ADVFN UK Market News

Category: Top Story

  • Is Copper’s Tariff Premium at Risk?

    Is Copper’s Tariff Premium at Risk?

    Copper prices have climbed back to near-record levels as markets continue to anticipate new U.S. import tariffs. Strong buying ahead of any policy announcement has tightened physical supplies and reshaped global trade flows, but the metal’s recent gains could face pressure if the final tariff measures fall short of expectations.

    Copper Prices Climb as Supply Tightens

    Copper is trading above $14,000 per tonne, hovering close to historic highs. At the same time, inventories on the London Metal Exchange (LME) have continued to decline, while the cash-to-three-month spread has moved further into backwardation, highlighting increasingly tight conditions in the physical market.

    Over recent months, traders have accelerated purchases in anticipation of potential U.S. tariffs, with the effects becoming increasingly visible through inventory movements, trade patterns and pricing signals.

    U.S. Tariff Expectations Fuel Market Momentum

    Imports into the United States have surged as buyers move copper ahead of any potential tariff implementation. COMEX stockpiles have climbed to record levels, while U.S. copper imports exceeded 200,000 tonnes in July, marking the strongest monthly inflow in at least 12 years.

    Outside the U.S., the London market has become noticeably tighter. LME inventories have dropped to a five-month low, while the cash-to-three-month spread has widened to roughly $120 per tonne in backwardation, compared with around $40 just one week earlier. The move represents the widest spread since October and reflects mounting pressure on short-term supply.

    Structural Demand Continues to Support Prices

    Although tariff speculation has been a major catalyst for the rally, the market is also benefiting from supportive long-term fundamentals.

    Mine production remains constrained, while treatment charges continue to signal limited concentrate availability. At the same time, demand from electrification projects, power infrastructure investment and artificial intelligence-related data centre expansion remains robust.

    Current projections continue to point to a refined copper deficit of around 35,000 tonnes globally in 2026.

    Final Tariff Decision Could Drive Volatility

    Markets have largely priced in the expectation that tariffs will be introduced in line with current assumptions.

    Should the final policy be delayed, scaled back or exclude refined copper, some of the premium built into prices may quickly disappear. Imports into the United States would likely slow, inventory flows could rebalance and supply pressures outside the country would begin to ease.

    A retreat in prices could also accelerate if speculative investors unwind positions established ahead of the anticipated tariff announcement.

    Long-Term Outlook Remains Constructive

    The possibility of U.S. tariffs has already had a significant impact on the copper market, tightening physical conditions, altering global inventory flows and lifting prices towards record territory.

    Once policymakers reveal the final measures, investors are likely to shift their attention back to the market’s underlying fundamentals.

    While prices could experience a short-term correction if expectations are not met, the broader outlook for copper remains supported by supply constraints and resilient demand. Any pullback would more likely reflect changing expectations around tariffs than any weakening in the metal’s long-term fundamentals.

  • FTSE 100 May Weather an AI Market Correction Better Than U.S. Stocks

    FTSE 100 May Weather an AI Market Correction Better Than U.S. Stocks

    The UK equity market could prove more resilient than U.S. stocks if enthusiasm surrounding artificial intelligence fades, according to a new report from Capital Markets. The research suggests the FTSE 100’s limited exposure to technology companies and its defensive sector mix leave it in a stronger position than many international indices.

    Although U.S. technology shares have driven global markets for much of the year, recent weakness has highlighted the differing performance of more diversified markets. The FTSE 100 has continued to show relative strength, outperforming expectations during periods of heightened geopolitical uncertainty.

    So far this year, the FTSE 100 has risen 9.21%, adding around 2% over the past month. The Nasdaq 100, meanwhile, is up 12.17% in 2026 but has declined 3.6% over the same monthly period.

    A Very Different Market From the Dotcom Era

    “If the AI-fueled stock market bubble is bursting, we believe the UK stock market will hold up better than most of its peers, unlike the post-dotcom crash,” said Joe Maher, senior market economist at Capital Markets.

