Q3 2025 Financial Results

Core Viewpoint - Amaroq Ltd. has reported significant progress in its operations and financial performance for Q3 2025, highlighting a successful transition to owner-operated mining at the Nalunaq gold mine and the discovery of strategic minerals in Greenland [2][3][5]. Financial Results - Total revenue for Q3 2025 reached C$12.8 million, a substantial increase from C$0 million in 2024, driven by gold sales of 2,636 ounces [9]. - The company produced 4,347 ounces of gold and sold 3,360 ounces in the first three quarters, generating gross proceeds of C$16.3 million [9]. - Gross profit was reported at C$5.9 million, while the operating loss stood at C$3.8 million, primarily due to general and administrative expenses and exploration costs [9][14]. - As of September 30, 2025, the company had liquidity of C$45.4 million, with cash balances of C$55.3 million and an undrawn credit facility of C$8.9 million [9][15]. Operational Highlights - Gold production reached approximately 5,000 ounces by October 2025, aligning with revised production guidance, with expectations for full-year production to be between 6,000 to 7,000 ounces [3][16]. - The transition to a fully owner-operated mining model at Nalunaq was completed, enhancing operational efficiency and cost control [12]. - The company is on track to achieve a milling capacity of 300 tonnes per day by year-end 2025, following the commissioning of the processing plant [12][16]. Strategic Developments - Amaroq has made significant discoveries of rare earth elements and copper-gold deposits near the Nalunaq mine, which are expected to enhance the company's strategic minerals portfolio [5]. - The re-assays from the Black Angel mine confirmed high-grade resources of zinc, lead, and silver, along with commercial levels of germanium and gallium, which are critical minerals [5][13]. - The company is advancing its exploration projects, with a focus on the Nanoq and Nalunaq resource areas, and expects results from the 2025 gold exploration program by year-end [6][12]. Future Outlook - The company anticipates completing all construction and commissioning activities at Nalunaq by Q2 2026, with a robust project pipeline expected to deliver value-enhancing opportunities [6][16]. - Amaroq is well-positioned for 2026, supported by positive cash flow from ongoing production operations and a strong financial outlook [6].