Amaroq (AIM:AMRQ) has reported Q1 2026 revenue of US$18.9 million, as the Nalunaq operation ramp-up yielded 3,694oz of gold production, and it sold 2,970oz in the quarter.
The independent Greenland mine developer posted gross profit of $9.8 million and net profit of $2.4 million for the three months ended March 31, with an average realised gold price of US$4,656/oz, an average mill feed grade of 19.9 g/t (above the 14-15 g/t guidance) and recoveries of 61%.
"Current trading has been strong, keeping us on track for the H1 2026 guidance of 7 to 10koz and a full year 25 to 35koz," said Eldur Olafsson, CEO.
Phase 1 commissioning was completed during Q1, commissioning of the flotation circuit remains on schedule for Q2 and is expected to raise recoveries to roughly 90-95%, leaving production weighted to the second half of 2026.
Cash at quarter end was $8.8 million (down from $21.5 million at 31 December 2025), capital assets were $275.4 million, gold inventory $20.3 million, working capital before loan $24.3 million (working capital including loan negative $7.6 million), and post-period Amaroq secured a US$70 million revolving facility replacing a US$35 million RCF to reduce funding costs.
Amaroq received approval of its Final Mine Plan and Closure Plan and the Final Impact Benefit Agreement for Nalunaq, will start a June exploration campaign at the Ilua REE prospect.
