TORONTO, ON / ACCESSWIRE / May 30, 2022 / AEX Gold Inc. ("AEX" or the "Company" or the "Corporation") (AIM:AEXG; TSXV:AEX), the independent mining company with an unrivalled land package of gold and strategic mineral assets covering an area of 7,615.85 km2 in Southern Greenland, is pleased to outline its 2022 objectives and Q1 Financial Results.
AEX Gold's strategy remains to bring the Nalunaq gold project back into production and use that base as a platform to discover and develop other world class gold and strategic mineral assets both directly and through partnerships to be found in the under explored OECD jurisdiction that is Greenland.
2022 activity highlights
Eldur Olafsson, CEO of AEX Gold, commented:
"After a very positive year of drilling and exploration in 2021 where amongst other things we confirmed a new high grade resource block at Nalunaq and a much larger scale to the Vagar Ridge discovery than we had imagined, we plan to build on this success in 2022 with an active drilling and geological programme across our ever-growing portfolio to test the size and prospectivity. We expect this programme to evolve as the season goes forward as we are still expecting results from our Nanoq Licence, which are due imminently, from regional assets and results from our Nørrearm Graphite samples, expected in H2.
"We have also made great strides within our strategic mineral and rare earths business, where Greenland is fast becoming the last frontier for Western developed nations to secure these valuable minerals which will play such an important role in the energy transition. In recognition of this potential, the Company has announced its intention to change its name from AEX Gold to Amaroq Minerals post the AGM on 16th June 2022."
Precious Metals 2022 Exploration Work Programme:
Nalunaq
Vagar Ridge
Vagar Licence Targets
Nanoq Gold
Eagle's Nest (Anoritooq licence)
Strategic Mineral Targets 2022 Exploration Work Programme:
General
Sava and North Sava
The Stendalen Iron-Vanadium-Titanium layered intrusive
Kobberminebugt
The Paatusoq Rare Earth Element, Niobium, Tantalum, Zirconium project
In addition to these named programmes, the Company intends to assess numerous other gold targets within the Nanortalik gold belt and several identified graphite targets similar to that already being explored by AEX at Nørrearm and GreenRoc at the Amitsoq Project.
AEX Infrastructure support
AEX Gold Financial Results
Selected Financial Information
The following selected financial data is extracted from the Financial Statements for the three months ended March 31, 2022.
Financial Results
Three months ended March 31, | ||||||||
2022 | 2021 | |||||||
$ | $ | |||||||
Exploration and evaluation expenses | 1,010,330 | 1,247,147 | ||||||
General and administrative | 2,988,769 | 1,585,071 | ||||||
Net loss and comprehensive loss | (4,135,498 | ) | (3,289,052 | ) | ||||
Basic and diluted loss per common share | (0.02 | ) | (0.02 | ) |
Financial Position
As at March 31, 2022 | As at December 31, 2021 | |||||||
$ | $ | |||||||
Cash on hand | 23,823,441 | 27,324,459 | ||||||
Total assets | 39,195,469 | 42,781,664 | ||||||
Total current liabilities | 1,207,103 | 2,100,084 | ||||||
Shareholders' equity | 37,276,866 | 39,968,502 | ||||||
Working capital | 22,812,025 | 25,542,242 |
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
SI Capital Limited (Joint Broker)
Nick Emerson
Charlie Stephenson
+44 (0) 1483 413500
Camarco (Financial PR)
Billy Clegg
Emily Hall
Charlie Dingwall+44 (0) 20 3757 4980
For Company updates:
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AEX Gold Inc: Unaudited Condensed Interim Consolidated Financial Statements for the Three Months Ended March 31, 2022
AEX Gold Inc.
