Mr. Eldur Olafsson reports

ACAM LP TO INVEST UPFRONT CAPITAL OF A POUNDS STERLING18.0 MILLION IN STRATEGIC MINERAL ASSET JOINT VENTURE WITH AEX

After over a year of discussions, AEX Gold Inc. has now signed a non-binding heads of terms with Acam LP to establish a special-purpose vehicle and create a joint venture for the exploration and development of its strategic mineral assets for a combined contribution of 36.7 million British pounds (approximately $58-million). Subject to negotiation of the final terms of the joint venture, Acam will invest 18 million British pounds (approximately $28.5-million) in exchange for a 49-per-cent shareholding in the special-purpose vehicle, with AEX holding 51 per cent. AEX is expected to contribute its strategic non-precious mineral (non-gold) licences as well as a contribution in kind, valued, in aggregate, at 18.7 million British pounds (approximately $29.5-million) in the form of site support, logistics and overhead costs associated with utilizing its existing infrastructure in southern Greenland to support the joint venture's activities. An option for further future financing of 10 million British pounds is to be available on the achievement of agreed-upon milestones.

Highlights:

• Acam is a natural-resource-focused limited partnership advised by S&F Investment Advisors Ltd. Louis Bacon, founder of Moore Strategic Ventures, and Tim Leslie, founder of S&F, are, indirectly, the beneficial owners of the majority of Acam.
• Initial equity financing of 18 million British pounds (approximately $28.5-million) will be provided by Acam to the special-purpose vehicle directly upon closing of the joint venture agreement to be negotiated and entered into in respect of the joint venture. Closing of the joint venture agreement will be conditional upon, inter alia, the transfer to the special-purpose vehicle of those of AEX's licences that are the subject of the joint venture, and the approval of such transfers by the government of Greenland and the Greenland Tax Agency.
• The financing provided to the special-purpose vehicle from Acam will aid in progressing the exploration for and identification of strategic (non-precious) minerals across a number of AEX's existing prospective gold targets, including Sava North Sava, Stendalen, Paatusoq, Kobberminebugt and any other future strategic mineral discoveries made on AEX's licences.
• AEX will have managerial and operational control of the joint venture and the planned exploration program that will be subject to approval of the joint venture management committee.
• All of AEX's gold assets are excluded from the joint venture and will remain 100 per cent owned by AEX.
• Subject to the achievement of certain milestones that will be stipulated in the joint venture agreement, the parties have agreed to a further potential pro rata financing of 10 million British pounds (approximately $16-million), at a premoney valuation of 48.4 million British pounds. Any prorated subsequent financing will not increase Acam's participating interest above 49 per cent, provided that AEX contributes its pro rata share of such financing.
• The objective of both joint venture parties is to accelerate the exploration of AEX's existing assets for strategic minerals that are in short supply globally, in high demand and vital for the global energy transition.
• The execution of definitive documentation is subject, inter alia, to the aforementioned conditions, and there can be no certainty that the joint venture will ultimately be formed.

Eldur Olafsson, chief executive officer of AEX Gold, commented: "We are delighted to announce our planned partnership with Acam LP, specifically for the funding of our non-precious-metal strategic mineral assets across our licence areas. This joint venture will enable us to invest the capital required to bring these strategic mineral targets up the value curve towards future production and also enable us to explore the wider area to identify further non-precious strategic mineral assets. The investment AEX has made in its management team, camp, infrastructure, logistics support and local relationships gives us the ability to deliver on this exciting, ambitious and high-potential value work program.

"The Western world is in short supply of strategic minerals, such as copper, zinc, nickel, rare earths and graphite, to power the energy transition, with recent geopolitical events putting security of supply into sharp focus. Southern Greenland is one of the few remaining underexplored frontiers for these vital minerals. Our exploration work so far has given us confidence that South Greenland has the potential to host world-class deposits of strategic minerals.

"Starting with this investment by Acam of 18 million British pounds for a 49-per-cent stake in these strategic mineral assets, this deal puts a concrete initial value on the non-precious mineral assets in our portfolio for the first time. To reflect the broader mineral potential in AEX's portfolio, we will be changing the company's name to Amaroq Minerals Ltd. in the near future."

AEX Gold's key non-gold assets

Sava/North Sava

The corporation believes that this area (covered by two mineral licences) holds the potential to host iron oxide copper-gold (IOCG) mineralization of a similar style to that seen across the Central mineral belt of Labrador and the Kiruna belt of Scandinavia, both hosting globally significant IOCG deposits.

AEX's mineral systems model for South Greenland has highlighted the geodynamic association of the Sava and North Sava area to the Gardar and Voisey's Bay provinces that host globally significant magmatic sulphide and REE (rare earth element) deposits.

Further to this study, the corporation conducted remote sensing, airborne geophysics, geological mapping, rock-chip sampling, ionic geochemistry and spectral imagery during the 2021 field season, the results of which were announced April 12, 2022.

