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AEX Gold Inc. Reports Third Quarter Financial Results and Operational Update

TORONTO, ON / ACCESSWIRE / November 24, 2021 / AEX Gold Inc. (AIM:AEXG)(TSXV:AEX), an independent gold company with a portfolio of exploration licences…

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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
[email protected]

Eddie Wyvill, Investor Relations
+44 (0) 7713 126727
[email protected]

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 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.

SOURCE: AEX Gold Inc.

View source version on accesswire.com:
https://www.accesswire.com/674500/AEX-Gold-Inc-Reports-Third-Quarter-Financial-Results-and-Operational-Update






Author: AEX Gold Inc.

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NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES HALIFAX, Nova Scotia and VANCOUVER, British Columbia, Aug. 16, 2021 (GLOBE NEWSWIRE) — Sixth…

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HALIFAX, Nova Scotia and VANCOUVER, British Columbia, Aug. 16, 2021 (GLOBE NEWSWIRE) — Sixth Wave Innovations Inc. (CSE:SIXW) (OTCQB:ATURF) (FSE:AHUH) (“Sixth Wave or SIXW or Company”) and Rio2 Limited (“Rio2) (TSXV:RIO) (OTCQX: RIOFF) (BVL: RIO) are pleased to announce the signing of a contract (“Contract”) which provides for the continuation of testing of SIXW’s patented IXOS® purification polymer (the “IXOS® Mining Technology”) at Rio2’s Fenix Gold Project in Chile using Rio2’s nearby Lince Infrastructure facilities. The Contract follows successful completion of testing done on representative samples of ore from Rio2’s Fenix Gold Project at Sixth Wave’s Salt Lake City, Utah facility undertaken pursuant to the non-binding Letter of Intent (“LOI”) entered into between Sixth Wave and Rio2 in September 2020. See Sixth Wave’s and Rio2’s joint press release dated September 14, 2020 for additional information regarding the LOI. The move to near-site testing represents a significant step forward, and investment by the two companies, in the trial test project.

Under the terms of the LOI, Rio2 sent representative ore samples from its Fenix Gold Project to Sixth Wave for testing and analysis. The testing confirmed that IXOS® Mining Technology outperformed activated carbon on several key metrics including gold adsorption efficiency, ease of elution, and overall adsorption kinetics. A comprehensive costs/benefit analysis was performed using the data obtained in the laboratory testing along with ongoing testing performed by Rio2 on activated carbon as part of their pilot operations. The analysis also detailed the expected plant size, potential CAPEX and OPEX savings, and expansion capability/pathways. IXOS® polymer is reusable and the potential for favorable usage life over activated carbon especially with scaling agents in the mine’s water source provided sufficient encouragement that the project should proceed to the next phase of test work.

Sixth Wave will perform recovery tests from leach solution using its IXOS® Mining Technology and the leaching columns already commissioned and utilized by Rio2 to evaluate adsorption kinetics and other parameters. Testing is expected to start in Q4 2021, post winter months, assuming that current COVID-19 restrictions in Chile will abate. The testing will include 50 days of on-site operation of the system under a variety of testing scenarios to validate IXOS® performance and determine additional details regarding the cost/benefit analysis. Tests with a parallel set of activated carbon columns will allow for direct comparison between the two adsorbents under common testing conditions. Potential positive environmental impact and reduced carbon footprint (CO2 emissions) of using IXOS® over activated carbon for the process plant will also be explored during this phase of the project. The IXOS® Mining Technology operates at significantly reduced power consumption with fewer reagents than activated carbon. Therefore, opportunities exist for enhancing Rio2’s environmental, social, and governance (ESG) posture should IXOS® Mining Technology continue to show advantages in overall process efficiency.

Consistent with the terms of the LOI, Rio2 will pay travel expenses, external test work, and the operation of the pilot equipment during the test. The SIXW team will be lead by Mr. Nicol Newton, Sixth Wave’s Director of Technical Services and a 20 year gold mining veteran. Mr. Newton will be accompanied by Dr. Glen Southard, one of the inventors and developers of IXOS® Mining Technology. Sixth Wave will provide in-kind labor to support testing and analysis and all of the testing apparatus/pilot equipment for use during the project. The field kit will be returned to SIXW upon completion of the pilot.

