TORONTO - 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 Statements') for the quarter ended September 30, 2020.

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.

Financial Highlights

The Corporation reported a net loss of $4.6 million in Q3 2020 (Q3 2019: $2.6 million), driven by increased exploration and evaluation activities and corporate activity during the period, as well as non-cash foreign exchange loss.

Exploration and evaluation expenses during the quarter were $2.9 million (Q3 2019: $1.8 million), driven by increased activity on the Nalunaq Property and its regional exploration portfolio.

General and administrative expenses during the quarter were $1.1 million (Q3 2019: $0.2 million), with the increase a result of higher management, consulting and professional fees associated with its AIM listing and as the Corporation moves towards development at Nalunaq.

On July 31, 2020, the Corporation completed its AIM Admission in addition to its existing TSX-V listing, with the issue of 94,444,445 common shares at a price of GBP 0.45 ($0.77) per share for an equity placing raising gross proceeds of $74.6 million.

The Corporation had a cash balance of $68.7 million at September 30, 2020 ($1.5 million at December 31, 2019), with no debt, and total working capital of $67.5 million ($1.2 million at December 31, 2019).

Eldur Olafsson, CEO of AEX, commented: 'I'm pleased to announce our third quarter 2020 financial results, which demonstrate the significant increase in activity across our portfolio as our business transitions towards development.

'Following the successful $72.7 million fundraise and AIM listing in July 2020, the Company was able to leverage its strong cash balance and the remaining months of Greenlandic autumn to front-end surface drilling initially planned for 2021.

'Furthermore, the launch of the request for proposal process for underground development contractors, and front-end engineering and surface drilling all provided significant advancement to the project during Q3 and puts us in an excellent position ahead of our onsite development activities in 2021.

'We look forward to providing updates to the market on our many exciting workstreams in due course.'

Contact:

George Fowlie

Tel: 1-416-587-9801

Email: gf@aexgold.com

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. The Corporation has a portfolio of gold assets covering 3,870km2, the largest portfolio of gold assets 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.

Forward-Looking Information

This press release contains forward-looking information within the meaning of applicable securities legislation, which reflects the Corporation's current expectations regarding future events and the future growth of the Corporation's business. In this press release there is forward-looking information based on a number of assumptions and subject to a number of risks and uncertainties, many of which are beyond the Corporation's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to the factors discussed under 'Risk Factors' in the Final Prospectus available under the Corporation's profile on SEDAR at www.sedar.com. Any forward-looking information included in this press release is based only on information currently available to the Corporation and speaks only as of the date on which it is made.

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