    The firm argues that the UK’s equity market bears little resemblance to the one that existed during the dotcom boom.

    At that time, technology, IT and communications companies represented around 30% of the MSCI UK Index. Today, those sectors account for just 3%, significantly reducing the market’s exposure to a technology-led sell-off.

    “As a result, the tech sell-off at the time weighed heavily on the UK equity market, while its minimal tech exposure and defensive composition should now put it in a good position,” Maher said.

    Resilient Growth Could Cushion Markets

    Capital Markets believes another important difference is the economic backdrop.

    Unlike the early 2000s, when the collapse in technology stocks coincided with a U.S. recession, the firm expects economic activity to remain relatively resilient if AI valuations correct.

    That should “limit the downside in global stock markets,” including UK equities.

    Dollar Weakness Could Add Further Support

    The report also argues that a reversal of the AI trade would likely weaken the U.S. dollar.

    “If the AI boom turns into a bust, we expect a shift toward monetary easing by the Fed and a slowdown in capital flows to the US to cause a general weakening of the dollar, including against the pound,” Maher said.

    Despite that view, Capital Markets continues to expect sterling to weaken over the longer term as it anticipates Bank of England rate cuts next year.

    Defensive Leadership May Continue

    The firm’s analysts note that the FTSE 100 has recently benefited from higher oil prices and stronger financial stocks, although they expect those advantages to diminish over time.

    Even so, Capital Markets maintains that the AI boom is likely to unwind over the next year and believes “it is possible that this process is already underway.”

  • Societe Generale Sticks With 8,000 S&P 500 Forecast After Strong Earnings Season

    Societe Generale Sticks With 8,000 S&P 500 Forecast After Strong Earnings Season

    Societe Generale has reaffirmed its bullish outlook for U.S. equities, arguing that corporate earnings strength is becoming increasingly widespread rather than remaining concentrated in large technology companies. The bank continues to forecast the S&P 500 reaching 8,000 and advises investors to “buy the momentum dip.”

    Corporate Results Continue to Impress

    Chief U.S. Equity Strategist Manish Kabra called the current reporting season “another stellar earnings season,” highlighting that roughly six in ten companies have released results, with only 9% failing to meet expectations, “the lowest reading ever.”

    SocGen estimates that 86% of companies have exceeded earnings forecasts, while profit margins have expanded across all but one sector. Both overall S&P 500 margins and margins excluding technology have climbed to record levels.

    Analysts Are Becoming More Optimistic

    The bank also noted that earnings winners continue to outperform the wider market, even after momentum moderated during the reporting season. Companies missing expectations have continued to lag.

    Positive analyst revisions remain strong, with upgrades comfortably exceeding downgrades by a ratio of 15 to 10. Technology, financials and industrials continue to lead improvements, while SocGen has lifted its 2026 S&P 500 earnings forecast to $335 per share.

    AI Spending Shows No Signs of Slowing

    SocGen believes artificial intelligence remains a major long-term growth driver.

    The bank said the “hard data” is accelerating, citing stronger cloud growth from the leading hyperscale providers, a $300 billion increase in order backlogs and an additional $150 billion in planned capital expenditure.

    Industrials also stand out, with record profit margins and improving earnings revisions. Large-cap industrial earnings are forecast to rise by 15%, while small-cap companies are expected to deliver around 30% growth.

    Equal-Weight Stocks Remain the Preferred Trade

    According to Kabra, earnings growth is becoming increasingly diversified across the market. He described the record performance of the S&P 500 Equal Weight Index as “a testament to this,” with cycle drivers “still running hot.”

    While higher real yields and elevated leverage could restrict further valuation expansion, SocGen believes a major correction would require substantially tighter monetary policy alongside an inverted yield curve—an outcome it does not currently anticipate.

    As a result, the bank continues to favour the equal-weight S&P 500 and maintains its 8,000 target for the benchmark index.

