14th Nov 2025 10:42
(Alliance News) - Amaroq Ltd on Friday reported a narrowed third-quarter loss from its first revenue after the company transitioned from development to production at its flagship Nalunaq project.
The Toronto-based mining company with gold and strategic mineral assets in Greenland said, for the three months to September 30, net loss more than halved to CAD5.3 million, approximately GBP2.9 million, from CAD14.0 million.
This was driven by Amaroq's revenue of CAD12.8 million compared to zero a year ago, following the company's first gold pour at Nalunaq in November, 2024. Amaroq produced 3,536 ounces of gold in the third quarter.
Further supporting the bottom line, the company's derivative liability swung to zero, from a loss of CAD3.7 million, and the share of net loss of joint arrangement narrowed significantly to CAD1.0 million from CAD4.8 million.
The profit loss shrank despite increased exploration, evaluation, general and administrative expenses.
The company said it continued to advance strategic exploration across its portfolio in the the third quarter. The majority of the assay results from these programmes are expected through the fourth quarter of financial 2025, according to Amaroq.
Looking ahead, Amaroq said phase two construction at Nalunaq will take place inside the plant and continue until the end of the first quarter of 2026, allowing the commissioning of a flotation circuit thereafter.
The company expects full-year gold production to be 6,000 to 7,000 ounces.
Chief Executive Eldur Olafsson said: "As we approach the end of 2025, I would like to acknowledge the significant process made in commissioning Nalunaq over this past year since our first gold pour in November 2024."
"I am immensely proud of the work delivered by our team, commissioning crews and contractors. In October 2025, ahead of the planned shut-down of operations, gold production had already reached approximately 5,000 ounces, in line with our revised 2025 production guidance," Olafsson added.
Shares in Amaroq fell 0.9% to 93.40 pence on Friday morning in London.
By Roya Shahidi, Alliance News reporter
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