Amaroq Ltd. (LSE:AMRQ) delivered approximately 9,000 ounces of gold production from its Nalunaq mine during the first half of 2026, exceeding the midpoint of its guidance as the Greenland-focused miner continued to ramp up operations.
Financial performance also strengthened, with second-quarter revenue reaching $37.3 million and gross profit totalling $25.0 million. Net profit came in at $11.1 million, while an expanded US$70 million revolving credit facility provided additional financial flexibility as the company advances its growth plans.
The improving operational and financial performance comes alongside Amaroq’s move to the London Stock Exchange’s Main Market, broadening its potential access to institutional investors and international capital.
New Flotation Circuit Lifts Gold Recoveries
Amaroq completed and commissioned a new flotation circuit at Nalunaq during the period, helping push gold recovery rates towards 90%.
The improvement represents an important step in optimising the processing operation as mining and plant throughput continue to increase. Amaroq plans to further ramp up both mining and processing during the second half of 2026.
Despite the ongoing expansion of operations, the company has maintained its full-year production and cost guidance.
An updated mineral resource estimate for Nalunaq has also confirmed more than 500,000 ounces of gold at high grades, providing additional support for the mine’s longer-term production potential.
Exploration Expands Beyond Nalunaq
Alongside the Nalunaq ramp-up, Amaroq is progressing an extensive exploration programme across its wider Greenland portfolio.
Work is advancing at the Ilua rare earths prospect, while the company is also targeting the high-grade Minturn iron oxide copper-gold opportunity and continuing exploration at the Nanoq gold project.
These programmes provide Amaroq with exposure to commodities beyond its existing gold production and could ultimately broaden the company’s resource base across strategic and critical minerals.
Main Market Listing Strengthens Strategic Position
Amaroq has transferred its shares to the Main Market of the London Stock Exchange, a move intended to strengthen its capital markets profile and improve access to a wider pool of investors.
The company has also reinforced its board as it transitions from an exploration-led business towards a larger mining and development group.
Investment in logistics forms another part of this strategy. Amaroq has acquired the Thorbjorn icebreaker and is progressing its Suliaq logistics venture, which is intended to enhance transportation and operational capabilities in Greenland’s challenging environment.
Building dedicated logistics infrastructure could support both Amaroq’s existing mining activities and the future development of its broader mineral portfolio.
Stronger Financial Position Supports Expansion
Higher production, improved recovery rates and stronger profitability have reinforced Amaroq’s financial position as it continues the Nalunaq ramp-up.
The enlarged revolving credit facility provides further liquidity for operations and development, while the Main Market listing potentially increases the company’s financing options as it advances exploration and strategic infrastructure investments.
Execution of the Nalunaq ramp-up remains central to the near-term outlook, while exploration results from Ilua, Minturn and Nanoq could provide additional catalysts as Amaroq seeks to establish a broader Greenland-focused mining business.
More About Amaroq Ltd.
Amaroq Ltd. is a Greenland-focused mining and exploration company whose principal producing asset is the Nalunaq gold mine.
Beyond gold production, the company is developing a portfolio spanning gold, iron ore and strategic minerals. It also has exposure to rare earth elements through the Gardaq joint venture.
Amaroq is additionally expanding its logistics capabilities through its Suliaq Maritime subsidiary, supporting its longer-term ambition to develop an integrated mining and infrastructure platform in Greenland while accessing international capital through its London Stock Exchange Main Market listing.
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