Upon successful completion and receipt of positive results from the column test pilot program, the companies will move to a second near site testing phase incorporating the IXOS® Mining Technology into a long term pilot plant that will operate alongside the currently planned carbon adsorption circuit, This will provide long-term operational data including the determination of the useful life of the IXOS® polymer beads, and specifications for full-scale implementation pegged to the mine operation and potential future mine expansion plans.

Sixth Wave continues to be very positive on the project and working relationship with Rio2. Moving to near-site testing with a solid and well focused test plan will validate and extend the laboratory testing already completed and help both companies make defensible, data driven decisions about next steps toward adoption,” noted Dr. Jon Gluckman, President and CEO of Sixth Wave. He went on to say, “We have really been impressed by the Rio2 team and the investment in time and resources that they are making to further this program. We will continue to do our part to deliver a positive return on this investment through our contributions to the cost sharing and delivering tangible benefits to Fenix Gold Project.”

“Rio2 is always looking to embrace and trial new technology with the objective of bringing enhanced value to our stakeholders through the reduced capex/opex opportunities that innovative technologies may bring. The Fenix Gold Project is currently the largest undeveloped gold heap leach project in the Americas and we look forward to working alongside Sixth Wave during the development phase of the project,stated Mr. Alex Black, President and CEO of Rio2 Limited.

About RIO2 Limited

Rio2 is a mining company with a focus on development and mining operations with a team that has proven technical skills as well as a successful capital markets track record. Rio2 is focused on taking its Fenix Gold Project in Chile to production in the shortest possible timeframe based on a staged development strategy. In addition to the Fenix Gold Project in development in Chile, Rio2 Limited continues to pursue additional strategic acquisitions where it can deploy its operational excellence and responsible mining practices to build a multi-asset, multi-jurisdiction, precious metals company.

To learn more about Rio2 Limited, please visit: www.rio2.com or Rio2’s SEDAR profile at www.sedar.com.

ON BEHALF OF THE BOARD OF RIO2 LIMITED

Alex Black
President, CEO & Director
Email: [email protected]
Tel: 1 (604) 260-2696

About Sixth Wave

Sixth Wave is a development stage nanotechnology company with patented technologies that focus on extraction, purification, and detection of target substances at the molecular level using highly specialized Molecularly Imprinted Polymers (MIPs). The Company is in the process of commercializing its, IXOS®, a line of extraction polymers for the gold mining industry.

Sixth Wave can design, develop and commercialize MIP solutions across a broad spectrum of industries. The company is focused on nanotechnology architectures that are highly relevant for detection, purification, and separation of viruses, biogenic amines and other pathogens, and nutraceuticals for which the Company has products at various stages of development.

For more information about Sixth Wave, please visit our web site at: www.sixthwave.com

ON BEHALF OF THE BOARD OF DIRECTORS

Jon Gluckman
Jonathan Gluckman, Ph.D., President & CEO

For information, please contact the Company:
Phone: (801) 582-0559
E-mail: [email protected]

Forward-Looking Statements

This press release contains forward-looking statements and forward-looking information (collectively “forward-looking information”) within the meaning of applicable securities laws, including statements regarding Rio2’s planned development of its Fenix Gold Project, other aspects of Rio2’s anticipated future operations and plans, and the testing and performance of Sixth Wave’s IXOS® Mining Technology.

All statements included herein, other than statements of historical fact, may be forward-looking information and such information involves various risks and uncertainties. Forward-looking information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, and similar expressions. The forward-looking information is based on certain key expectations and assumptions made by management of Rio2 and Sixth Wave, including but not limited to: expectations concerning prevailing commodity prices, exchange rates, interest rates, applicable royalty rates and tax laws; capital efficiencies; legislative and regulatory environment of Chile; future production rates and estimates of capital and operating costs; estimates of reserves and resources; anticipated timing and results of capital expenditures; the sufficiency of capital expenditures in carrying out planned activities; performance; the availability and cost of financing, labor and services; and Rio2’s ability to access capital on satisfactory terms.

