Q2 2026 Operational and Financial Results

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(LSE, NASDAQ Iceland: AMRQ, OTCQX: AMRQF), an independent mine development company focused on unlocking Greenland’s mineral potential, is pleased to announce its Q2 2026 Financial Results. All dollar amounts are expressed in Canadian dollars unless otherwise noted.A virtual presentation for investors and analysts will be held this morning at 09:00am GMT (Iceland) / 10:00am BST (UK time), with a recording of the meeting available on the website thereafter.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againTo register for the webcast, please click on the following link:Eldur Olafsson, CEO of Amaroq, commented: “I am very pleased to announce that in the first half of 2026, production at Nalunaq was above the mid point of the guidance range for H1 2026 and current trading supports my confidence that we remain well set to deliver within our guidance range for the full year. We also successfully completed and commissioned the flotation circuit in June 2026, which marks an important step-change in the mine’s operating capability and recoveries. In parallel, we continue to advance our exploration portfolio, commencing the 2026 field season, our most extensive to date, with drilling at the Ilua Pegmatite REE prospect, and following the period end, we are now well underway at the high-grade Minturn prospect, and at our future gold project Nanoq, where resource drilling operations started earlier this week. “Alongside this strong operational progress, post-period we completed our transition to the Main Market of the London Stock Exchange, broadening our access to international capital markets and indexation. We have made a strong start to Q3 2026, in terms of production and recoveries, with Nalunaq now moving into its next phase of ramp-up. With significant opportunities across gold, strategic minerals and infrastructure, Amaroq is well positioned as we continue into the second half of the year and I very much look forward to updating the market on our continued progress.” Q2 2026 Financial Highlights Revenue of $37.3 million (H1 2026: $56.2m) from total gold sales of 5,640 oz (H1 2026: 8,610 oz) at an average gold price of USD 4,678 per/oz (H1 2026: USD 4,696).Gross profit of $25.0 million (H1 2026: $34.9 million) and net profit of $11.1 million (H1 2026: $13.6 million).Capital assets of $298.5 million as at June 30, 2026 ($275.4 million as at March 31, 2026).Gold inventory of $24.4 million as at June 30, 2026 ($20.3 million as at March 31, 2026).Cash balance of $28.5 million as at June 30, 2026 ($8.8 million as at March 31, 2026).On April 30, 2026, Amaroq secured a Revolving Credit Facility (RCF) with Landsbankinn and Gunvor Group with increased capacity of US$70 million, replacing its existing US$35 million RCF while reducing funding costs.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.Q2 2026 Operational Highlights Nalunaq produced a total of 5,363 oz of gold (H1 2026: 8,985 oz), with average feed grade of 22.2 g/t (H1 2026: 19.8g/t1) and gold recoveries of 67% (H1 2026: 63%), in line with the planned gravity recovery and commissioning of the flotation circuit in June 2026.Final construction and commissioning of the flotation recovery circuit at Nalunaq was completed on schedule. As the flotation circuit is commissioned and ramps up, overall gold recovery is expected to increase from a range of 50-70% under the gravity-only circuit to a run rate of approximately 90-95%.In June 2026, drilling commenced at the Ilua Pegmatite rare earth element (“REE”) prospect, within the Nunarsuit licence area in South Greenland, held within the Gardaq A/S Joint Venture.On June 25, 2026, wholly owned subsidiary Suliaq Maritime ApS acquired the icebreaker, Thorbjorn, currently moored in Svendborg, Denmark.On July 13, 2026, GCAM LP and Amaroq entered into a subscription agreement with Gardaq A/S to provide further funding to support Amaroq’s 2026/27 exploration programme and related activities, specifically the high impact Ilua Pegmatite REE prospect, drilled in June and July 2026, and the Minturn prospect, a potential large scale IOCG project, in the northwest of Greenland.On July 16, 2026, the Company published high-grade underground drilling results from the ongoing resource definition and production support drilling programme at Nalunaq, confirming the high-grade nature of the Nalunaq Main Vein, within the Mountain Block and further reinforcing confidence in the near- and medium-term production profile.On July 29, 2026, Amaroq published an updated Mineral Resource Estimate (“MRE5”) for Nalunaq, indicating over 500 koz at 30.35 g/t Au, a 10.6% increase in Indicated Gold Resources and a full Competent Persons Report for Nalunaq and the rest of the Amaroq Greenland portfolio.On July 31, 2026, the Company’s shares were admitted to trading on the Main Market of the London Stock Exchange and de-listed from trading on AIM.On July 31, 2026, Sigurbjorn (Siggi) Thorkelsson was appointed non-executive Chairman of the Company. Graham Stewart, who has served as Chairman for the past seven years, remains on the Board as a non-executive director, ensuring continuity.Also on July 31, 2026, Annette Brøndholt, Jorunn Johanne Sætre and Teitur Poulsen were appointed as independent non-executive directors of the Company. David Neuhauser