Mr. Eldur Olafsson reports

NOTIFICATION OF TRANSACTIONS OF DIRECTORS/PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES (PDMRs)

On June 21, 2022, AEX Gold Inc. was informed that Livermore Partners LLC, a company in which David Neuhauser, non-executive director of AEX, is managing director, acquired a total of 125,000 common shares of no par value in the company. This brings Livermore Partners' total holding to 11,980,710 shares, 6.76 per cent of the capital in the company.

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.