Rio2 and Sixth Wave believe the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements in this press release should not be unduly relied upon. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in disclosure documents of both Rio2 and Sixth Wave on the SEDAR website at www.sedar.com or the websites of Rio2 (www.rio2.com) and Sixth Wave (www. www.sixthwave.com), ‎respectively.‎ In particular, successful commercial deployment of the IXOS® technology is subject to ‎the risk that the technology may not prove to be successful in achieving sufficient ‎environmental or production efficiencies, uncertainty of timing or availability of required ‎regulatory approvals, lack of track record of developing products for mining applications ‎and the need for additional capital to carry out product development activities.‎ Forward-looking statements included in this press release are made as of the date of this press release and such information should not be relied upon as representing its views as of any date subsequent to the date of this press release. Rio2 and Sixth Wave have attempted to identify important factors that could cause actual results, performance or achievements to vary from those current expectations or estimates expressed or implied by the forward-looking information. However, there may be other factors that cause results, performance or achievements not to be as expected or estimated and that could cause actual results, performance or achievements to differ materially from current expectations. Rio2 and Sixth Wave disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts the responsibility for the adequacy or accuracy of this release.






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Cartier Iron Announces Closing of Marketed Private Placement of Units & Flow-Through Units

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES (In Canadian Dollars unless otherwise stated)…

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

(In Canadian Dollars unless otherwise stated)

TORONTO, July 07, 2021 (GLOBE NEWSWIRE) — Cartier Iron Corporation (CSE:CFE) (“Cartier Iron” or the “Company”) is pleased to announce that it has closed its previously announced fully marketed private placement offering (the “Offering”) (see press releases dated June 14, 2021 and June 17, 2021) with Cormark Securities Inc. (“Cormark”) acting as the agent. Under the Offering, which includes the exercise in full of the option granted to Cormark, the Company issued: (i) 19,166,667 units of the Company (the “Units”) at a price of $0.09 per Unit for gross proceeds of $1,725,000.03, and (ii) 28,750,000 flow-through units of the Company (the “Flow-Through Units”, collectively with the Units, the “Offered Units”) at a price of $0.12 per Flow-Through Unit for gross proceeds of $3,450,000.

Each Unit consists of one common share of the Company (a “Common Share”) and one Common Share purchase warrant of the Company (a “Warrant”). Each Flow-Through Unit consists of one Common Share (a “Flow-Through Share”) and one Warrant, each of which qualifies as a “flow-through share” for the purposes of the Income Tax Act (Canada). Each Warrant entitles the holder to acquire one Common Share at an exercise price of $0.14 for a period of 36 months following the closing of the Offering.

The net proceeds from the sale of the Units will be used for exploration expenditures and for working capital and general corporate purposes. The proceeds from the sale of the Flow-Through Units will be used on exploration expenses as permitted under the Income Tax Act (Canada) to qualify as “Canadian exploration expenses”.

Additionally, the Company would like to again welcome as a new Company shareholder Peter Marrone, the founder and Executive Chairman of Yamana Gold Inc., who has known Dr. Bill Pearson, P. Geo., Chief Technical Advisor for Cartier, since 2006.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Cartier Iron Corporation

Cartier Iron is an exploration and development Company focused on discovering and developing significant iron ore resources in Quebec, and a potentially significant gold property in the province of Newfoundland and Labrador. The Company’s iron ore projects include the Gagnon Holdings in the southern Labrador Trough region of east-central Quebec. The Big Easy gold property is located in the Burin Peninsula epithermal gold belt in the Avalon Zone of eastern Newfoundland.

Please visit Cartier Iron’s website at www.cartieriron.com.

For further information please contact:    
     
Thomas G. Larsen   Jorge Estepa
Chief Executive Officer   Vice-President
(416) 360-8006   (416) 360-8006


The CSE has not reviewed nor accepts responsibility for the adequacy or accuracy of this release. Statements in this release that are not historical facts are “forward-looking statements”
and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these “forward-looking statements”. 