retired from the Board with effect from 21 July 2026.The Nanoq future gold project in southern Greenland commenced resource drilling in August 2026 and at Minturn, the high-grade Iron ore and potential IOCG prospect, started drilling operations in August 2026.2026 guidance vs H1 actuals performance table: Guidance for FY 2026H1 2026 actuals2026 gold production25 to 35 koz8.99 koz (H1 2026 guidance: 7 to 10 koz)Average feed grade (g/t)14 to 15 g/t19.8 g/tGold recovery (%)50-70%63%Nalunaq cash costUSD 44 to 47mUSD 21.2mNalunaq AISCUSD 69 to 73mUSD 34.1mThe Company reiterates FY2026 gold production guidance of 25 to 35 koz. Production to date in Q3 2026 has been in line with Management’s expectations, as well as full year Nalunaq AISC cost guidance of USD 69 – 73 million.The Company’s operational focus for H2 2026 at Nalunaq remains on ramping up mining and processing activities, optimising the recently commissioned flotation circuit and achieving steady state gold production for the full year.Exploration will continue to be a strategic priority in H2 2026. The programme will focus primarily on resource drilling at Nanoq, advancing the West Greenland Hub portfolio, and progressing activities within the Gardaq Joint Venture. Initial results from the Minturn prospect and Illua Pegmatite REE prospect are expected before year end.The Company will continue to provide updates on the progress of the Suliaq service and logistics company, as it advances towards operational launch, advances its previously announced financing and expands its service offering.Nalunaq Operations OverviewThroughout the first half of the year, the Company continued underground mine development and process plant commissioning efforts at Nalunaq.During Q2 2026, the primary focus remained on completion of Phase 2 construction and commissioning of the flotation circuit at the processing plant. Construction was completed at the end of May 2026 and subsequent commissioning of the flotation circuit took place thereafter. First flotation concentrate was produced in June 2026, marking a significant operational milestone of the transition from a gravity-only recovery circuit to a combined gravity plus flotation flow sheet. Overall gold recoveries in July 2026 have already reached ~90%, within the target 90-95% recovery range, as the flotation circuit reaches steady-state operation, up from the historical 50–70% range under gravity-only recovery.The Company completed the commissioning of its underground mining fleet during Q2 2026 and continued development activities within the Mountain Block, developing up to the 816 level and opening up additional ore faces for H2-26. During H1 2026, a total of 21,847 ore tonnes were mined, and 43,568 tonnes of waste were moved. Ore tonnes mined in Q2 2026 (10,727t) were broadly consistent with Q1 2026 (11,120t). In H1 2026, alongside the mining and development activities, the focus was on hiring equipment and spares alongside building up warehousing and human resource capital to increase throughput sequentially during H2 2026.Gold Exploration Projects in Q2 2026 At Nalunaq, alongside finalisation of MRE5, incorporating updated mine reconciliation data, a new programme of surface sampling was undertaken, with a dedicated mountaineering team transecting the Main Vein and the 75 Vein, taking channel samples from the 804 Level up to the 996 Level. This data will be important in providing additional grade confidence to the Nalunaq mine in the immediate to near term. The team will continue to work up dip on the North surface of Nalunaq mountain, thereby continuing to derisk future areas of the Mountain Block.At Nanoq, the exploration and logistics teams returned to site to assess the camp and equipment after the winter and updated plans ahead of commencement of the 2026 field season. Following this, the camp reconstruction has commenced, and the drilling team returned in late July, with drilling commencing post period end on 11 August 2026. Across the Satellite projects, the same mountaineering team working at Nalunaq, has been conducting additional surface sampling at Q-North ridge in a difficult to access area. This programme aims to help define the targets ahead of potential drilling either later in 2026 or 2027.Strategic Minerals Projects in Q2 2026 (51% ownership through Gardaq Joint Venture) At the Ilua Pegmatite Zone, a dedicated exploration team have been conducting detailed mapping and drone surveys of the zone extending across a strike of up to 11km. This programme includes individuals from the University of St Andrews who are experts in the geology and mineralisation of the Gardar Province. Following completion of these activities, a core drilling programme commenced with 699m completed in the reporting period. Final logistical planning and procurement has been underway ahead of the Minturn exploration programme.West Greenland Hub Amaroq has held a series of internal and external strategy meetings to discuss the direction and 2026 objectives for the exploration and development of the Black Angel Pb, Zn, Ag, Ge, Ga project within the West Greenland Hub and will be actioning this during Q3 2026. A further update on development plans for the Maarrmorilik project (the new name for the development project which incorporates the past producing Black Angel mine and surrounding prospectivity) will be articulated