AEX Gold Inc. Announces Admission and First Day of Dealings on AIM

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO. PLEASE SEE THE FURTHER INFORMATION SECTION WITHIN THIS ANNOUNCEMENT.

TORONTO, July 31, 2020 - AEX Gold Inc. ("AEX" or the "Company") (AIM:AEXG)(TSXV:AEX), an independent gold company with a portfolio of gold licences in Greenland, is pleased to announce, further to its announcements on June 30 and July 27, 2020, that the admission of its entire issued share capital to trading on the AIM market of the London Stock Exchange will occur and dealings will commence on AIM at 8:00 a.m. (BST) today ("Admission") under the ticker AEXG.

The Company's Admission Document can be found on its website: www.aexgold.com.

For the purposes of the Disclosure Guidance and Transparency Rules, the total number of voting rights in the Company with effect from July 31, 2020 will be 177,098,737. This figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change of their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Eldur Ólafsson, Founder and Chief Executive Officer, commented:

"Today marks a highly exciting moment for AEX Gold, with our successful fundraise allowing us to progress our corporate vision, whilst also providing UK and European investors with the opportunity to be a part of Greenland's growing gold sector. We now have the financial capacity to push forward to production at our high-grade Nalunaq gold mine together with targeted exploration across our wider gold acreage in Southern Greenland. Our ambition is to become a full-cycle gold mining business of scale in Greenland, with Nalunaq the first project in what we believe could be many from our existing portfolio of gold assets."

Enquiries

AEX Gold Inc.
Eldur Ólafsson, Founder and Chief Executive Officer Tel: +354 665 2003
George Fowlie, Chief Financial Officer Tel: +1 416 587 9801

Stifel Nicolaus Europe Limited (Nominated Adviser & Broker)
Callum Stewart Tel: +44 (0) 20 7710 7600
Ashton Clanfield
Jason Grossman
Simon Mensley

Camarco (Financial PR)
Gordon Poole Tel: +44 (0) 203 757 4997
Nick Hennis

This announcement does not contain inside information.

About AEX

AEX's principal business objectives are the identification, acquisition, exploration and development of gold 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. AEX is incorporated under the Canada Business Corporations Act and wholly owns Nalunaq A/S, incorporated under the Greenland Public Companies Act.

Important Notice

This announcement does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any common shares or other securities in the United States, Australia, Japan or the Republic of South Africa or in any other jurisdiction in which such offer or solicitation is unlawful, prior to registration, exemption from registration or qualification under the securities laws of any jurisdiction. The distribution of this announcement and other information in connection with Admission and the placing and subscription carried out by the Company (the "Fundraising") in certain jurisdictions may be restricted by law and persons into whose possession this announcement, any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. Neither this announcement nor any part of it nor the fact of its distribution shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.

No action has been taken by the Company, Stifel Nicolaus Europe Limited ("Stifel"), Cormark Securities Inc. ("Cormark"), or Paradigm Capital Inc. ("Paradigm") that would permit an offering of such shares or possession or distribution of this announcement or any other offering or publicity material relating to such shares in any jurisdiction where action for that purpose is required, other than the United Kingdom. Persons into whose possession this announcement comes are required by the Company, Stifel, Cormark, or Paradigm to inform themselves about, and to observe, such restrictions.

This announcement has been issued by and is the sole responsibility of the Company. No undertaking, representation or warranty or other assurance express or implied, is or will be made as to, or in relation to, and, aside from the responsibilities and liabilities, if any, which may be imposed by FSMA or the regulatory regime established thereunder or any other applicable regulatory regime, no responsibility or liability is or will be accepted by the Company, Stifel, Cormark, or Paradigm or any of their respective parent or subsidiary undertakings or the subsidiary undertakings of any such parent undertakings or any of their respective directors, proposed directors, officers, partners or employees or any other person as to or in relation to, the accuracy, completeness, sufficiency or fairness of the information or opinions contained in announcement or any other written or oral information made available to or publicly available to any interested party or its advisers in connection with the Fundraising, and any responsibility or liability therefore is expressly disclaimed. In addition, no duty of care or otherwise is owed by any such person to recipients of this document or any other person in relation to this announcement.

Stifel, which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, is acting exclusively for the Company and no-one else in connection with Admission and the Fundraising. It will not regard any other person as its client in relation to Admission and the Fundraising and will not be responsible to anyone other than the Company for providing the regulatory protections afforded to its clients, nor for providing advice in relation to the contents of this announcement or any transaction, arrangement or other matter referred to herein. Stifel has not authorised the contents of any part of this document. The responsibilities of Stifel as the Company's nominated adviser under the AIM Rules for Companies and the AIM Rules for Nominated Advisers will be owed solely to the London Stock Exchange and not to the Company, any of its directors, nor any other person in respect of a decision to subscribe for or acquire common shares in reliance on the Admission Document relating to the Company.

Cormark is regulated by the IIROC in Canada and is acting exclusively for the Company and no one else in connection with any investment in the common shares, and will not regard any other person as their client in relation to any investment in the common shares and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients nor for giving advice in relation to any investment in the common shares or any transaction or arrangement referred to herein.

Paradigm is regulated by the IIROC in Canada and is acting exclusively for the Company and no one else in connection with any investment in the common shares, and will not regard any other person as their client in relation to any investment in the common shares and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients nor for giving advice in relation to any investment in the common shares or any transaction or arrangement referred to herein.

Cautionary Statements

Neither the content of the Company's website nor any website accessible by hyperlinks on the Company's website is incorporated in, or forms part of, this announcement.

Certain statements in this press release are forward-looking statements and information (collectively "forward-looking statements"), within the meaning of the applicable Canadian securities legislation, as well as other applicable international securities laws. The forward-looking statements contained in this press release are forward-looking and not historical facts.

Some of the forward-looking statements may be identified by statements that express, or involve discussions as to expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of phrases such as "will likely result", "are expected to", "will continue", "is anticipated", "is targeting", "estimated", "intend", "plan", "guidance", "objective", "projection", "aim", "goals", "target", "schedules", and "outlook").

Because actual results or outcomes could differ materially from those expressed in any forward-looking statements, investors should not place undue reliance on any such forward-looking statements. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predicted outcomes will not occur. Some of these risks, uncertainties and other factors are similar to those faced by other mining companies and some are unique to the Company. The forward-looking information contained in this news release speaks only as of the date hereof. The Company does not assume any obligation to publicly update the information, except as may be required pursuant to applicable laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: AEX Gold Inc.