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 [2][3][4] Financial Highlights - Total revenue for FY 2025 was 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 was CAD 18.2 million [7] - Cash balance decreased to CAD 21.5 million as of December 31, 2025, down from CAD 55.3 million as of September 30, 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 of gold, in line with guidance [12] - The company transitioned to a fully owner-operated mining model, which is expected to enhance productivity [12] - Significant gold-copper mineralization was confirmed at the Nanoq project, with grades 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 to be between 25-35 koz, with production expected to be back-end weighted [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 Phase 2 flotation recovery at Nalunaq is on schedule for commissioning in Q2 2026, which is anticipated to increase total recoveries to 90-95% [3][12] Corporate Developments - The company is finalizing a USD 35 million expansion of its revolving credit facility, doubling the total facility size to USD 70 million [4][16] - Dr. Paul Smallbone has been appointed as General Manager of the Nalunaq mine, bringing over 35 years of experience in the mining industry [17][19] - The company is advancing financing discussions for its Suliaq ApS subsidiary, targeting USD 20-35 million in new equity finance [5][14]