Consolidated Statements of Financial Position
(Unaudited, in Canadian Dollars)
As at March 31, | As at December 31, | |||||||||||
Notes | 2022 | 2021 | ||||||||||
$ | $ | |||||||||||
ASSETS | ||||||||||||
Current assets | ||||||||||||
Cash | 23,823,441 | 27,324,459 | ||||||||||
Sales tax receivable | 36,054 | 51,250 | ||||||||||
Prepaid expenses and others | 159,633 | 266,617 | ||||||||||
Total current assets | 24,019,128 | 27,642,326 | ||||||||||
Non-current assets | ||||||||||||
Deposit | 27,944 | 9,805 | ||||||||||
Escrow account for environmental monitoring | 409,727 | 424,637 | ||||||||||
Mineral properties | 3 | 62,244 | 62,244 | |||||||||
Capital assets | 4 | 14,676,426 | 14,642,652 | |||||||||
Total non-current assets | 15,176,341 | 15,139,338 | ||||||||||
TOTAL ASSETS | 39,195,469 | 42,781,664 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||
Current liabilities | ||||||||||||
Trade and other payables | 1,137,933 | 2,049,249 | ||||||||||
Lease liabilities - current portion | 5 | 69,170 | 50,835 | |||||||||
Total current liabilities | 1,207,103 | 2,100,084 | ||||||||||
Non-current liabilities | ||||||||||||
Lease liabilities | 5 | 711,500 | 713,078 | |||||||||
Total non-current liabilities | 711,500 | 713,078 | ||||||||||
Total liabilities | 1,918,603 | 2,813,162 | ||||||||||
Equity | ||||||||||||
Capital stock | 88,500,205 | 88,500,205 | ||||||||||
Contributed surplus | 4,744,585 | 3,300,723 | ||||||||||
Accumulated other comprehensive loss | (36,772 | ) | (36,772 | ) | ||||||||
Deficit | (55,931,152 | ) | (51,795,654 | ) | ||||||||
Total equity | 37,276,866 | 39,968,502 | ||||||||||
TOTAL LIABILITIES AND EQUITY | 39,195,469 | 42,781,664 | ||||||||||
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 March 31, | ||||||||||||
Notes | 2022 | 2021 | ||||||||||
$ | $ | |||||||||||
Expenses | ||||||||||||
Exploration and evaluation expenses | 7 | 1,010,330 | 1,247,147 | |||||||||
General and administrative | 8 | 2,988,769 | 1,585,071 | |||||||||
Foreign exchange loss | 147,188 | 490,599 | ||||||||||
Operating loss | 4,146,287 | 3,322,817 | ||||||||||
Other expenses (income) | ||||||||||||
Interest income | (20,325 | ) | (44,070 | ) | ||||||||
Finance costs | 9,536 | 10,305 | ||||||||||
Net loss and comprehensive loss | (4,135,498 | ) | (3,289,052 | ) | ||||||||
Weighted average number of common shares outstanding - basic and diluted | 177,098,737 | 177,098,737 | ||||||||||
Basic and diluted loss per common share | (0.02 | ) | (0.02 | ) | ||||||||
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)
Number of common shares outstanding | Capital Stock | Contributed surplus | Accumulated other comprehensive loss | Deficit | Total Equity | |||||||||||||||||||
$ | $ | $ | $ | $ | ||||||||||||||||||||
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 | - | - | - | - | (3,289,052 | ) | (3,289,052 | ) | ||||||||||||||||
Balance at March 31, 2021 | 177,098,737 | 88,500,205 | 2,925,952 | (36,772 | ) | (30,395,467 | ) | 60,993,918 | ||||||||||||||||
Balance at January 1, 2022 | 177,098,737 | 88,500,205 | 3,300,723 | (36,772 | ) | (51,795,654 | ) | 39,968,502 | ||||||||||||||||
Net loss and comprehensive loss | - | - | - | - | (4,135,498 | ) | (4,135,498 | ) | ||||||||||||||||
Stock-based compensation | - | - | 1,443,862 | - | - | 1,443,862 | ||||||||||||||||||
Balance at March 31, 2022 | 177,098,737 | 88,500,205 | 4,744,585 | (36,772 | ) | (55,931,152 | ) | 37,276,866 |
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 | Three months ended March 31, | |||||||||||
2022 | 2021 | |||||||||||
$ | $ | |||||||||||
Operating activities | ||||||||||||
Net loss for the period | (4,135,498 | ) | (3,289,052 | ) | ||||||||
Adjustments for: | ||||||||||||
Depreciation | 4 | 203,970 | 71,862 | |||||||||
Stock-based compensation | 1,443,862 | - | ||||||||||
Other expenses (income) | 9,048 | - | ||||||||||
Foreign exchange loss | 145,361 | 504,799 | ||||||||||
(2,333,257 | ) | (2,712,391 | ) | |||||||||
Changes in non-cash working capital items: | ||||||||||||
Sales tax receivable | 15,196 | (5,004 | ) | |||||||||
Prepaid expenses and others | 106,984 | 23,580 | ||||||||||
Trade and other payables | (905,619 | ) | 96,077 | |||||||||
(783,439 | ) | 114,653 | ||||||||||
Cash flow used in operating activities | (3,116,696 | ) | (2,597,738 | ) | ||||||||
Investing activities | ||||||||||||
Acquisition of capital assets | 4 | (247,834 | ) | (594,722 | ) | |||||||
Deposit on order | - | (3,306,586 | ) | |||||||||
Cash flow used in investing activities | (247,834 | ) | (3,901,308 | ) | ||||||||
Financing activities | ||||||||||||
Principal repayment - lease liabilities | 5 | (5,550 | ) | (16,168 | ) | |||||||
Cash flow from financing activities | (5,550 | ) | (16,168 | ) | ||||||||
Net change in cash before effects of exchange rate changes on cash during the period | (3,370,080 | ) | (6,515,214 | ) | ||||||||
Effects of exchange rate changes on cash | (130,938 | ) | (346,875 | ) | ||||||||
Net change in cash during the period | (3,501,018 | ) | (6,862,089 | ) | ||||||||
Cash, beginning of period | 27,324,459 | 61,874,999 | ||||||||||
Cash, end of period | 23,823,441 | 55,012,910 | ||||||||||
Supplemental cash flow information | ||||||||||||
Interest received | 20,325 | 44,070 | ||||||||||
Additions in capital assets included in trade and other payables | 48,290 | - | ||||||||||
The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.
