project
What AEX Gold does:
The company was founded in 2017 as an exploration company with a focus on locating high-grade gold deposits in the north Atlantic island.
It currently owns five licences in South Greenland covering an area of 828 square kilometres meaning it has established an unrivalled footprint and the largest gold licence portfolio in Greenland.
Greenland holds significant mineralization potential as a relatively underexplored gold belt.
AEX’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 official resource estimate currently stands at 250,000 ounces of gold grading 18.5 grams per tonne, but AEX’s chief executive Eldur Olafsson believes there could be as much as two million ounces of gold in the ground.
How is it doing:
AEX Gold saw its shares commence trading on the AIM market of the London Stock Exchange on August 11, 2020, following a fundraise which bought in gross proceeds of £42.5 million (C$72.7 million).
The fundraise comprised a placing and direct subscriptions for an aggregate of 94,444,445 new common shares at a price of 45p, or 77 Canadian cents, per share, with the new shares representing 53.3% of the company’s enlarged share capital.
The group said the net proceeds of the fundraising would be used to commence development at the previously producing Nalunaq Property, in Southern Greenland, as well as funding exploration activities across its wider licence portfolio covering 3,356 square kilometres on the two known gold belts in Southern Greenland, Nanortalik and Tartoq.
In conjunction with the company’s admission to AIM, AEX Gold also announced that Sigurbjorn (Siggi) Thorkelsson had joined its board as an independent non-executive director, and chair of the Audit Committee on July 27, 2020.
The group noted that Thorkelsson has a wealth of experience in the financial markets, having worked at major financial institutions throughout his career with over 25 years’ experience in the banking and securities industry across New York, London, Tokyo, Hong Kong and his native Iceland.
He previously served as managing director at Nomura International (Hong Kong) Limited and as Head of Asia-Pacific Equities before becoming senior managing director of the Nomura Group. In 2010, he moved to Barclays Capital (Hong Kong) as managing director and head of Asia-Pacific Equities before becoming managing director (Head of Equities EMEA) at Barclays Capital in London in 2011. More recently, Thorkelsson co-founded investment and securities companies in Iceland and in the UK.
Later in August, AEX Gold revealed that it had engaged Goldspot Discoveries Corp.(CVE:SPOT) to apply its proprietary workflow and machine learning algorithm to identify new exploration targets on AEX’s licence portfolio in southern Greenland.
Goldspot will work with AEX’s technical team to analyze all available geological and remote sensing data to create high-quality multivariate prospectivity maps, enhancing the exploration opportunities for gold mineralization at the properties.
Through its analytical work across the portfolio, Goldspot will help prioritize and rank the high-grade exploration prospects for AEX across its license portfolio for the next exploration season in 2021, it said.
The gold belts of Greenland, including the past-producing Nalunaq gold mine, host high-grade narrow vein mineralization, which is similar in style to the mineralization found in the Abitibi Gold Belt of Canada and the Central Lapland Greenstone Gold Belt in Finland, areas where Goldspot is currently working or has previously worked with proven exploration success.
- Commence development at previously producing Nalunaq Property
- Exploration activities across wider licence portfolio
- Identify prospects for 2021 exploration season with Goldspot
What the boss says:
In a statement on the company’s London listing, AEX Gold’s founder and chief executive officer, Eldur Ólafsson, commented: “Today marks a highly exciting moment for AEX Gold, with our successful fundraise allowing us to progress our corporate vision, whilst also providing UK and European investors with the opportunity to be a part of Greenland’s growing gold sector.
“We now have the financial capacity to push forward to production at our high-grade Nalunaq gold mine together with targeted exploration across our wider gold acreage in Southern Greenland.
“Our ambition is to become a full-cycle gold mining business of scale in Greenland, with Nalunaq the first project in what we believe could be many from our existing portfolio of gold assets.”
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