Q1 2026 Operational and Financial Results
Strong start to the year with performance in line with expectations
13 May 2026, Amaroq Ltd. ((AIM, NASDAQ Iceland: AMRQ, OTCQX:AMRQF), an independent mine development company focused on unlocking Greenland's mineral potential, is pleased to announce its Q1 2026 Financial Results. All dollar amounts are expressed in Canadian dollars unless otherwise noted.
The Company will be hosting a Capital Markets Update later today at 14:30 BST, details of which can be found further down in this announcement.
Eldur Olafsson, CEO of Amaroq, commented: "I am pleased to report a strong first quarter's operational and financial performance, in line with expectations and guidance for the full year. Mining operations and processing at the Nalunaq gold mine performed well, with gold grades and recoveries very much in line with guidance.
"With the completion of Phase 1 commissioning, we continued to ramp up mining and milling rates through the quarter and successfully navigated the challenging winter month personnel rotations. Current trading has been strong, keeping us on track for the H1 2026 guidance of 7 to 10koz of gold and full year of 25 to 35k oz. I am also excited that we will be kicking off our high impact 2026 exploration campaign in June 2026, starting at the Ilua Rare Earth prospect.
"In addition, today we are hosting a capital markets update in London, showcasing the extensive growth pipeline we are looking to unlock over the next five years, as well as a deeper look into the Nalunaq gold mine and its own resource and production growth potential; highlighting the significant latent value we have within the business ready to be realised. Amaroq has started 2026 in a very strong position and I look forward to updating the market as this year progresses."
Q1 2026 Financial Highlights, in line with management expectations and budget
Revenue of $18.9 million (Q1 2025: $0m) from total gold sales of 2,970 oz at an average gold price of USD 4,656/oz.
Gross profit of $9.8 million and net profit of $2.4 million.
Capital assets of $275.4 million as at March 31, 2026 ($252.7 million as at December 31, 2025).
Gold inventory of $20.3 million as at March 31, 2026 ($15.8 million as at December 31, 2025).
Cash balance of $8.8 million as at March 31, 2026 ($21.5 million as at December 31, 2025).
Q1 2026 Operational Highlights, In line with production guidance and higher than anticipated grade
Nalunaq produced a total of 3,694oz of gold, in line with guidance with average feed grade of 19.9 g/t, which is higher than 2026 guidance of 14 to 15 g/t, as reconciliation against the 2026 mine plan showed improvements.
Average recoveries were 61%, in line with the planned recovery factor for Phase 1 of ~60%.
On January 8, 2026, the Company announced the award of the Final Impact Benefit Agreement for the Nalunaq gold mine.
On January 21, 2026, the Company announced exploration results from the 2025 field campaign at its Minturn IOCG prospect; identifying high-grade iron assays from surface samples, including iron grades up to 69.5% Fe, underscoring the presence of a significant iron-oxide core within the system.
On March 20, 2026, the Company received the signed approval of the Final Mine Plan and Closure Plan for the Nalunaq Licence from the Government of Greenland.
Post-period, on April 30, 2026, Amaroq secured a Revolving Credit Facility (RCF) with Landsbankinn and Gunvor Group with increased capacity of US$70 million, replacing its existing US$35 million RCF while reducing the overall cost of funding.
Corporate
On February 18, 2026, the Company reiterated its intention to upgrade its London Stock Exchange listing to the Main Market, appointing Citigroup Global Markets Limited to act as sponsor and financial adviser.
On March 19, 2026, the Company completed the voluntary delisting of its common shares from the TSX Venture Exchange (the "TSXV").
2026 guidance vs actual performance table:
Guidance for FY 2026
Q1 2026 actuals
2026 gold production
25 to 35koz
3.7koz
Average feed grade (g/t)
14 to 15 g/t
19.9 g/t
Gravity recovery (%)
50-70%
61%
Nalunaq cash cost
USD44 to 47m
USD9.8m
Nalunaq AISC
USD69 to 73m
USD16.7m
Outlook
The Company reiterates FY2026 gold production guidance of 25-35 koz and confirms current trading in line with this range, with production expected to be weighted towards the second half of 2026, following commissioning of the flotation circuit.
The 2026 exploration campaign will commence in June 2026 at the Ilua REE prospect, with the aim of further delineating the scale of the REE hosting pegmatite systems and to conduct initial scout drilling to understand depth potential and volumetrics.
Other exploration activities include:
July 2026 - Rehabilitation of surface facilities, updating of studies and commencing resource growth exploration at Black Angel, the previously producing zinc, lead, silver, germanium and gallium mine acquired in 2025, targeting drilling in 2026 and/or 2027.
July 2026 - Conduct surface geophysical work and a scout drilling programme, at the large Minturn IOCG prospect, to assess the scale of the mineralisation and potential economics of the target.
July/August 2026 - Systematic drill testing of the Central Zone at the Nanoq future gold project, in the ...
