Amaroq’s 100%-owned, high-grade Nalunaq Gold Mine entered production in late 2024, and achieved gold production of 6.35koz in 2025 during the trial mining phase. Gold production gudiance for 2026 is 25 to 35koz, with production expected to be weighted towards the second half of 2026, following commissioning of the flotation circucuit, which is anticipated to increase overall gold recoveries from a range of 50–70% to approximately 90–95%.

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.