AEX Gold, a Greenland-focussed mining and exploration company, is in the process of setting up a joint venture that will focus on exploration projects in Greenland critical to energy transition.

As the name AEX gold suggests, the company is primarily a gold exploration company with a focus on Greenland. AEX Gold will undergo a name change to Amaroq Minerals to reflect its portfolio change. This announcement shows another company pivoting to enter the critical minerals and energy transition space. AEX Gold has signed non-binding heads of term with ACAM to establish a special purpose vehicle (SPV) and create a JV for the exploration and development of assets, which potentially include nickel, rare earths, graphite, zinc and copper. Project Blue’s 2022 Critical Materials Risk Index places two of these minerals, namely rare earths and graphite, in the top-ten of critical minerals most at risk. The index ranks 40 materials based on supply risk, ESG risk and economic importance. ACAM will invest US$22M in exchange for a 49% shareholding in the SPV with AEX Gold contributing its existing minerals licenses and operational and logistical support to the JV.