Q2 2025 Financial Results

Core Insights - Amaroq Ltd. reported its Q2 2025 financial results, highlighting significant operational progress at the Nalunaq gold mine, including the first shipment of gold doré bars and maiden revenue of C$3.4 million [2][4][8] - The company successfully completed an oversubscribed equity fundraise of £45 million in June 2025, which will support further development and acquisitions in Greenland [5][8] - Amaroq is targeting a production of approximately 5,000 ounces of gold for the full year 2025, with ongoing construction and commissioning activities aimed at increasing processing capacity [6][10] Financial Performance - Revenue for Q2 2025 was C$3,445,308, with a gross loss of C$625,565 [16][30] - The company reported a net loss of C$10,044,723 for the six months ended June 30, 2025, compared to a net loss of C$3,988,193 for the same period in 2024 [18][32] - Cash and cash equivalents increased to C$86,010,495 as of June 30, 2025, up from C$45,193,670 at the end of 2024 [19][33] Operational Highlights - The Nalunaq mine achieved an average processing throughput of 145 tonnes per day in July 2025, with a target of reaching 300 tonnes per day by the end of 2025 [6][10] - The company completed the first commercial shipment of doré bars containing 808 ounces of gold, generating gross proceeds of C$3.4 million [12][19] - Amaroq is advancing its exploration activities with a comprehensive drilling program planned, including 3,500 meters of surface drilling at Nalunaq and 5,000 meters at the Nanoq prospect [7][10] Strategic Acquisitions - Amaroq announced the acquisition of the West Greenland Hub, which includes the Black Angel mine and Kangerluarsuk licenses, solidifying its position as the largest acreage holder in Greenland [5][13] - The company is in the process of finalizing the asset purchase agreement for the Kangerluarsuk licenses and progressing with the Black Angel transaction [13] Corporate Developments - The company changed its name from Amaroq Minerals Ltd. to Amaroq Ltd. in July 2025, reflecting its broader strategic focus [11] - Amaroq has established a subsidiary, Suliaq ApS, to provide essential services to Greenland's mining sector, with an initial investment of £4 million from JLE Group Ltd [17]