AEX Gold Inc (AIM:AEXG, TSX-V:AEX) said an engineering study focused on de-risking its flagship Nalunaq project in Greenland is on track for completion in the fourth quarter.
The independent study is assessing Nalunaq’s cost and schedule after the project was put on hold in February 2021 due to unforeseen cost increases related to the COVID-19 pandemic.
An update on Nalunaq and the company’s other operations were given alongside third-quarter results.
The company's cash balance was C$37.9mln (£22.4mln) at the end of September 30, with no debt and total net working capital of C$34.5mln. The exploration company has no revenue yet.
"I am pleased to report a strong set of results, with the company currently well capitalised and advancing on all our key workstreams,” said chief executive Eldur Olafsson. “We have made significant progress during the quarter across our entire licence area, both in terms of development at Nalunaq and our wider exploration opportunities.”
“Despite taking a cost conscious and disciplined strategic approach, we continue to be extremely excited by the wider exploration potential of our assets. The board looks forward to being able to demonstrate the potential value of its non-gold, strategic mineral assets in due course."
Yesterday, AEX reported positive results from geophysical surveys conducted across its Tartoq gold exploration licences.
READ: AEX Gold reports positive survey results from Tartoq project in Southern Greenland