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 months ended March 31, 2022 ("Financial Statements") were approved by the Board of Directors on May 27, 2022.
1.1 Basis of presentation
The Financial Statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") 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, 2021 which have been prepared in accordance with IFRS as issued by the IASB. 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, 2021.
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 past 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, 2021. 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, 2021 | Additions | As at March 31, 2022 | ||||||||||
$ | $ | $ | ||||||||||
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, 2020 | Additions | As at December 31, 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 |
4. CAPITAL ASSETS
Field equipment and infrastruc- ture | Vehicles and rolling stock | Equipment (including software) | Construc-tion In Progress | Right-of-use assets | Total | |||||||||||||||||||
$ | $ | $ | $ | $ | $ | |||||||||||||||||||
Three months ended March 31, 2022 | ||||||||||||||||||||||||
Opening net book value | 1,989,114 | 4,304,709 | 156,011 | 7,452,668 | 740,150 | 14,642,652 | ||||||||||||||||||
Additions | - | - | 173,207 | 69,417 | - | 242,624 | ||||||||||||||||||
Adjustment | - | - | - | - | (4,880 | ) | (4,880 | ) | ||||||||||||||||
Depreciation | (64,592 | ) | (109,614 | ) | (9,987 | ) | - | (19,777 | ) | (203,970 | ) | |||||||||||||
Closing net book value | 1,924,522 | 4,195,095 | 319,231 | 7,522,085 | 715,493 | 14,676,426 | ||||||||||||||||||
As at March 31, 2022 | ||||||||||||||||||||||||
Cost | 2,351,041 | 4,605,320 | 359,085 | 7,522,085 | 836,200 | 15,673,731 | ||||||||||||||||||
Accumulated depreciation | (426,519 | ) | (410,225 | ) | (39,854 | ) | - | (120,707 | ) | (997,305 | ) | |||||||||||||
Closing net book value | 1,924,522 | 4,195,095 | 319,231 | 7,522,085 | 715,493 | 14,676,426 |
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 $181,833 ($49,316 for the three months ended March 31, 2021) was expensed as exploration and evaluation expenses during the three months ended March 31, 2022.
As at March 31, 2022, the Corporation had capital asset purchase commitments, net of deposit on order, of $nil ($6,597,326 as at March 31, 2021). These commitments related to purchases of equipment, infrastructure and vehicles.
As of March 31, 2022, the amount of $7,522,085 of construction in progress is related to equipment and infrastructure received or in storage and which will be installed at the appropriate time. Equipment and infrastructure include process plant components that are not yet available for use.
