Amaroq Ltd (LON:AMRQ, TSX-V, NASDAQ Iceland: AMRQ, OTCQX: AMRQF), an independent mine development corporation focused on unlocking Greenland’s mineral potential, has announced its Q2 2025 Financial Results. All dollar amounts are expressed in Canadian dollars unless otherwise noted.
A remote presentation for analysts and investors will be held later today at 9:30am BST, details of which can be found further down in this announcement.
Eldur Olafsson, CEO of Amaroq, commented:
“I am pleased to report good progress across all of the commissioning activities at our Nalunaq mine, as we continued the trial mining, on-going construction and commissioning of the processing plant, development of essential infrastructure, as well as stabilization of process plant operating activities. By the end of Q2-25, we had reached two significant milestones, with the first shipment and export of gold doré bars and the associated maiden revenue from operations of C$3.4 million. In terms of commissioning progress, I am very encouraged that in Q2-25, we achieved an average of 3.6x more processing throughput versus Q1-25 and mining ore production was 2.6x better in Q2-25 versus Q1-25. I am pleased to note that this trend has continued in the third quarter, with a further 36kg of doré bars in the safe at site, at the time of writing.
“In June 2025, we successfully completed an oversubscribed and upsized £45 million equity fundraise, following significant reverse interest from international institutional investors. Alongside the fundraise we announced the acquisition of the West Greenland Hub, a new mining province for the Company in Greenland. The West Greenland Hub contains the previously producing Black Angel mine and Kangerluarsuk licences and crystallises our position as the largest acreage holder in Greenland, as well as geographically diversifying our operations into this highly prospective new area in the north west of Greenland.
“With good commissioning progress to date, coupled with the flexibility provided by the enhanced liquidity position following the upsized fundraise; management have decided to bring forward certain construction and commissioning activities for the installation of the flotation recovery (Phase 2) systems, into Q3 and Q4 2025. This will require a period of shut down at the processing facility to accommodate these activities but will enable critical work to be completed before winter, when operating conditions are more challenging, however mining will continue as normal. Once completed, the processing facility will be calibrated to higher recovery rates, enabling higher cash generation from the facility, which will be further enhanced once it is running at the nameplate throughput of 300 t/d, which remains our target by year end 2025. The additional proposed construction and commissioning activities in Q3 and Q4-25 means we are targeting production for the year of approximately 5koz of gold for the full year 2025.
“During the Period, we also completed the planning and scheduling for all of our seasonal exploration field work activities across the gold and strategic mineral asset base, this includes a comprehensive, multi-rig drilling programme at Nalunaq, targeting continued resource expansion, with up to 3,500 metres of surface drilling and near-continuous underground drilling planned, as well as at Nanoq, the analogous gold prospect east of Nalunaq within the Nanortalik gold belt, with approximately 5,000 metres of core drilling to advance towards a maiden Mineral Resource Estimate, as well as operations to expand our understanding across existing and new satellite gold targets within the Nanortalik gold belt.”
Q2 2025 Corporate Highlights
- Maiden revenue of $3.4 million in Q2 2025, following the first commercial sale of gold doré bars from the Nalunaq mine.
- Successfully completed an oversubscribed and upsized equity fundraise in June 2025, raising gross proceeds of approximately £45.0 million.
- In June 2025, Amaroq announced the proposed acquisitions of the past producing Black Angel mine and Kangerluarsuk licences to create a West Greenland Hub.
- In May 2025, Amaroq signed a non-binding heads of terms with JLE Group Ltd to establish a special purpose vehicle and create a joint venture company to be called Suliaq ApS, dedicated to the provision of essential services, supplies and supporting assets to Greenland’s growing mining sector and wider economy.
- Amaroq group liquidity of $75.0 million, at period end, consisting of cash balances of $86.0 million, an undrawn revolving credit facility of $8.9 million less trade payables of $19.8 million ($23.4 million as at 31 March 2025).
Q2 2025 Operational Highlights
- Completion of first commercial shipments and export of doré bars containing 808 ounces of gold.
- Gold doré bars containing 724 ounces of gold were shipped to a refinery facility in Switzerland, and subsequently sold to Auramet for gross proceeds of $[3.4] million.
- The Company further shipped 84 ounces of gold to a specialised refinery in the UK for further refining and accreditation as Single Mine Origin (“SMO”) gold, which will be available for purchase by the local Greenlandic population and jewellery makers.
- In May 2025, Amaroq announced the results of its successful 2024 exploration results across the Company’s strategic minerals portfolio JV, Gardaq AS.
- Operations at Nalunaq continue to ramp up and remain on track to reach nameplate processing capacity of 300 t/d by the end of the year.
