Amaroq Doubles Revolving Credit Facility to US$70 Million

• Amaroq Ltd. has successfully upsized its Revolving Credit Facility (RCF) from US$35 million to US$70 million through an amended agreement with Landsbankinn and Gunvor Group.
• The facility maturity is extended to May 1, 2028, providing a longer runway for operations.
• A gold offtake arrangement has been secured where Gunvor Group will purchase gold produced at the Nalunaq mine.
• Interest margins are structured on an EBITDA step-down basis, potentially reducing from current levels to as low as 4.50% + SOFR if LTM EBITDA exceeds CAD $70 million.
• Proceeds are designated for general corporate purposes, exploration season support, and final construction/commissioning of Phase 2 at Nalunaq.
• This announcement confirms the financing expansion previously outlined in the March 26, 2026 Full Year Financial Results release.

• The doubling of the credit facility to US$70 million was explicitly mentioned as "finalizing" in the March 26 financial results; therefore, this execution is largely priced into expectations rather than a surprise catalyst.
• The inclusion of Gunvor Group as both lender and offtake partner adds strategic value by securing sales channels and potentially improving cash flow certainty, though specific pricing terms are not disclosed.
• Liquidity has been significantly strengthened from the March 26 balance sheet position (Cash C$21.55M), reducing immediate refinancing risk through May 2028.
• The margin step-down structure incentivizes operational efficiency; however, achieving LTM EBITDA targets of CAD $70 million to unlock the lowest rate requires sustained high production and gold prices.
• Given that the market was aware of the facility expansion in late March, this news is categorized as Routine - Positive rather than Material - Positive, as it confirms known information without introducing fundamentally new upside surprises relative to prior guidance.

• Company: Amaroq Ltd., Greenland-focused mining company operating in South and West Greenland hubs.
• Flagship Project: Nalunaq Gold Mine (South Greenland Hub).
  • Status: Operating mine, owner-operated model transitioned October 2025.
  • Production: FY2025 production was 6.35 koz; FY2026 guidance is 25–35 koz.
  • Processing: Phase 1 gravity circuit operational; Phase 2 flotation circuit commissioning Q2 2026 targeting 90–95% recovery.
• Secondary Projects:
  • Nanoq (Gold): Exploration phase, high-grade drilling results up to 187.4 g/t Au.
  • Black Angel (Zn/Pb/Ag): Acquired asset in West Greenland Hub, former producing mine requiring rehabilitation.
  • Minturn (IOCG/Iron/Copper): High-grade iron surface samples confirmed, potential copper-gold system.