Amaroq reports maiden revenue, commissioning progress at Nalunaq

Amaroq reported maiden revenue and strong commissioning progress at its Nalunaq gold mine in Greenland on Thurdsay, alongside a significant equity raise and strategic acquisitions to expand its operations.

For the three months ended 30 June, the company said it generated CAD 3.4m (£2.5m) from the first commercial sale of gold doré bars, following shipments totalling 808 ounces of gold.

Average processing throughput in the quarter was 3.6 times higher than in the first three months of the year, while ore production rose 2.6 times.

The company ended the period with liquidity of CAD 75m, including CAD 86m in cash, boosted by an oversubscribed £45m equity raise in June.

Proceeds would also support the acquisition of the West Greenland Hub, comprising the past-producing Black Angel mine and Kangerluarsuk licences.

“By the end of the second quarter of 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 CAD 3.4m,” said chief executive Eldur Olafsson.

“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 two -systems.

“Once completed, the processing facility will be calibrated to higher recovery rates, enabling higher cash generation from the facility.”

The company said the phase two work, scheduled for the second half, would require a short processing shutdown but mining will continue, with full-year production now targeted at around 5,000 ounces.

The plant remained on track to reach its nameplate capacity of 300 tonnes per day by year-end.

Amaroq said it also advanced seasonal exploration programmes across its gold and strategic mineral assets, including multi-rig drilling at Nalunaq and Nanoq.

Post-period, the company began its 2025 exploration campaign, changed its name from Amaroq Minerals to Amaroq Limited, and started trading on the OTCQX in the US.

In parallel, the company said it was developing associated business lines, including Suliaq ApS, a mining services joint venture with JLE Group, and IMEQ ApS, a planned hydroelectric venture to power Nalunaq from 2026.

It also extended the deadline for its impact benefit agreement with Greenland’s government and Kommune Kujalleq to 31 December, saying that would not affect current or planned operations.

At 1107 BST, shares in Amaroq were down 5.31% at 70.54p.

Reporting by Josh White for Sharecast.com.