Amaroq Minerals Aims for Major Operational Upgrade with New Processing Plant

Amaroq Minerals plans a new flotation circuit to boost gold recovery to 90-95% at Nalunaq by Q2 2026, backed by a doubled $70M credit facility for exploration.

Amaroq Minerals is advancing plans for a significant technological enhancement at its Nalunaq gold mine in Greenland. The company is targeting a substantial increase in gold recovery rates through the commissioning of a new flotation circuit, scheduled for the second quarter of 2026. Concurrently, Amaroq is finalizing an expansion of its credit facility to ensure sufficient liquidity for its broader exploration ambitions.

Strengthening the Financial Foundation

To underpin its 2026 work program, Amaroq is nearing completion on a deal to double its existing revolving credit facility. The available funds are set to increase from USD 35 million to a total of USD 70 million. Management expects this move to reduce financing costs and create a more robust balance sheet, providing greater flexibility to navigate market conditions.

An exploration budget of USD 11 million is established for the current year. This figure could be raised to as much as USD 29 million, depending on capital availability. The focus will be on resource drilling at the Nanoq gold project and initial test drilling at the Minturn prospect, which is believed to hold copper-gold potential.

A Step Change in Gold Recovery

The core operational focus for the first half of 2026 is the technical optimization of the Nalunaq mine. Current gold extraction primarily relies on gravity methods, achieving a recovery rate of approximately 60%. The introduction of the Phase 2 flotation circuit is a pivotal project, with leadership targeting a dramatic improvement to between 90% and 95%. This leap in efficiency is viewed as the key to maximizing the site's overall economics.

Alongside this technical upgrade, the market is observing the company's shift to an owner-operator model later in the second half of the year. This transition is intended to grant better control over unit production costs and help stabilize operational margins.

Key Dates and Upcoming Catalysts

The coming quarter features several important operational and financial milestones. The successful start-up of the new processing plant is considered a critical indicator for the future profitability of the operation.

• 07 May 2026: Annual General Meeting (AGM)
• 14 May 2026: Publication of Q1 2026 financial and operational results
• Q2 2026: Planned commissioning of the Phase 2 flotation plant at Nalunaq