Commissioning and Outlook Highlights
- Significant operational progress throughout Q2-25 has continued into Q3-25.
- With continued up-time in mine development rates and processing throughput of ~145 t/d in July 2025 on a single shift due to continued construction and commissioning work, the Company continues to target a run rate production of 300 t/d by the end of 2025.
- Enhanced liquidity post fundraise has enabled the Company to bring forward certain construction and commissioning activities for the installation of flotation recovery (Phase 2) into the third quarter of 2025, which will require a short period of shut down at the processing facility, however mining will continue as normal.
- Once these activities are completed the processing facility will be calibrated to higher recovery rates, enabling higher cash generation from the facility, which will be further enhanced once it is running at nameplate throughput of 300 t/d.
- As a result of having the flexibility to bring forward this Phase 2 work, and the subsequent period of shut down, the Company is targeting full year production of approximately 5koz for the full year 2025.
Post Period Corporate Highlights
- On 1 July 2025, Amaroq commenced trading on the OTCQX, enabling higher transparency and trading opportunities for investors in the U.S.
- In July 2025, Amaroq commenced its 2025 exploration campaign, one of the most ambitious and wide-ranging programs in Amaroq’s history.
- On 15 July 2025, the Company changed its name from “Amaroq Minerals Ltd.” to “Amaroq Ltd.”
- At Nanoq, a large multi-rig programme was mobilised post period end, with operations commencing in August 2025. This programme will include the construction of a ~40-person camp.
- Post period, Amaroq published its inaugural Sustainability Report, highlighting the Company’s commitment to responsible development across four key areas: corporate governance, our environment, our people, and our community. The report is available on the Company’s website at https://www.amaroqminerals.com/responsibility/#tab-sustainabilityreport .
Services and Renewable Energy business lines
Alongside the Company’s focus on its two key pillars of mining development and exploration, below is an update on the two mining associated business units:
- Suliaq ApS – During Q2-25, the Company incorporated a subsidiary entity called Suliaq ApS in order to create a standalone business which will look to take advantage of the increased interest in mining and infrastructure in Greenland, through the provision of Amaroq’s equipment and services, generating additional revenue. In addition, on 28 May 2025, the Company signed a non-binding head of terms with JLE, whereby JLE will invest £4.0 million, by way of an equity contribution in exchange for a 10% shareholding in the subsidiary company, with Amaroq holding 90%. JLE has the option to increase its investment up to a total of £12.0 million, structured in additional tranches of £4.0 million, which will result in proportional increases in JLE’s equity stake in the company. During the second half of 2025 a Board and management team will be put in place and initial contracts for the rental of equipment and services to third parties and other companies controlled by the Company, will be finalised.
- Renewable energy generation – Power generation and energy provision are some of the most expensive and polluting cost items within remote mining operations. To de-risk the future life of mine at Nalunaq, whilst at the same time investing in technologies to power the future mines, the Corporation is in advanced plans for the construction of at least one mega watt (“MW”) of hydro power, within close proximity of Nalunaq. During the second half of 2025, following the request for the trial pit investigation licence in July 2025, designs will be finalised and tenders for turbine, generator, transformer, powerhouse & penstock will be solicited, ahead of the publication of the prefeasibility report and application for the project to take place within the existing Nalunaq Mine Plan framework by the end of 2025, allowing for construction and power generation in 2026. It is anticipated that by year end 2025, the hydro electric business will be formally incorporated in Greenland, under the name IMEQ ApS.
Strategic Acquisitions and West Greenland Hub
Further to the announcement on 11 June 2025, the Company has signed the asset purchase agreement for the acquisition of the Kangerluarsuk licences from 80 Mile plc (and Disko Exploration Ltd). Preparations for completion are underway. For the Black Angel transaction with FBC Mining (BA) Limited, which includes the former producing mine and associated infrastructure, the parties are progressing the agreed conditions precedent. On completion, these acquisitions will form the West Greenland Hub as previously outlined.
Update on Impact Benefit Agreement
Additionally, the Company provides an update on the progress of the Impact Benefit Agreement (IBA).
Amaroq has been actively working in collaboration with the Government of Greenland and Kommune Kujalleq to advance the IBA. However, due to the Government of Greenland’s need to address competing priorities, and in recognition of these circumstances, an extension of the deadline to 31 December 2025 has been agreed. Amaroq remains fully committed to its collaborative approach to ensure the IBA reflects the shared objectives of all parties. This delay to the formalization of the IBA will not impact current and future operations.
Details of conference call
A conference call for analysts and investors will be held this morning at 9:30am BST, including a management presentation and Q&A session.
To join the meeting, please register at the below link:
https://us06web.zoom.us/j/88070384541