  • U.S. Futures Climb After Weak Payrolls Data Reduces Fed Rate Fears: Dow Jones, S&P, Nasdaq, Wall Street

    U.S. Futures Climb After Weak Payrolls Data Reduces Fed Rate Fears: Dow Jones, S&P, Nasdaq, Wall Street

    U.S. equity futures moved higher on Friday after a disappointing July employment report strengthened expectations that the Federal Reserve may hold interest rates steady at its next policy meeting.

    Markets reacted positively to the weaker labour market figures, with investors viewing them as reducing the likelihood of further monetary tightening in the near term.

    July Employment Report Misses Forecasts

    The U.S. Labor Department reported that non-farm payrolls fell by 23,000 jobs in July, following a downwardly revised increase of 20,000 in June.

    Economists had forecast an increase of 88,000 jobs after June was initially reported at 57,000.

    Although the figures point to slowing hiring activity, they also eased concerns that persistent labour market strength would force the Federal Reserve to tighten policy further.

    The unemployment rate unexpectedly declined to 4.1% from 4.2%, while economists had anticipated no change.

    Bond Yields Fall Sharply

    The weaker payrolls report prompted a strong rally in U.S. government bonds.

    The benchmark 10-year Treasury yield dropped by more than 1.2%, reflecting growing expectations that policymakers will adopt a more cautious approach to interest rates.

    Wall Street Closed Lower Ahead of the Report

    Thursday’s session ended in negative territory as investors avoided taking large positions before the employment figures.

    The Dow Jones Industrial Average lost 464.02 points, or 0.9%, to finish at 53,885.10.

    The S&P 500 slipped 0.2% to 7,709.96, while the Nasdaq Composite eased 0.1% to 26,348.35.

    Salesforce and Industrials Drag the Dow Lower

    Salesforce (NYSE:CRM) fell 3.2% after CNBC reported the company would appoint former Oracle (NYSE:ORCL) executive Miguel Milano as chief operating officer.

    Boeing (NYSE:BA) and Honeywell (NASDAQ:HON) also declined sharply, losing 3.3% and 3%, respectively.

    Telecom Shares Rebound While Airlines Decline

    Weekly jobless claims released ahead of the payrolls report showed initial claims increased slightly to 199,000, remaining below market expectations.

    Telecommunications stocks recovered strongly, with the NYSE Arca North American Telecom Index advancing 3.1%.

    Oil service companies also gained as crude prices rebounded, while airline stocks weakened as higher fuel costs weighed on the sector.

    Housing and brokerage stocks also finished the previous session lower.

  • European Shares Advance as Investors Watch Oil Prices and U.S. Jobs Data: DAX, CAC, FTSE100

    European Shares Advance as Investors Watch Oil Prices and U.S. Jobs Data: DAX, CAC, FTSE100

    European equity markets traded higher on Friday as investors assessed rising oil prices and awaited the latest U.S. employment report for further signals on the Federal Reserve’s next interest rate decision.

    Brent crude climbed toward $83 a barrel, extending Thursday’s rally as uncertainty persisted over negotiations aimed at fully reopening the Strait of Hormuz, a key shipping corridor for global oil exports.

    German Factory Output Exceeds Expectations

    Economic data showed Germany’s industrial production increased by 0.2% in June, following an upwardly revised 0.7% gain in May, according to Destatis. Economists had expected output to remain unchanged during the month.

    In the UK, figures from Lloyds Banking Group showed house prices were unchanged in July after rising 0.2% in June, reflecting a housing market that continues to navigate a more uncertain economic environment.

    Major European Indices Move Higher

    Germany’s DAX rose around 1%, outperforming its regional peers.

    The UK’s FTSE 100 gained approximately 0.8%, while France’s CAC 40 advanced 0.5%.

    Earnings Drive Individual Stock Moves

    Despite reporting stronger-than-expected second-quarter earnings, Munich Re (TG:MUV2) fell 2.8%.

    Allianz also traded lower, declining around 1% after releasing its latest financial results.

    Elsewhere, Daimler Truck Holding (TG:DTG) dropped 4.2% after announcing an 18% decline in second-quarter profit.

