Q1 2026 Operational and Financial Results
Amaroq’s Nalunaq Mine Delivers Grade Surprise and First Profit, Cementing 2026 Production Path
Amaroq’s Q1 2026 results report revenue of $18.9 million, a $2.4 million net profit, and gold sales of 2,970 oz at an average price of $4,656/oz. Nalunaq produced 3,694 oz at an average feed grade of 19.9 g/t Au – well above guidance of 14–15 g/t – with Phase 1 recoveries of ~61%. The company increased its Revolving Credit Facility (RCF) from US$35 M to US$70 M, extending maturity to May 2028 and lowering interest costs through EBITDA-linked margin steps. Full‑year 2026 production guidance of 25–35 koz was reaffirmed. The management highlighted strong trading that keeps the company on track for H1 guidance of 7–10 koz.
The Q1 numbers materially exceed the company’s own grade and cost assumptions. Feed grade of 19.9 g/t versus 14–15 g/t guidance and a net profit against a backdrop of a commissioning ramp‑up demonstrate that the high‑grade Nalunaq orebody is performing better than modelled, which could lower cash costs and boost margins as Phase 2 flotation comes online. The RCF upsize to US$70 M, while previously flagged, solidifies liquidity and reduces near‑term balance‑sheet risk. The news crystallises the 2026 production trajectory and confirms the company’s ability to generate free cash flow, shifting the narrative from development to a self‑funding producer. This is genuine, new information that was not fully priced in and should be market‑moving.
Amaroq Ltd. is a Greenland‑focused gold and strategic metals producer and explorer. Its flagship asset is the Nalunaq gold mine in South Greenland (100% owned), a past‑producing high‑grade underground operation that recommenced production in 2025. Phase 1 gravity circuit achieved ~60% recoveries; a Phase 2 flotation circuit is being added to push overall recoveries to 90–95%. The company also holds an extensive pipeline: Nanoq (gold), the West Greenland Hub (Black Angel zinc‑lead‑silver‑germanium‑gallium and Kangerluarsuk licences), Vagar Ridge, and strategic minerals projects (copper, nickel, REE). Amaroq is moving to an owner‑operator model and plans to upgrade its London listing to the Main Market.