Amaroq Delivers First Gold Revenue Year and Accelerates Greenland Growth Strategy

An update from Amaroq Ltd. ( (DE:Q11) ) is now available.

Amaroq reported its first year of material revenue in 2025, generating CAD 27 million from 5.31 thousand ounces of gold sales and achieving full-year production of 6.35 thousand ounces in line with guidance, while still posting an operating loss of CAD 18.2 million as it ramps up Nalunaq. The company strengthened its balance sheet with an oversubscribed CAD 83 million equity raise, significant capital deployment into assets, and acquisitions of the Black Angel mine and Kangerluarsuk licences to build a West Greenland Hub.

Operationally, Amaroq completed 97% of Phase 1 development and commissioning at Nalunaq, transitioned to a fully owner-operated underground mining model that has boosted productivity, and delivered high-grade drilling results at both Nalunaq and Nanoq, underscoring the potential scale and quality of its resource base. Post year-end, it secured key regulatory milestones for Nalunaq, outlined a 2026 production target of 25–35 thousand ounces with lower anticipated unit costs as Phase 2 flotation comes online, expanded exploration plans across its Greenland portfolio, and advanced a substantially larger, lower-margin loan facility and financing options for services arm Suliaq ApS to support broader mining infrastructure in Greenland.

More about Amaroq Ltd.

Amaroq Ltd. is a Greenland-focused mining company listed in London, Iceland and on OTC markets, with core activities in gold production and exploration alongside base and critical metals. Its flagship asset is the Nalunaq gold mine, complemented by the West Greenland Hub centred on the Black Angel zinc-lead-silver mine, as well as projects such as Nanoq, Minturn IOCG, Ilua REE and other regional targets.

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