    Specialty chemicals producer Lanxess (TG:LXS) was among the weakest performers, falling nearly 5% after reporting a larger-than-expected net loss for the second quarter.

  • Market Overview: Sanderson Design Growth, Oxford Biomedica

    Market Overview: Sanderson Design Growth, Oxford Biomedica

    FTSE 100 flat as Lloyds flags mortgage pain; Europe near best week since June. Oxford Biomedica falls on guidance cut; Brent crude eases.

    The FTSE 100 opened broadly flat on Friday, up marginally at 10,867.91 from yesterday’s close, after Lloyds Banking Group flagged pressure on UK mortgage rates. The Euronext 100 added 0.08 per cent to 1,967.32 and Germany’s DAX rose 0.33 per cent to 26,227.08, with European equities on course for their strongest weekly performance since June as a robust corporate earnings season lifted sentiment across pharmaceuticals, power infrastructure and telecommunications. On Wall Street, the Nasdaq Composite closed down 0.06 per cent at 26,348.35 and the S&P 500 slipped 0.18 per cent to 7,709.96 overnight, with investors weighing upcoming US labour market data and continued uncertainty over the path of Federal Reserve policy.

    Commodity markets reflected renewed geopolitical unease, with gold, Brent crude and natural gas all easing back from yesterday’s close as tensions around the Strait of Hormuz kept energy markets on edge following reports of restricted vessel transit through the chokepoint. Copper firmed on the open, while bitcoin held steady against sterling. Sterling was little changed against the US dollar and the euro, edging fractionally higher against the yen, the Australian dollar and the Swiss franc, as currency markets took a cautious tone.

    Market Numbers

    FTSE 100: Up (0.001%), 10,867.91
    Euronext 100: Up (0.08%), 1,967.32
    DAX: Up (0.33%), 26,227.08
    NASDAQ: Down (-0.06%), 26,348.35
    S&P 500: Down (-0.18%), 7,709.96

    In the Headlines

    US Expansion Drives Growth – Sanderson Design Group (LSE:SDG)
    Sanderson Design Group reported a 6 per cent rise in first-half revenue to £51.4 million, driven by strong North American demand and a 137 per cent jump in direct-to-consumer online sales. Management reaffirmed full-year profit expectations despite continued softness in the UK home furnishings market.

    Guidance Cut Despite Client Wins – Oxford Biomedica (LSE:OXB)
    Oxford Biomedica lowered its 2026 revenue guidance to between £180 million and £200 million after client order delays and a six-month setback at its North Carolina facility, despite record client wins and 9 per cent first-half growth. Shares fell sharply as the guidance cut renewed concerns over execution following previous forecast misses.

    Currencies (vs GBP)

    USD: Up (0.00%), $1.3455
    CHF: Up (0.01%), Fr.1.0931
    EUR: Down (-0.00%), €1.1675
    JPY: Up (0.01%), ¥213.1535
    AUD: Up (0.01%), $1.9131
    Bitcoin (BTC/GBP), £47,773.12

    Commodities

    Copper: Up
    Gold: Down
    Brent Crude: Down
    Natural Gas: Down

  • US Jobs Data in Spotlight as Middle East Risks and Corporate Headlines Drive Markets: Dow Jones, S&P, Nasdaq, Wall Street Futures

    US Jobs Data in Spotlight as Middle East Risks and Corporate Headlines Drive Markets: Dow Jones, S&P, Nasdaq, Wall Street Futures

    US equity futures traded with little direction on Friday as investors awaited the release of July’s employment report, a key indicator that could shape expectations for the Federal Reserve’s next policy move. Markets were also monitoring renewed geopolitical tensions after another Houthi attack on Saudi Arabia, while negotiations between Iran and Oman over the Strait of Hormuz continued.

    Futures Trade Cautiously Before Payrolls Release

    As of 02:52 ET (06:52 GMT), Dow Jones futures were down 0.1%, S&P 500 futures were broadly unchanged and Nasdaq 100 futures edged 0.2% higher.