PDF available: http://ml.globenewswire.com/Resource/Download/ffc200a8-d187-476c-9faf-5e463809baaa





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Aurcana Closes Previously Announced Non-Brokered Unit Private Placement for a Total of C$9.664 Million

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES VANCOUVER, British Columbia, Oct. 26, 2021 (GLOBE NEWSWIRE)…

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, British Columbia, Oct. 26, 2021 (GLOBE NEWSWIRE) — AURCANA SILVER CORPORATION (“Aurcana” or the “Company“) (TSXV: AUN) is pleased to announce that the previously announced (October 20, 2021) private placement offering (the “Private Placement”) of units has closed. Aurcana closed on the sale of 13,806,072 Units for gross proceeds of C$9,664,250.

Each unit (“Unit”) is priced at C$0.70 and consists of one common share of the Company and one full common share purchase warrant (“Warrant”), with each Warrant entitling the holder thereof to purchase one common share at a price of C$0.90 for a period of 36 months from the date of issuance.

The net proceeds of the Private Placement will provide additional contingency funding for the restart of the Company’s wholly-owned Revenue Virginius (RV) Mine as well as funding for growth of the resource base at the RV Mine which may enable the Company to grow future production volumes. Net proceeds will also be used for working capital and general and administrative expenses including potential opportunities to advance its wholly owned Shafter Project in light of the current silver price.

The Company paid an aggregate of C$518,115 in finder’s fees and issued an aggregate of 740,164 agent’s warrants, (“Agent’s Warrants”) with each Agent’s Warrant entitling the holder thereof to purchase one Common Share at a price of C$0.90 for a period of 36 months from the date of issuance.  

The Private Placement Common Shares and the Warrants (and any Common Shares issued pursuant to the Warrants, as applicable) are subject to a statutory hold period expiring on February 23, 2022.

The previously announced (October 20, 2021) private placement of a secured convertible debenture in the sum of $5.5 Million through the Company’s wholly-owned subsidiary, Rio Grande Mining Co. is expected to close by mid-November.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in the United States nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or any state securities laws and may not be offered or sold in the United States unless registered under the 1933 Act and any applicable securities laws of any state of the United States or an applicable exemption from the registration requirements is available.

ABOUT AURCANA SILVER CORPORATION

Aurcana Silver Corporation owns the Revenue-Virginius Mine, in Colorado, and the Shafter-Presidio Silver Project in Texas, US. The primary resource at Shafter and Revenue-Viriginius is silver. Both are fully permitted for production.

ON BEHALF OF THE BOARD OF DIRECTORS OF AURCANA SILVER CORPORATION

Kevin Drover
President & CEO

For further information, visit the website at www.aurcana.com or contact:

Aurcana Corporation
850 – 789 West Pender Street
Vancouver, BC V6C 1H2
Phone: (604) 331-9333

Gary Lindsey, Corporate Communications
Phone: (720)-273-6224
Email: [email protected]

CAUTIONARY NOTES

This press release contains forward looking statements within the meaning of applicable securities laws. The use of any of the words “anticipate”, “plan”, “continue”, “expect”, “estimate”, “objective”, “may”, “will”, “project”, “should”, “predict”, “potential” and similar expressions are intended to identify forward looking statements. In particular, this press release contains forward looking statements concerning, without limitation, statements relating to the Private Placement (including with respect to the timing of closing of the Private Placement). Although the Company believes that the expectations and assumptions on which the forward looking statements are based are reasonable, undue reliance should not be placed on the forward looking statements because the Company cannot give any assurance that they will prove correct. Since forward looking statements address future events and conditions, they involve inherent assumptions, risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of assumptions, factors and risks. These assumptions and risks include, but are not limited to, assumptions and risks associated with the receipt of regulatory or shareholder approvals, and risks related to the state of financial markets or future metals prices.

Management has provided the above summary of risks and assumptions related to forward looking statements in this press release in order to provide readers with a more comprehensive perspective on the Company’s future operations. The Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive from them. These forward looking statements are made as of the date of this press release, and, other than as required by applicable securities laws, the Company disclaims any intent or obligation to update publicly any forward looking statements, whether as a result of new information, future events or results or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.






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