AMRQ Amaroq (LSE:AMRQ) reported a strong opening quarter for 2026, recording revenue of $18.9 million and net profit of $2.4 million following initial gold sales from its Nalunaq operation. Performance was supported by feed grades that exceeded company guidance and recovery levels that remained in line with expectations. During the quarter, the company completed its transition to a fully owner-operated mining model, expanded its capital asset base and secured an enlarged US$70 million revolving credit facility at a lower cost of funding. Amaroq also reaffirmed its 2026 production target of between 25,000 and 35,000 ounces of gold, with production expected to be weighted toward the second half of the year following completion of the flotation circuit.
At the operational level, Nalunaq produced 3,694 ounces of gold during the quarter, achieving an average feed grade of 19.9 grams per tonne and a recovery rate of 61%. The company also advanced regulatory approvals in Greenland through the acceptance of its final mine and closure plans as well as the completion of the final impact benefit agreement. Beyond gold production, Amaroq is preparing a broad exploration campaign for 2026 targeting rare earth elements, copper, nickel, zinc, lead, silver and additional gold prospects. The company is also simplifying its capital markets structure by proceeding with a delisting from the TSX Venture Exchange while advancing plans for a premium London listing, reflecting its ambition to establish itself as a leading Greenland-focused mining group.
More about Amaroq Ltd.
Amaroq Ltd. is an independent mining development company focused on advancing Greenland’s mineral resources. Its portfolio is centred around the Nalunaq gold mine alongside a broader pipeline of gold and strategic mineral projects. The company is expanding exploration activities across Greenland’s Nanortalik gold belt and the copper and rare earth districts of southern Greenland while pursuing a move to the Main Market of the London Stock Exchange.
Leave a Reply