    Thursday’s session ended lower on Wall Street. The Nasdaq Composite slipped 0.06% after earnings from memory chip manufacturers Sandisk (NASDAQ:SNDK) and Western Digital (NASDAQ:WDC) failed to justify investors’ elevated expectations despite solid quarterly results.

    The Dow Jones Industrial Average declined 0.85%, snapping a five-day winning streak, while the S&P 500 lost 0.18%.

    Analysts at Vital Knowledge said it was “impressive the index didn’t fall more than it did considering a number of negatives,” pointing to rising Treasury yields, disappointing technology guidance, higher oil prices and renewed concerns over Federal Reserve independence.

    Labour Market Figures Could Shift Interest Rate Expectations

    The market’s main focus is now the US nonfarm payrolls report.

    Economists forecast that 88,000 jobs were created in July, up from 57,000 in June, while the unemployment rate is expected to remain at 4.2%.

    Although hiring has slowed in recent months, layoffs have remained limited. Labour force participation has also weakened as tighter immigration policies and demographic trends reduce the number of available workers.

    Recent economic reports have shown softer employment in the services sector, although broader indicators continue to suggest that domestic demand remains resilient.

    Investors will be assessing whether the latest employment figures strengthen the case for further Federal Reserve tightening or support expectations that interest rates will remain unchanged.

    Fresh Houthi Attack Raises Regional Concerns

    Saudi Arabia warned of escalating regional instability after an attack by Iran-backed Houthi forces left 11 civilians injured.

    The incident came despite reports that Iran and Oman are close to agreeing new arrangements for shipping through the Strait of Hormuz. However, uncertainty remains over whether any agreement can restore confidence in one of the world’s most important oil shipping routes.

    President Donald Trump said the waterway is “sort of open right now,” while Iranian officials described negotiations as being in the “final stage.”

    Brent crude climbed 1.2% to $83.46 a barrel as energy markets reacted to the latest developments.

    Meta Faces $942 Million Court Penalty

    Meta Platforms (NASDAQ:META) has been ordered to pay more than $900 million following a New Mexico court ruling over child safety on Facebook and Instagram.

    The judgement follows an earlier jury decision that found the company had breached consumer protection laws. Alongside the financial penalty, Meta has been instructed to strengthen safety measures for younger users.

    Berkshire Hathaway Set to Release Results

    Investors are also preparing for Berkshire Hathaway’s (NYSE:BRK.B) quarterly earnings announcement on Saturday.

    The results will provide another update on the investment group’s performance under Greg Abel, with markets also watching for changes to Berkshire’s investment portfolio following recent purchases and disposals.

  • European Shares Head for Strongest Weekly Performance Since June on Earnings Momentum: DAX, CAC, FTSE100

    European Shares Head for Strongest Weekly Performance Since June on Earnings Momentum: DAX, CAC, FTSE100

    European stock markets traded modestly higher on Friday and remained on course to deliver their best weekly performance since late June, as another strong round of corporate earnings continued to lift investor sentiment and pushed major regional indices to fresh record highs.

    The pan-European STOXX Europe 600 Index gained 0.2% in early trading and was on track for a weekly rise of around 1.4%, its strongest five-day advance in almost six weeks. Investors have become increasingly optimistic as stronger-than-expected company results have prompted a reassessment of corporate fundamentals and the outlook for interest rates.

    Germany’s DAX added 0.3%, while France’s CAC 40 and London’s FTSE 100 each advanced 0.2%.

    Strong Earnings Continue to Support Markets

    European equity markets have repeatedly reached new record levels this week, driven by robust second-quarter results from companies across sectors including pharmaceuticals, power infrastructure and telecommunications.

    Earnings for companies within the STOXX 600 are now expected to increase by nearly 21% compared with a year ago, a significant improvement from the 12.5% growth forecast at the beginning of the reporting season. The stronger earnings outlook has reinforced investor confidence in European equities.

