- Amaroq Ltd. Npv (DI)
- 26 March 2026 11:42:53
Source: Sharecast
Revenue for the year ended 31 December totalled CAD 27.0m (£14.61m), generated from gold sales of 5.31koz, compared with no revenue in 2024.
The AIM-traded group recorded a gross profit of CAD 11.1m but posted a net loss of CAD 18.6m, narrower than the CAD 23.5m loss a year earlier, as exploration and administrative costs remained elevated.
“2025 was a decisive year for Amaroq and I am very pleased with the progress made throughout the period; completing the phase one commissioning at our Nalunaq gold mine and achieving our year end production guidance of 6-7koz of gold,” said chief executive Eldur Olafsson.
Total gold production reached 6.35koz for the year, in line with guidance, as the company completed 97% of phase one development and transitioned Nalunaq to a fully owner-operated mining model, which it said improved productivity.
Capital assets increased to CAD 252.7m at year-end, while total assets rose to CAD 354.5m and shareholders’ equity to CAD 280.1m.
Cash declined to CAD 21.5m from CAD 45.2m at the end of 2024, reflecting ongoing investment, while inventory increased to CAD 25.6m.
The company completed an oversubscribed CAD 83m fundraise in June and expanded its asset base through the acquisition of the Black Angel mine and Kangerluarsuk licences, forming its West Greenland hub.
Exploration results during the year highlighted high-grade mineralisation at the Nanoq project and strong assay results at Black Angel, including zinc, lead and silver grades with indications of additional strategic metals.
Amaroq said it was finalising an agreement to double its revolving credit facility to $70m from $35m, with a lower interest margin expected to reduce funding costs.
It said it had also advanced plans to secure $20m to $35m of external equity funding for its Suliaq services and logistics subsidiary, with EIFO expressing preliminary, non-binding interest.
Looking ahead, the company reiterated 2026 production guidance of 25-35koz of gold, with output expected to be weighted towards the second half as phase two flotation recovery was introduced.
Gold production so far in 2026 was in line with expectations and within first-half guidance of 7-10koz.
Full-year cash costs were forecast at $44m to $47m, with all-in sustaining costs of $69m to $73m.
“We have started 2026 with momentum and confidence - our strategy is clear; deliver strong gold production at Nalunaq as it enters its first year of steady state production and unlock the resource potential across our portfolio of gold and strategic mineral assets in South and West Greenland,” Olafsson said.
At 1117 GMT, shares in Amaroq were down 1.56% at 94.5p.
Reporting by Josh White for Sharecast.com.
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