5. LEASE LIABILITIES
As at March 31 2022 | ||||
$ | ||||
Balance beginning | 763,913 | |||
Principal repayment | (5,550 | ) | ||
Adjustment | 22,307 | |||
Balance ending | 780,670 | |||
Non-current portion - lease liabilities | (711,500 | ) | ||
Current portion - lease liabilities | 69,170 |
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, directors, employees and consultants. The Board of directors grants 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 January 17, 2022, the Corporation granted to its officers, employees and consultant 4,100,000 stock options with an exercise price of $0.60 and expiry date of January 17, 2027. The stock options vested 100% at the grant date. The options were granted at an exercise price equal to the closing market price of the shares the day prior to the grant. Total stock-based compensation costs amount to $1,435,000 for an estimated fair value of $0.35 per option. The fair value of the options granted was estimated using the Black-Scholes model with no expected dividend yield, 69.38% expected volatility, 1.51% risk-free interest rate and a 5 year term. 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:
Three months ended March 31, 2022 | ||||||||
Number of options | Weighted average exercise price | |||||||
$ | ||||||||
Balance, beginning | 6,935,000 | 0.51 | ||||||
Granted | 4,100,000 | 0.60 | ||||||
Expired | - | - | ||||||
Balance, end | 11,035,000 | 0.55 | ||||||
Balance, end exercisable | 10,901,666 | 0.55 |
Stock options outstanding and exercisable as at March 31, 2022 are as follows:
Number of options outstanding | Number of options exercisable | Exercise price | Expiry date | |||||||||
$ | ||||||||||||
1,160,000 | 1,160,000 | 0.50 | July 13, 2022 | |||||||||
1,360,000 | 1,360,000 | 0.45 | August 22, 2023 | |||||||||
1,820,000 | 1,820,000 | 0.38 | December 31, 2025 | |||||||||
100,000 | 33,333 | 0.50 | July 5, 2026 | |||||||||
100,000 | 33,333 | 0.50 | September 13, 2026 | |||||||||
1,495,000 | 1,495,000 | 0.70 | December 31, 2026 | |||||||||
4,100,000 | 4,100,000 | 0.60 | January 17, 2027 | |||||||||
900,000 | 900,000 | 0.59 | December 31, 2027 | |||||||||
11,035,000 | 10,901,666 |
7. EXPLORATION AND EVALUATION EXPENSES
Three months ended March 31, | ||||||||
2022 | 2021 | |||||||
$ | $ | |||||||
Geology | 154,421 | 143,538 | ||||||
Drilling | 40,462 | - | ||||||
Analysis | 141,382 | 79,219 | ||||||
Transport | 89,139 | 957 | ||||||
Logistic support | 11,752 | 21,202 | ||||||
Insurance | 13,200 | 8,663 | ||||||
Maintenance infrastructure | 370,247 | - | ||||||
Project Engineering costs | - | 931,866 | ||||||
Government fees | 7,894 | 12,386 | ||||||
Depreciation | 181,833 | 49,316 | ||||||
Exploration and evaluation expenses | 1,010,330 | 1,247,147 |
8. GENERAL AND ADMINISTRATION
Three months ended March 31, | ||||||||
2022 | 2021 | |||||||
$ | $ | |||||||
Salaries and benefits | 639,999 | 387,508 | ||||||
Stock-based compensation | 1,443,862 | - | ||||||
Director's fees | 157,000 | 119,500 | ||||||
Professional fees | 275,708 | 556,355 | ||||||
Marketing and investor relations | 168,867 | 165,723 | ||||||
Insurance | 101,019 | 117,965 | ||||||
Travel and other expenses | 145,913 | 130,209 | ||||||
Regulatory fees | 34,264 | 85,265 | ||||||
Depreciation | 22,137 | 22,546 | ||||||
General and administration | 2,988,769 | 1,585,071 |
9. SUBSEQUENT EVENTS
9.1 Options granted
On April 20, 2022, the Corporation granted a senior employee 73,333 stock options with an exercise price of $0.75 and expiry date of April 20, 2027. The stock options vested 100% at the grant date. The options were granted with an exercise price equal to the closing market price of the shares the day prior to the grant.
9.2 Acquisition of Significant Strategic Mineral Land Package in South Greenland
On May 12, 2022, the Corporation announced that it has acquired mineral exploration licences No. 2020-41 and 2021-11 (the "Licences") covering areas in South Greenland from Orano Group ("Orano") for zero upfront consideration but in exchange for a 0.5% contractual, gross revenue royalty (GRR), based on potential future sales of minerals exploited on the licences. The GRR is paid annually and capped at US$10 million ("Royalties Cap"). The Royalties Cap is subject to an annual inflation adjustment, with an ultimate cap limited to the current market capitalisation of the Corporation. Orano has a right of first refusal on any sales or transfer of these licenses. The acquisition is subject to approval from the Greenland Government.
Further Information:
About AEX
AEX's principal business objectives are the identification, acquisition, exploration and development of gold properties in Greenland. The Company's principal asset is a 100% interest in the Nalunaq Project, an advanced exploration stage property with an exploitation licence including the previously operating Nalunaq gold mine. The Company has a portfolio of gold assets covering 7,615.85km2, 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 Company's current expectations regarding future events and the future growth of the Company'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 Company'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 Company'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 Company and speaks only as of the date on which it is made. Except as required by applicable securities laws, the Company 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
SOURCE: AEX Gold Inc.