Amaroq reports higher revenue, progress at Nalunaq
By Josh White
Date: Friday 14 Nov 2025
(Sharecast News) - Amaroq reported higher revenue and accelerating operational progress at its Nalunaq gold project in the third quarter, as the Greenland-focused miner lifted its full-year production outlook and advanced a wide pipeline of critical-minerals exploration assets.
The AIM-traded group generated revenue of CAD 12.8m (£6.93m) in the three months to September, reflecting gold sales of 2,636 ounces, after commissioning work at Nalunaq boosted production to 3,536 ounces during the quarter.
Across the first nine months of 2025, Amaroq produced 4,347 ounces and sold 3,360 ounces for proceeds of CAD 16.3m.
The firm reported a gross profit of CAD 5.9m but posted an operating loss of CAD 3.8m owing to spending on general and administrative functions and exploration, particularly at the Nanoq gold project.
Chief executive Eldur Olafsson said commissioning progress at the wholly owned Nalunaq mine had been "significant" since the first gold pour in late 2024.
He highlighted that production reached around 5,000 ounces by October, ahead of the planned shutdown for final commissioning work.
"In October, ahead of the planned shut-down of operations, gold production had already reached approximately 5,000 ounces, in line with our revised 2025 production guidance," he said.
"With the shutdown period now complete, and following the restart of operations, we now expect 2025 full year gold production to be 6,000 to 7,000 ounces."
Olafsson added that Amaroq had completed the transition to an owner-operated mining model and was preparing the site for phase two construction, which is due to finish in the first quarter of 2026.
"With completion of phase one works and all critical path items for the delivery of phase two, on schedule to be in place during the first quarter of 2026 on an estimated cost-to-complete of CAD 6.5m, we are now focused on reaching milling capacity by the end of the year, to ensure we can maximise gold production and cash-flows in 2026," he said.
He also pointed to encouraging developments across the company's critical minerals portfolio, including the discovery of conventional rare earths at Nunarsuit and new copper-gold finds near Nalunaq.
The company recently confirmed high-grade zinc, lead and silver mineralisation at the Black Angel project, along with commercially relevant levels of germanium and gallium.
Olafsson said these findings "will add a very interesting commercial and strategic angle to the re-start of the Black Angel mine."
As at 30 September, Amaroq held CAD 55.3m in cash and total liquidity of CAD 45.4m for its gold business.
Working capital stood at CAD 76.9m before debt.
The group also completed a shift to owner operation at Nalunaq, installed major plant infrastructure, progressed drilling across multiple licences and advanced early-stage exploration at targets including Stendalen and Minturn.
Post-quarter events included the launch of Single Mine Origin gold sales in Greenland, a streamlining of its securities structure in Iceland, multiple new high-grade gold discoveries across the country and confirmation of the Black Angel acquisition.
The planned commissioning shutdown at Nalunaq was completed on 14 November.
Olafsson said Amaroq's position heading into next year had strengthened materially.
"Amaroq is in a strong position as we head towards 2026 with a robust financial outlook from production operations and a project pipeline which will deliver value enhancing opportunities across the decade, funded by positive cash flow from Nalunaq," he said.
Amaroq reiterated that phase two construction at Nalunaq will continue through the first quarter, enabling commissioning of the flotation circuit immediately afterwards.
The company will hold a conference call for analysts and investors at 09:00 GMT.
At 1320 GMT, shares in Amaroq were down 0.34% at 93.88p.
Reporting by Josh White for Sharecast.com.
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