    The week’s gains have also been helped by lower government bond yields as oil prices retreated from recent highs, easing inflation concerns and reducing cost pressures for energy-intensive industries.

    Middle East Developments Return to Focus

    Geopolitical uncertainty returned to the forefront on Friday after reports indicated that Iranian lawmakers are examining draft legislation that would formally prohibit US, Israeli and other designated “hostile” vessels from passing through the Strait of Hormuz, a critical route for around one-fifth of global oil shipments.

    The proposal could complicate ongoing diplomatic efforts led by Oman and Qatar to improve maritime security and reduce tensions in the region.

    Genel Jumps as Investors Await US Jobs Data

    Among individual stocks, shares in Genel (LSE:GENL) climbed 12% after the company rejected a takeover proposal.

    Investors are also awaiting the release of the US Labour Department’s July nonfarm payrolls report. Economists expect employment growth to recover while the unemployment rate remains unchanged at 4.2%, a combination that would reinforce the resilience of the US labour market while keeping inflation concerns firmly on the Federal Reserve’s agenda.

    Financial markets currently assign roughly equal odds to a 25-basis-point Federal Reserve interest rate increase at its 16 September meeting.

    European investors will be watching the US employment data closely for clues on whether continued economic strength in the world’s largest economy could influence global monetary policy and keep borrowing costs elevated through the autumn.

  • FTSE 100 Rises as Oil Prices Climb and Lloyds Warns of Renewed Mortgage Pressure

    FTSE 100 Rises as Oil Prices Climb and Lloyds Warns of Renewed Mortgage Pressure

    UK equities traded modestly higher on Friday as higher oil prices continued to support energy stocks, while fresh data from Lloyds highlighted renewed pressure on mortgage borrowers following the recent escalation in the Middle East.

    By 03:30 ET (07:30 GMT), the FTSE 100 was up 0.22%. Elsewhere in Europe, Germany’s DAX advanced 0.33% and France’s CAC 40 gained 0.26%. Sterling weakened slightly against the US dollar, with GBP/USD slipping 0.07% to 1.3449.

    Hormuz Shipping Slump Keeps Energy Markets on Edge

    Investors remained focused on developments in the Strait of Hormuz after shipping activity fell sharply. Reuters, citing Kpler data, reported that only 33 vessels transited the waterway between Monday and Thursday, compared with 50 during the same period a week earlier. Just six crude oil tankers departed the strait during the week, while traffic through the Bab al-Mandeb route increased to 26 vessels on Thursday, indicating that some shipping is being redirected.

    The disruption followed explosions near Iran’s Qeshm Island on Thursday evening, which the semi-official Fars news agency linked to reported military strikes. Brent crude surged almost 4% in the previous session before extending gains on Friday.

    Diplomatic Tensions Continue to Influence Markets

    Political developments remained mixed. Iranian Parliament Speaker Mohammad Bagher Ghalibaf criticised the United States, writing on X that “using bullying + broken promises + fake news as leverage is a failed strategy,” describing Washington’s approach as “theater diplomacy.”

    Mohit Kumar, an analyst at Jefferies, said investors could become “desensitized to the Middle East, as long as oil stays around of below $80,” arguing that broader market fundamentals remain supportive thanks to a resilient US labour market and strong global liquidity.

    However, Kumar identified higher US government bond yields as the primary concern, calling 10-year Treasury yields near 4.70% the “biggest worry.” He noted that oil prices between $75 and $80 remain around 25% to 30% above pre-conflict levels, warning this would “feed into inflation globally.”

    He also suggested that a potential agreement between Iran and Oman over shipping in the Strait of Hormuz would be unlikely to satisfy Washington because it would effectively hand Iran greater control over the strategic waterway. Referring to reports that Tehran wants to restrict US and Israeli vessels from using the strait, Kumar said “we are still some distance from a deal.”

    Reuters separately reported that any reopening of the Strait of Hormuz may require concessions from Washington, as the United States opposes any arrangement granting Iran control or the right to collect transit fees, while Tehran continues to insist on retaining influence over the route.

