Amaroq Earnings Call Transcripts
Fiscal Year 2026
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H1 2026 saw a surge in revenue and profitability, driven by high-grade gold production and successful ramp-up at Nalunaq. Major investments in plant, equipment, and exploration underpin growth, while expanded credit facilities and a London listing enhance liquidity and market access.
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The company is advancing its Greenland-focused mining portfolio, with Nalunaq gold mine ramping up production and Black Angel mine targeted for phased restart. Major exploration and expansion plans are underway, supported by strong Q1 results and a move to the LSE main market.
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The company is executing a five-year growth strategy focused on unlocking Greenland’s mineral wealth, ramping up gold and zinc production, and expanding its organic growth pipeline. Financial performance is strong, with positive cash flow, robust liquidity, and a diversified funding strategy supporting ongoing exploration and infrastructure investments.
Fiscal Year 2025
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Nalunaq mine achieved first full year of production, with 2026 guidance of 25,000–35,000 ounces and strong cash flow expected. Heavy CapEx and exploration spending were offset by an equity raise and expanded loan facility, supporting accelerated growth and a London main market listing.
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Drilling at Nanoq revealed significant shallow gold mineralization across multiple stacked structures, with strong upside potential and plans for expanded drilling and infrastructure in 2026. Resource estimates and metallurgical studies are underway, aiming to confirm a tier-one asset.
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Gold production guidance was exceeded early, with year-end output now expected at 6,000-7,000 ounces. Strong liquidity supports ongoing development, while operational improvements and new critical mineral discoveries at Black Angel position the company for growth in 2026.
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The conference highlighted a strong operational and financial position, with ongoing gold production, resource expansion, and new project development in Greenland. Key milestones include further drilling, a potential London listing, and the launch of private hydropower, all supported by robust liquidity and a strategic shareholder base.
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Q2 2025 saw first gold revenues of $3.4M, a strengthened balance sheet, and progress on mine ramp-up and construction. Focus remains on reaching 300 tpd processing by year-end, with 5,000 oz gold targeted and major investments in critical minerals, services, and renewables.
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Q1 saw a 51% increase in gold resources and extended mine life at Nalunaq, with construction and commissioning progressing well. Liquidity remains strong, and first revenues were achieved in Q2. 2025 gold production guidance is 5,000–20,000 ounces, reflecting commissioning uncertainties.
Fiscal Year 2024
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First gold was produced at Nalunaq, with resources up 51% to 484,000 ounces and a third now indicated. Year-end liquidity was $69 million, and a 1 MW hydro plant is planned for 2026 to cut costs. Commissioning continues, with production ramp-up and further resource growth targeted.
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Nalunaq mine is ramping up to first gold production with phase I of the processing plant complete, strong liquidity, and off-take agreements secured. Exploration and resource growth continue, with 2026 cash flow projected at $130 million based on current production and cost estimates.
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Production at Nalunaq is set to begin in October, with a rapid ramp-up and phase two construction accelerated due to strong funding and logistics. Major exploration efforts target both gold and strategic minerals, while renewable energy and service initiatives aim to reduce costs and support local communities.