Amaroq’s 100%-owned, high-grade Nalunaq Gold Mine is transitioning from being a cost centre to a cash generator, and entered production with first gold pour achieved on 27 November 2024.

Overview

The Nalunaq gold mine is located 30 km northeast of Nanortalik, Greenland’s 10th largest town with a population of approximately 1,350. The site benefits from access to ice-free deep-water fjords and is served by Narsarsuaq international airport 100 km to the north, with connections to Copenhagen and Reykjavik.

Amaroq acquired the Nalunaq gold project in 2015 and has made significant progress since this time in expanding the extent of the resource base through drilling, incorporating a new geological model (the Dolerite Dyke model) to better understand the distribution of the high-grade ore, building a new winterized camp to allow full-year activities, and acquiring and otherwise progressing much of the infrastructure required to bring Nalunaq into production.

First gold pour at Nalunaq was achieved on 27 November 2024 and the Company intends to ramp-up production throughout 2025 with the aim of reaching nameplate capacity of 260-300 tonnes per day by Q4 2025.

Reserves and Resources

Mineral Resource Statement for Nalunaq gold deposit, Greenland, as of 28 March 2025

Link to full report here.