14th Nov 2024 14:26
(Alliance News) - Amaroq Minerals Ltd on Thursday reported continued progress in its third quarter as it nears first gold production at Nalunaq mine.
The mine developer, which has gold and strategic mineral assets in Southern Greenland, said its net loss widened for its third-quarter to CAD14.0 million, or approximately USD10.0 million, from CAD6.6 million the prior year, with general administration costs up 35% to CAD3.5 million from CAD2.6 million on-year.
Exploration and evaluation expenses were up 91% to CAD4.4 million from CAD2.3 million the prior year.
However, Amaroq stated that activities at Nalunaq mine remain on track to deliver first gold in the fourth-quarter of this year.
It reported continued progress at the mine in development and process plant construction, with plant pad earthworks and civil construction complete, adding that it has begun employing its own mining team personnel.
Amaroq acquired the Nalunaq gold project in 2015 and has since been developing the mines resource base.
"We are now on the cusp of achieving first gold at Nalunaq, a major milestone which will start initial cash flow ahead of a ramp-up to commercial production," said Chief Executive Eldur Olafsson.
"The exploration season was in full swing in the third-quarter and I’m very proud of what our exploration team has achieved this year," added Olafsson.
The firm said it undertook over 8,600 metres of drilling across its gold and strategic metals post-period end, with programme results expected in the coming months.
Amaroq shares were up 1.1% at 77.30 pence on Thursday afternoon in London.
By Christopher Ward, Alliance News reporter
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