Mr. Graham Stewart reports

APPOINTMENT OF THE SENIOR INDEPENDENT DIRECTOR AND AWARD OF ON-HIRE STOCK OPTIONS

AEX Gold Inc. has appointed Liane Kelly as senior independent director with immediate effect.

An exploration geophysicist by background, Liane was appointed as an Independent Director in August 2021 and has brought a wealth of ESG experience to the Board. Liane, who has considerable experience in the mining sector, has enjoyed a successful career advising companies on sustainability and CSR initiatives in recent years. In particular, Liane specialises in advising companies on community engagement and social impact, both of which are vital for AEX as the Corporation continues to build on its strong engagement with its Greenlandic stakeholders.

Graham Stewart, the Chair of AEX, commented:

"Liane's appointment as Senior Independent Director represents another clear step in making sure AEX has the right systems of corporate governance in place, which will support the future of the Corporation through good decision making".

Award of on-hire stock options

AEX also announces that it has granted 73,333 on-hire stock option awards ("Options") to an employee under the Corporation's Stock Option Plan.

The options have an exercise price of C$0.75 per share, vested immediately on the date of grant, and will expire if they remain unexercised five years from the date of the award.

Enquiries:

AEX Gold Inc.Eldur Olafsson, Executive Director and CEO +354 665 2003eo@aexgold.com

Eddie Wyvill, Investor Relations +44 (0)7713 126727ew@aexgold.com

Stifel Nicolaus Europe Limited (Nominated Adviser and Broker)Callum StewartSimon MensleyAshton Clanfield+44 (0) 20 7710 7600

Panmure Gordon (UK) Limited (Joint Broker)John PriorHugh RichDougie Mcleod+44 (0) 20 7886 2500

SI Capital Limited (Joint Broker)Nick EmersonCharlie Stephenson+44 (0) 1483 413500

Camarco (Financial PR)Billy CleggEmily HallCharlie Dingwall+44 (0) 20 3757 4980

For Corporation updates:Follow @AexGold on TwitterFollow AEX Gold Inc. on LinkedIn

Further Information:

About AEX

AEX's principal business objectives are the identification, acquisition, exploration and development of gold and strategic metal 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 and strategic metal assets covering 4,090km2, the largest mineral portfolio 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.

We seek Safe Harbor.