2026 Production and Financial Guidance and Exploration Update

The most recent news release (February 25, 2026) provides the first comprehensive production and financial guidance for the Nalunaq gold mine following its successful commissioning. Amaroq targets 25-35k oz of gold production for 2026, with a significant ramp-up expected in H2 2026 as the Phase 2 flotation circuit comes online. The company expects total recoveries to jump from ~60% to 90-95% post-commissioning. Financial guidance includes a full-year AISC of USD 69-73 million, with Q4 2026 AISC projected to drop to USD 1,250-1,450/oz as the mine transitions to an owner-operator model. Additionally, the company announced a base exploration budget of USD 11 million (scalable to USD 29 million) across its Greenland portfolio, including the West Greenland Hub and Nanoq.

The impact is Material - Positive. This guidance provides the market with concrete metrics to value the company as a producer rather than a developer. - Operational De-risking: The transition to an owner-operator model and the commissioning of Phase 2 are critical steps to lowering unit costs. - Growth Pipeline: The commitment to a maiden resource at Nanoq and the rehabilitation of Black Angel (targeting 2028 production) demonstrates a clear path to becoming a multi-asset producer. - Liquidity Strategy: The intention to move to the London Stock Exchange Main Market (announced Feb 18, 2026) combined with this guidance suggests the company is preparing for a higher tier of institutional investment.

Amaroq Ltd. is the leading mineral explorer and developer in Greenland. Its flagship asset is the 100%-owned Nalunaq Gold Mine, a high-grade past-producer. The company also holds a significant portfolio of strategic metal assets (Copper, Nickel, REEs) through its 51% interest in the Gardaq JV. The company's strategy is to use gold production to fund the discovery of "elephant-scale" deposits across its 9,785 km2 land package.