    Meanwhile, US President Donald Trump acknowledged that certain American weapons stockpiles were “a little bit tighter” than others, while dismissing reports that the ongoing five-month conflict had significantly depleted US military supplies. His comments followed media reports, denied by the White House, that he had questioned Defence Secretary Pete Hegseth over ammunition levels.

    Lloyds Reports Slower UK House Price Growth

    In the UK, Lloyds’ latest House Price Index showed property prices were unchanged in July after rising 0.2% in June. The average UK home was valued at £299,253, while annual house price growth slowed to 0.1%, the weakest reading since November 2023.

    “The UK housing market remained steady in July, with the average property price effectively unchanged over the month,” said Amanda Bryden, Head of Mortgages at Lloyds. She added that mortgage rates “have edged higher again after easing earlier in the summer” following the recent escalation in Middle East tensions.

    Oil and Gold Extend Gains

    Oil prices continued to move higher, with Brent crude rising 0.70% to $83.08 a barrel and US West Texas Intermediate adding 0.36% to $77.57.

    Safe-haven demand also lifted precious metals. Gold futures climbed 1.04% to $4,345.47 an ounce, while spot gold gained 1.1% to $4,286.50.

    UK Corporate News

    • JD Sports (LSE:JD.) has appointed former IKEA chief executive Peter Agnefjäll as its new chair, with the appointment taking effect on 1 September.
    • Goodwin (LSE:GDWN) is in discussions over the sale of its defence business following order delays, according to a report by the Financial Times.

  • Amaroq Begins Maiden Drilling at High-Grade Minturn Prospect in Northwest Greenland

    Amaroq Begins Maiden Drilling at High-Grade Minturn Prospect in Northwest Greenland

    Amaroq Ltd. (LSE:AMRQ) has commenced its first diamond drilling programme at the Minturn iron-copper-gold prospect in Inglefield Land, Northwest Greenland, marking the initial effort to test the mineralised system below surface. The campaign follows encouraging surface sampling completed in 2025, which returned iron grades of up to 69.5% Fe. The company is targeting what it believes to be Greenland’s strongest regional magnetic anomaly, associated with a magnetic body extending for around nine kilometres within a broader 80-kilometre mineralised corridor.

    Drilling to Accelerate Understanding of Mineral System

    Amaroq has opted to prioritise drilling ahead of previously planned ground geophysical surveys in order to overcome the logistical challenges of operating in the remote region and obtain direct geological information more quickly. The initial drill holes are designed to evaluate both the high-grade iron mineralisation and the associated copper and gold potential. Results will be combined with existing geophysical datasets to refine the geological model, assess the scale of the mineral system and determine whether it shares characteristics with IOCG or Kiruna-style deposits, helping to guide future exploration across the project.

    Exploration Expands Company’s Greenland Strategy

    The Minturn programme represents an important step in Amaroq’s strategy to expand exploration activities into northern Greenland while building technical knowledge and operational experience in the region. The work also supports the company’s broader objective of developing a diversified portfolio of mineral assets across Greenland, strengthening its long-term growth pipeline beyond its existing mining operations.

    About Amaroq Ltd.

    Amaroq Ltd. is an independent mining company focused on the exploration, development and production of gold and strategic metals in Greenland. Its flagship asset is the producing Nalunaq Gold Mine in southern Greenland, while its wider exploration portfolio includes projects targeting gold, copper, nickel, rare earth elements, zinc, lead, silver, germanium and gallium across South and West Greenland, in addition to the Minturn iron-copper-gold prospect in the country’s northwest.

    The company is working to establish an integrated mining business in Greenland through investments in mining services and infrastructure, including its Suliaq logistics business and Imeq ApS, Greenland’s first privately developed hydroelectric project. Amaroq is listed on the London Stock Exchange and Nasdaq Iceland under the ticker AMRQ, and also trades on the OTCQX market in the United States under the symbol AMRQF.