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RNS Number : 9613Z AEX Gold Inc 27 May 2021 ( " AEX " or the " Corporation " ) AEX Gold Inc. Reports First Quarter Financial Results TORONTO , ONTARIO - MAY 27 , 2021 - AEX Gold Inc. ( AIM : AEXG ; TSXV : AEX ) , an independent gold company with a portfolio of gold licences in Greenland , announces its unaudited condensed interim consolidated financial statements ( " Financial Štatements " ) for the first quarter ended March 31 , 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 . At the time of the AIM listing AEX announced the development of the Nalunaq Project of which the main engineering and constructing activities commenced in Q4-2020 . A large part of the cost increases between Q1-2020 and Q1-2021 relate to the transition of AEX from an exploration and evaluation focused company to a development and exploration company post the AIM listing . . Financial Highlights The Corporation had a strong cash balance of $ 55.0 million at March 31 , 2021 ( $ 61.9 million at December 31 , 2020 ) , with no debt , and total working capital of $ 54.3 million ( $ 61.4 million at December 31 , 2020 ) . Capital asset purchase commitments , net of deposits on order as at March 31 , 2021 was $ 6.6 million . These commitments as previously reported , relate to the purchase of components of process plant equipment , infrastructure and vehicles . Available liquidity , net of commitments as at March 31 , 2021 was $ 47.7 million . Construction in progress increased by $ 0.6 million in Q1-21 ( zero at December 31 , 2020 ) as a result of capitalized engineering on the Nalunaq Project prior to suspension on February 10 , 2021 . Exploration and evaluation expenses during the period were $ 1.3 million ( Q1 2020 : $ 0.6 million ) , predominantly on the Nalunaq Property . General and administrative expenses during the period were $ 1.6 million ( Q1 2020 : $ 0.4 million ) , with the increase a result of higher management , consulting and professional fees associated with right - sizing the organizational structure to develop Nalunaq . Selected Financial Information The following selected financial data is extracted from the Financial Statements for the three months ended March 31 , 2021 . Financial Results Three months ended March 31 , 2021 2020 $ $ Exploration and evaluation expenses General and administrative Net loss and comprehensive loss Basic and diluted loss per common share 1,247,147 1,585,071 ( 3,289,052 ) 611,775 382,911 ( 0.02 ) ( 966,437 ) ( 0.01 ) Financial Position Cash on hand Total assets Total current liabilities Shareholders ' equity Working capital As at December 31 , As at March 31 , 2021 $ 2020 $ 55,012,910 61,874,999 62,868,344 Corporate and Operational Update 1,109,749 60,993,918 54,318,593 65,944,682 897,799 64,282,970 61,411,208 The tender process for the Internal 3rd party engineering study is well under way with most interested parties having access to the Nalunaq Project data room . The internal 3rd party engineering study will advance the process plant cost , supporting infrastructure cost and schedule to a AACE International Recommended Practice No. 18R - 97 ( 2005 ) Class I estimate , with planned completion later this year . Critical contracts to advance the 2021 exploration and limited infrastructure ' early works ' program have been signed and work is expected to commence in early June . In relation to permitting the Terms of Reference for the Environmental Impact Assessment ( " EIA " ) and Social Impact Assessment ( " SIA " ) were approved for public consultation with various Greenlandic Stakeholders . The draft SIA and draft EIA reports are in the process of being reviewed by the Authorities . Eldur Olafsson , CEO of AEX , commented : " With strong liquidity and improved access toGreenland we are looking forward to the commencement of the exploration program this year while also setting ourselves up for the revised development plan for Nalunaq . " Enquiries : Page 1 of 7