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Aminex (AEX)

Business description

AEX Gold is a gold exploration company with projects in Greenland. The company’s primary focus is on the Nalunaq property, which includes the previously operating Nalunaq Gold Mine. AEX’s is focused on advancing the project with a series of bulk samples.

Stock data

Market cap.C$17.3m
Last closeC$0.30
High / Low (52 weeks)C$0.5 / C$0.3
Stock market listingCN
Forecast net cash (US$m)5.8
Forecast gearing ratio (%)N/A
TeamResources - Oil & Gas
SectorOil & gas

Price performance

Relative *(8.6)(31.8)(39.4)

* % Relative to local index

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Latest research

A challenging year ahead

Update | Oil & gas | 02/04/2009

A successful 2008

Update | Mining | 26/11/2008

Songo-Songo West

Flash note | Mining | 02/06/2008

Evidence of value

Outlook | Mining | 08/04/2008

Eastern promise

Quarterly Update - Fundraising | Mining | 30/05/2007

Underpinned value

Review | Mining | 02/04/2007

More to come

Update | Mining | 05/05/2006

First mover advantage

Outlook | Mining | 24/02/2006

Exciting potential in Tanzania and North Korea

Outlook | Mining | 04/04/2005

Company Comment | Aminex | 17/02/2004

Investment summary

Aminex recently announced preliminary results for 2008, which proved very successful in terms of exploration with three discoveries: two in the US (Alta Loma, South Weslaco) and one in Tanzania (Nyuni PSA). Aminex also reported an increase in production and revenues to 242boepd (68% y-o-y) and $10.2m (9% y-o-y), respectively, and cash of $4m as at December 2008. Newsflow is expected from the farm-out of the Ruvuma PSA licence in Tanzania, where the operator (Tullow Oil) is planning a two-well exploration campaign expected to start before the end of 2009.

Last updated on 02/04/2009

Key management

Eldur Olafsson, CEO

Company address

123 Front Street W, Suite 905
M5J 2M2
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