2025 full year financial results

Core Insights - Amaroq Ltd. reported strong strategic and operational progress in 2025, achieving gold production guidance and expanding its credit facilities to enhance financial flexibility [2][3][4]. Financial Highlights - Total revenue for FY 2025 reached CAD 27 million, with gold sales of 5.31 koz, compared to zero revenue in 2024 [7]. - Gross profit was CAD 11.1 million, while the operating loss amounted to CAD 18.2 million [7]. - Cash balance decreased to CAD 21.5 million as of December 31, 2025, down from CAD 55.3 million at the end of Q3 2025 [7][23]. - The company completed an oversubscribed CAD 83 million fundraising in June 2025 [7]. Operational Highlights - The Nalunaq gold mine achieved a full year production of 6.35 koz, aligning with guidance, and transitioned to a fully owner-operated model [12]. - Significant gold-copper mineralization was confirmed at the Nanoq project, with grades reaching up to 187.4 g/t Au [12]. - The Black Angel mine showed promising results with average grades of 24.6% zinc and 28.1% lead [12]. Future Outlook - FY 2026 gold production is estimated between 25-35 koz, with production expected to be back-end weighted due to the introduction of flotation recoveries [12]. - The company plans a significant exploration program with a base case expenditure of USD 11 million, potentially increasing to USD 29 million [11]. - The construction of the Phase 2 flotation recovery at Nalunaq is on schedule for commissioning in Q2 2026 [12]. Strategic Developments - An agreement for a USD 35 million expansion of the revolving credit facility is being finalized, doubling the total facility size to USD 70 million [4][16]. - The company is advancing financing discussions for its Suliaq ApS subsidiary, targeting USD 20-35 million in new equity finance [5][14]. - Dr. Paul Smallbone has been appointed as General Manager of the Nalunaq mine, bringing over 35 years of experience in the mining industry [17].