Mr. Eldur Olafsson reports

ANNUAL GENERAL AND SPECIAL MEETING ('AGM') RESULTS AND APPOINTMENT OF PANMURE GORDON (UK) LIMITED AS JOINT CORPORATE BROKER

AEX Gold Inc. has released the results of voting at its annual general meeting held on June 16, 2022.

Shareholders voted in favour of all items put forward at the AGM.

AGM results

The proxy votes for the AGM were received from shareholders as shown in the attached table.

Additionally, further to the announcement on appointment of Panmure Gordon (U.K.) Ltd. as joint corporate broker disseminated on Aug. 5, 2021, AEX hereby provides the following information regarding the service provider:

The appointment was made pursuant to an agreement entered into between AEX and Panmure Gordon dated Aug. 4, 2021. Panmure Gordon is a United Kingdom-based corporate and institutional investment bank that provides investor relations and market-making activities with a focus on growth and mid-cap companies where trading and research coverage is relatively underserved. Panmure Gordon receives an annual retainer fee of approximately $85,800 payable quarterly in advance. The engagement renews annually unless either Panmure Gordon or AEX gives three months notice to terminate. Panmure Gordon holds no direct or indirect interest in AEX or its securities. Panmure Gordon may act as a market maker in AEX's common shares in the U.K. only. Any market-making activity in Canada will be conducted using a registered broker in compliance with Policy 3.4 of the TSX Venture Exchange corporate finance manual, IIROC's (Investment Industry Regulatory Organization of Canada) universal market integrity rules and policies, and other relevant policies, so that trading orders in AEX's shares are made to manage share price volatility and imbalances of orders in order to improve trading liquidity on the exchange. In accordance with Policy 3.4, AEX and Panmure Gordon confirm that capital for the purposes of market-making has not and will not be provided from AEX's treasury.

About AEX Gold Inc.

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-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 metal 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 A/S, incorporated under the Greenland Public Companies Act.

We seek Safe Harbor.