Spectral remote sensing was carried out to guide geological fieldwork conducted in July, 2021. Several priority targets were identified based on the remote sensing study, a structural lineament assessment and historic geochemistry data. AEX's field program concluded having assessed the highest-priority targets within the licences. This program saw geological mapping, grab sampling and an ionic geochemistry survey designed to assess the anomalous altered and mineralized areas. One target in particular has been identified in the northwest of the licence, which hosts intense hydrothermal (potassic) alteration over 500 metres.

In addition, an airborne magnetic and radiometric survey was conducted in September, 2021, over the whole licence with a line spacing of 100 metres.

The conclusions of the 2021 exploration program were that three significant and coherent multielement anomalies were identified that provide important insights to the alteration, lithologies present and the style of mineralization. These targets are open and require additional investigations but appear to have the geochemical and alteration signatures akin to IOCG mineralization. The company's geological models also suggest that these occurrences may be linked to similar deposits both in Canada and Scandinavia.

Stendalen

The corporation acquired the right to conduct exploration activities on approximately 2,486 square kilometres of the existing 2021/11 licence, split into two areas around the Qasinngortoq and Kangerlussuatsiaq areas of South Greenland (Stendalen) through the acquisition from the Orano group, as announced on May 12, 2022. All related transfer documents have been signed by the corporation and are awaiting approval by the government of Greenland.

The Stendalen iron-vanadium-titanium layered intrusive has previously been explored by the Geological Survey of Denmark and Greenland (GEUS), Softrock Mineral, and NunaMineral AS. This intrusive is eight kilometres in diameter and hosts a magnetic layer up to 20 metres thick, which has provided historical samples yielding between 1 per cent and 10.5 per cent titanium dioxide (TiO2) (average of 4.8 per cent) and 226 parts per million to 5,753 parts per million vanadium (average of 2,335 parts per million). Stendalen also hosts the potential for nickel, copper and platinum group element (PGE) mineralization, with grab samples providing grades of 0.8 per cent copper, 0.5 per cent nickel and 0.1 per cent cobalt.

The corporation believes that Stendalen could host iron-vanadium-titanium mineralization similar to the 1.55-billion-tonne Oygrei deposit in southwest Norway. In addition to this, Stendalen has the potential to host mineralization similar to that seen at Voisey's Bay in Labrador (36.8 million tonnes of 1.8 per cent nickel, 0.8 per cent copper and 0.1 per cent cobalt), which is also located along the Gardar/Voisey's Bay fault zone.

Paatusoq

The Paatusoq REE, niobium, tantalum, zirconium project is a syenite complex that is 20 kilometres in diameter covering an area of greater than 240 square kilometres within an unexplored section of the Gardar province that also hosts the Kvanefjeld and Tanbreez rare earth projects. These projects collectively host more that 1.5 per cent of the global rare earth mineral resources. The Paatusoq target is located within the same licence as Stendalen, acquired from the Orano group as announced on May 12, 2022.

Kobberminebugt

The corporation acquired the right to conduct exploration activities on approximately 220 square kilometres of land in an area of Aputaajuitsoq in South Greenland. The exploration rights have been granted to the corporation under a new separate exploration licence (2022/01), referred to as Kobberminebugt.

The area hosts numerous copper-gold showings, including the small, past-producing Josva copper mine, which was last worked in 1914 with reported grades up to 5 per cent copper, 1.5 grams per tonne gold and 250 grams per tonne silver. Copper mineralization discovered to date is found within volcanic and sedimentary sequences as disseminated stratabound sulphides and are locally enriched into layers due to strong folding or in quartz veins and breccias. Sulphide concentrations vary from 1 per cent to 50 per cent volume, depending on the style of mineralization. Some showings can be followed for several hundred metres along strike with widths of up to several metres.

Mineralization has been interpreted as IOCG style by the GEUS but may also represent a copper skarn system. The licence is located approximately 100 kilometres west of AEX's Sava exploration project, which is similarly targeting granite-hosted IOCG mineralization in the Julianehab granitic batholith. AEX believes that the region is underexplored for IOCG deposits and shows many geological similarities to the IOCG province of northern Sweden, which hosts several operating mines.

About AEX Gold Inc.

AEX's principal business objectives are the identification, acquisition, exploration and development of gold and strategic mineral properties in Greenland. The corporation's principal asset is a 100-per-cent interest in the Nalunaq project, an advanced-exploration-stage property with an exploitation licence including the previously operating Nalunaq gold mine. The corporation has a portfolio of gold and strategic mineral assets covering 7,615.85 square kilometres, 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, incorporated under the Greenland Public Companies Act.

Qualified person statement

The technical information presented in this press release has been approved by James Gilbertson, CGeol, vice-president, exploration, for AEX Gold and a chartered geologist with the Geological Society of London and, as such, a qualified person as defined by National Instrument 43-101.

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