Amaroq (AMRQ) Capital Markets Update 2026 summary

Strategic vision and growth outlook

• Targeting a CAD 20 billion unrisked portfolio value, focusing on high-grade, low CapEx assets in Greenland across gold, zinc, lead, silver, rare earths, iron ore, copper, and nickel.

• Five-year roadmap emphasizes ramping up Nalunaq gold production, restarting Black Angel mine, and advancing multiple exploration projects to create a multi-asset production platform.

• Growth strategy leverages operational experience, local partnerships, and infrastructure, with a focus on sustainability and building a Greenlandic legacy.

• Strategic consolidation, opportunistic M&A, and transition to the LSE Main Market are considered to maximize synergies and broaden capital access.

• Capital allocation prioritizes optimization, throughput expansion, and systematic advancement of the project pipeline.

Financial performance and guidance

• Achieved first quarter of net profitability with CAD 2.4 million net income and CAD 18.9 million revenue from gold sales in Q1 2026.

• Expanded revolving credit facility to CAD 70 million (US$70m), significantly increasing liquidity and lowering funding costs.

• Full-year gold production guidance remains at 25,000–35,000 ounces, with AISC targeted at $1,250–$1,450/oz and cash costs of US$44–47m.

• Balance sheet remains strong with a 75% equity ratio and positive operating cash flow, supporting ongoing investments in plant construction and equipment.

• No current dividend strategy; capital is allocated to growth and exploration for the next five years.

Operational execution and project updates

• Nalunaq mine ramping up to 300 tpd, with Phase II flotation commissioning imminent and plans to expand to 450 tpd and potentially 600 tpd, targeting up to 70koz annual gold production.

• Underground drilling at Nalunaq is ongoing to expand resources, with a focus on Main Vein and 75 Vein, aiming to unlock a 2Moz potential.

• Black Angel mine restart targets low-capital pillar mining, with feasibility study update underway and phased development planned for near-term production and regional hub status.

• Exploration portfolio includes district-scale gold (Nanoq, Nanortalik Belt), rare earths (Ilua), iron ore (Minturn), and copper-nickel (Stendalen), with active drilling, resource growth, and staged infrastructure build-out.

• Services (Suliaq) and energy (Imek) subsidiaries established to address Greenland’s infrastructure gaps and lower unit costs, capitalizing on sector growth.