2025 full year financial results
Amaroq transitions from developer to producer as Nalunaq ramp-up meets 2025 targets and sets aggressive 2026 growth.
The most recent news (March 26, 2026) details the FY 2025 financial and operational results. Amaroq achieved its production guidance of 6-7koz gold (actual 6.35koz) and generated its first significant revenue of $27 million. The company is doubling its revolving credit facility with Landsbankinn from USD 35M to USD 70M. For 2026, the company guided to a significant production jump to 25-35koz gold, with AISC targeted at USD 1,250-1,450/oz by Q4 2026. Exploration remains a massive focus with a base budget of USD 11M, scalable to USD 29M.
The news is Routine - Positive. While the financial results and production meet the high end of previous expectations, they were largely pre-announced in the February 25 guidance and January production updates. - Operational De-risking: Achieving the 300 t/d throughput target by year-end 2025 validates the Phase 1 processing plant. - Financial Flexibility: Doubling the credit facility to USD 70M provides a necessary cushion for the Phase 2 flotation circuit installation (H2 2026) and aggressive exploration without immediate dilutive equity raises. - Growth Trajectory: The 2026 guidance (25-35koz) represents a 4x-5x increase in production, which is material but expected for a ramping mine. - Strategic Shift: The voluntary delisting from the TSX-V (completed March 19) and the move toward the LSE Main Market signals a shift toward larger institutional European and Icelandic pools of capital.
Amaroq is the leading mining company in Greenland. Its flagship is the Nalunaq Gold Mine, a high-grade (14-15 g/t) past-producing mine. The company uses a phased approach: Phase 1 (Gravity circuit) is complete; Phase 2 (Flotation) is underway. Beyond gold, the company holds a massive portfolio of strategic metals (Copper, Nickel, REEs) through its 51%-owned Gardaq JV and 100%-owned West Greenland Hub (Black Angel).