AEX Gold Inc. announced an operational update on the development of the Nalunaq property in South Greenland. The Corporation remains on target and continues to make significant progress on the development of the Nalunaq Project, with the award of key procurement packages. Highlights: AEX has selected its contractor for the underground development as part of the exploration program at Nalunaq. AEX and the contractor will form an integrated project team and are currently finalizing the contractual terms which will lead to their mobilization at Nalunaq in H2 2021. Major equipment to support the underground development program has been procured, notably including jumbos, an underground haul truck, Load Haul Dump loaders, and other underground service mobile equipment. Mine underground services, such as for ventilation, dewatering, compressed air and power distribution are in the tendering process and will be procured during H1 2021. Long lead process equipment packages, including the crushing, grinding, gravity and tailings thickening circuits, were awarded in December and early January, and the balance of equipment will be procured during H1 2021, including the gold room equipment, power generators and pumping systems. Equipment performance and specifications will be key in finalizing the project's assessments and permits. All surface support equipment required to support the exploration program, such as the 100 tonnes rough-terrain crane, fuel and water trucks, tractors and trailers, and others have been procured. With procurement activities progressing according to plan, AEX will continue de-risking project execution and expects development of the asset to commence in line with previously announced timelines. The Corporation will, in the next few weeks, be providing further project development updates at Nalunaq, further exploration results from the 2020 exploration season, as well as the upcoming exploration plan for 2021 in South Greenland.