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Financial Results
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| Period ended June 30, 2026 | Six months | Six months | ||
| 2026 | 2025 | |||
| $ | $ | |||
| Financial Results | ||||
| Revenue | 56,242,392 | 3,445,308 | ||
| Cost 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) | 1,718,627 | ||
| Interest income | 298,425 | 120,243 | ||
| Gardaq project management fees | 1,343,356 | 1,257,538 | ||
| Gain on lease modification | – | 30,543 | ||
| Gain (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) |
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Financial Position
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| Financial Position | As at | |
| June 30, 2026 | June 30, 2025 | |
| $ | $ | |
| Financial Position | ||
| Cash | 28,545,651 | 86,010,495 |
| Investment in equity-accounted joint arrangement | 20,570,144 | 14,188,105 |
| Total assets | 426,785,071 | 342,020,663 |
| Total current liabilities | 37,638,520 | 60,170,699 |
| Total non-current liabilities | 94,595,667 | 8,075,788 |
| Shareholders’ equity | 294,550,884 | 273,774,176 |
| Working capital (before loan payable) | 39,693,762 | 99,470,230 |
| Working capital (loan payable included) | 39,693,762 | 59,221,096 |
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Enquiries:
Amaroq Ltd. C/O
Ed Westropp, Chief Corporate Development and Strategy Officer
+44 (0)7385 755711
[email protected]
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Canaccord Genuity Limited (Corporate Broker)
James Asensio
Rory Blundell
Harry Rees
+44 (0) 20 7523 8000
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Citigroup Global Markets (Corporate Broker)
Andrew Miller-Jones
David Herring
+44 (0) 207 986 3463
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Panmure Liberum Limited (Corporate Broker)
Scott Mathieson
Piers Shimwell
+44 (0) 20 7886 2500
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Camarco (Financial PR)
Elfie Harkell
Fergus Young
+44 (0) 20 3757 4980
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Further Information:
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About Amaroq
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Amaroq’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.
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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.
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The Company is listed on the LSE and Nasdaq Iceland under the ticker AMRQ, and on OTCQX under AMRQF.
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Glossary
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| Au | gold |
| g | grams |
| g/t | grams per tonne |
| km | kilometres |
| koz | thousand ounces |
| m | meters |
| MRE3 | Mineral Resource Estimate 2022 |
| MRE4 | Mineral Resource Estimate 2024 |
| oz | ounces |
| t | tonnes |
| t/d | Tonnes per day |
| t/m3 | tonne per cubic meter |
| USD/ozAu | US Dollar per ounce of gold |
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Inside Information
This 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”).
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Qualified Person Statement
The 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.
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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.
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English (US)