during Q4 2026.SuliaqIn 2025, the Company announced the establishment of Suliaq ApS (“Suliaq”), a dedicated services company formed to provide essential services, supplies, and supporting assets to Greenland’s rapidly expanding mining sector. Suliaq’s strategic focus encompasses mining services, maritime operations, logistics, infrastructure, consumables, and support for exploration activities. Relevant to the H1 2026 performance, the initial delay at the Minturn drilling campaign has further illustrated the logistical complexity of operating in Greenland and highlights the need for Suliaq to provide essential support in the face of logistical and weather-based challenges such as those faced at Minturn and significantly derisk our transit processes for shift changes for Nalunaq, minimising future downtime.In June 2026, Suliaq Maritime ApS was formed as a wholly owned subsidiary to Suliaq, set up specifically to own and operate the maritime equipment and vessels of the Suliaq portfolio. On 25 June 2026, Suliaq Maritime ApS acquired the icebreaker, Thorbjorn, currently moored in Svendborg, Denmark. The Company will continue to provide updates as Suliaq advances towards operational launch, secures additional financing and expands its service offering.Period ended June 30, 2026 Six months Six months 2026 2025 $ $Financial Results Revenue 56,242,392 3,445,308Cost of Sales (19,789,621) (3,874,670)Selling, refining and royalty costs (1,547,587) (196,203)Exploration and evaluation expenses (2,693,754) (725,983)General and administrative expenses (13,711,644) (9,456,038)Depreciation and amortization (758,764) (61,120)Foreign exchange gain (loss) (2,622,025) 1,718,627Interest income 298,425 120,243Gardaq project management fees 1,343,356 1,257,538Gain on lease modification – 30,543Gain (loss) on liability derecognition 203,113 (307,263)Impairment of related party receivable (591,528) –Share of net losses of joint arrangement (1,560,887) (714,208)Finance costs (1,227,611) (1,281,497)Net income (loss) and comprehensive income (loss) 13,583,865 (10,044,723)Basic earnings (loss) per common share 0.029 (0.025)Diluted earnings (loss) per common share 0.029 (0.025)Financial PositionAs at June 30, 2026June 30, 2025 $$Financial Position Cash28,545,65186,010,495Investment in equity-accounted joint arrangement20,570,14414,188,105Total assets426,785,071342,020,663Total current liabilities37,638,52060,170,699Total non-current liabilities94,595,6678,075,788Shareholders’ equity294,550,884273,774,176Working capital (before loan payable)39,693,76299,470,230Working capital (loan payable included)39,693,76259,221,096Enquiries:Amaroq Ltd. C/O Ed Westropp, Chief Corporate Development and Strategy Officer +44 (0)7385 755711ewe@amaroqminerals.comCanaccord Genuity Limited (Corporate Broker)James AsensioRory BlundellHarry Rees+44 (0) 20 7523 8000Citigroup Global Markets (Corporate Broker) Andrew Miller-JonesDavid Herring+44 (0) 207 986 3463Panmure Liberum Limited (Corporate Broker)Scott MathiesonPiers Shimwell+44 (0) 20 7886 2500Camarco (Financial PR)Elfie HarkellFergus Young +44 (0) 20 3757 4980Amaroq’s focus is the identification, acquisition, exploration and development of gold and strategic metals in Greenland. The Company’s principal asset is the 100% owned and operated, producing Nalunaq Gold mine.Amaroq’s significant exploration portfolio includes opportunities in gold, copper, nickel, and rare earth elements across South Greenland as well as zinc, lead, silver, germanium and gallium at its West Greenland Hub centred on the past-producing zinc-lead-silver mine at Maarrmorilik and the nearby Kangerluarsuk exploration licence, and the Minturn Iron Oxide Copper Gold prospect in northwest Greenland. The Company’s strategy is to unlock the resource potential in Greenland through the continued exploration and development of its wider portfolio, while building a responsible, full-cycle mining company, including through its Suliaq subsidiary, which provides mining services and logistics capabilities for Greenland’s developing mining sector, and Imeq Aps, Greenland’s first private hydroelectric project.The Company is listed on the LSE and Nasdaq Iceland under the ticker AMRQ, and on OTCQX under AMRQF.Augoldggramsg/tgrams per tonnekmkilometreskozthousand ouncesmmetersMRE3Mineral Resource Estimate 2022MRE4Mineral Resource Estimate 2024ozouncesttonnest/dTonnes per dayt/m3tonne per cubic meterUSD/ozAuUS Dollar per ounce of goldInside InformationThis announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No. 596/2014 on Market Abuse (“UK MAR”), as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, and Regulation (EU) No. 596/2014 on Market Abuse (“EU MAR”).Qualified Person StatementThe technical information presented in this press release has been approved by James Gilbertson CGeol, VP Exploration for Amaroq and a Chartered Geologist with the Geological Society of London, and as such a Qualified Person as defined by NI 43-101.1 As a result of reconciliation of production data and implementation of a refined methodology for calculating recoveries, the processed grade for Q1 2026 was refined to 17.6 g/t, from 19.9 g/t and recoveries to 58%, resulting in a slightly adjusted gold production of 3,620 from the reported 3,694 in Q1 2026.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. 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