Production / Operations
Commissioning of Flotation Circuit and Completion of Phase 2 at Nalunaq
Phase 2 flotation commissioning on schedule; guidance reaffirmed, no new financials or cost metrics disclosed.
Executive Summary
- Amaroq Ltd. announced the successful completion and commissioning of Phase 2 of its Nalunaq gold mine processing plant, specifically the new flotation recovery circuit.
- The operational upgrade brings the facility to full design specification, with gravity and flotation circuits now functioning synergistically.
- First gold concentrate has been successfully produced and bagged, operating alongside existing regular Dore gold bar pours.
- Overall gold recovery is expected to increase from a historical range of 50-70% (gravity-only) to approximately 90-95%.
- Gold-bearing tailings (~6g/t), previously transported back to the mine, will be gradually reintroduced to the processing plant to recover additional contained gold.
- Full-year 2026 gold production guidance is reaffirmed at 25,000-35,000 oz.
- H1 2026 production range is confirmed at 7,000-10,000 oz.
- Q1 2026 recovery rate was ~61%, with expected ramp-up to 90-95% for the remainder of the year.
Material Impact
- The news represents a routine execution of a previously guided Q2 2026 milestone. The flotation circuit commissioning is positive and derisks the recovery profile, but it was explicitly telegraphed in the February 2026 guidance.
- Management reaffirmed FY2026 production guidance rather than raising it, which caps the upside surprise potential. No new cost structure, AISC, or cash flow data was provided to justify a re-rating.
- Given the lack of a guide-raise, absence of new financials, and the operational nature of the update, the market impact is expected to be limited. The stock's reaction (unavailable due to missing price data) will likely be muted unless the market had previously discounted a delay.
AMRQ · Price
Company Overview
- Amaroq Ltd. is a Greenland-focused mining company exploring and developing gold and strategic metal properties across two geographic hubs.
- South Greenland Hub: Nalunaq is an operating underground mine transitioning to an owner-operator model. Nanoq is in exploration with high-grade drilling results.
- West Greenland Hub: Formed by the acquisition of Black Angel (Zn-Pb-Ag-Ge-Ga) and Kangerluarsuk licences.
- Corporate actions include voluntary delisting from TSXV (Mar 2026) and a planned transition to the LSE Main Market.
- The company is targeting resource growth, operational efficiency, and potential satellite feed to Nalunaq.
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Jun 29, 2026 · 02:00