Amaroq Ltd. (LSE:AMRQ) has secured additional funding for its Gardaq A/S joint venture, providing financial backing for an expanded exploration programme across its rare earth and iron ore assets in Greenland during 2026 and 2027.
The investment will support continued drilling at the Ilua rare earth project alongside exploration activities at the Minturn iron ore and iron oxide copper-gold (IOCG) prospect in northern Greenland.
Joint Venture Receives New Investment
Under a newly signed subscription agreement, GCAM LP will invest C$4.7 million into Gardaq A/S, while Amaroq will contribute C$1.8 million in cash together with a further C$3.0 million through the conversion of accrued costs.
Following completion of the transaction, the ownership structure of the joint venture will remain unchanged, with Amaroq retaining its 51% interest and GCAM holding the remaining 49%.
The funding provides the capital required to continue exploration across Gardaq’s portfolio of critical mineral projects.
Related-Party Transaction Approved
As GCAM is a substantial shareholder in Gardaq A/S, the investment qualifies as a related-party transaction under AIM regulations.
Amaroq said its board, having consulted with the company’s nominated adviser, concluded that the terms of the agreement are fair and reasonable from the perspective of shareholders.
Exploration Programme Targets Critical Minerals
The new funding will allow Gardaq to continue drilling at the Ilua rare earth project while advancing exploration at the Minturn iron ore and IOCG target.
Management believes the investment strengthens the company’s position within Greenland’s emerging critical minerals sector while maintaining control of one of its key exploration vehicles.
The programme forms part of Amaroq’s broader strategy of expanding its exposure to minerals that are expected to play an important role in future energy transition supply chains.
About Amaroq Ltd.
Amaroq Ltd. is an independent mining company focused on the exploration, development and production of mineral resources in Greenland.
Its flagship asset is the wholly owned Nalunaq gold mine in South Greenland, complemented by a broader portfolio of gold and strategic metals projects.
In addition to gold, the company is advancing exploration across a range of critical mineral prospects, including the Stendalen project and the Sava Copper Belt, targeting commodities such as copper, nickel, rare earth elements and other strategic resources.
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