Operational update
Executive Summary
- Production at the Nalunaq gold mine has reached ~5,000 oz to date, running ahead of the revised full‑year 2025 guidance.
- A planned four‑week shutdown beginning mid‑October will complete phase‑1 automation and enable phase‑2 construction (flotation circuit) with restart slated for December 2025.
- 2025 exploration programmes (surface and underground drilling) are finished; assay results are pending and will feed into a Mineral Resource Update expected in Q1 2026.
Key Details
- Operations – Production:
- Double‑shift processing plant implemented ahead of schedule in late Q3 2025.
- Gold output to 7 Oct 2025 ≈ 5,000 oz, aligning with revised full‑year guidance.
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Target nameplate throughput: 300 t/d by year‑end 2025.
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Shutdown & Phase‑1 Completion:
- Shutdown for commissioning activities to start in the third week of Oct 2025; estimated duration four weeks.
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Post‑shutdown, gravity circuit will be fully automated and major civil works completed – marking completion of most phase‑1 work.
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Phase‑2 Construction (Flotation Circuit):
- Civil works, piping, electrical fitting, and equipment installation for flotation circuit already largely complete.
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Remaining construction to occur inside the plant after shutdown; restart planned Dec 2025, continuing through Q1 2026.
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Guidance Update:
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Updated year‑end 2025 production guidance will be released once shutdown schedule is confirmed, coinciding with Q3 2025 results on 14 Nov 2025.
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Exploration – Surface Drilling (South Deep Zone):
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Completed ~250 m down‑dip of current resource; results to inform next Mineral Resource Update (Q1 2026).
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Exploration – Underground Drilling:
- Drilling between the 725 m and 790 m levels completed; continuous definition drilling planned from the 800 m level upward.
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Focus on high‑grade Main Vein and parallel 75 Vein.
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Nanoq Programme:
- 4,804 m drilling programme finished on schedule; core logging and sampling underway with initial assay results expected Q4 2025.
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Winterisation of camp/equipment in progress to enable earlier start to next year’s drilling.
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Satellite Exploration:
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Gold, copper, and critical‑metal satellite programs around Nalunaq completed; assays pending.
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Strategic Site Visits:
- Completed visits to Black Angel and Kangerluarsuk projects to assess logistics and development pathways; market updates forthcoming.
Notable Quotes
“I am pleased with the progress the team and our commissioning crews and contractors have delivered to date. We are ahead of schedule across all key workstreams, a clear testament to the strength and capability of Amaroq’s people.” – Eldur Olafsson, Executive Director & CEO
Materiality Assessment: Material – Positive (operational performance exceeding guidance and significant exploration progress likely to impact investor perception).