13th May 2026 19:27
Amaroq Ltd - Greenland-focused mine developer - Reports first quarter revenue of CAD18.9 million, or GBP10.2 million, compared to none a year ago. Produces 3,700 ounces of gold in the quarter, with an average gold feed grade of 19.9 grams per ton. This is higher than its 2026 guidance of 14 to 15 grams per ton. Amaroq continues to expect gold production of 25,000 to 35,000 in 2026.
Chief Executive Officer Eldur Olafsson says: "Mining operations and processing at the Nalunaq gold mine performed well, with gold grades and recoveries very much in line with guidance. With the completion of Phase 1 commissioning, we continued to ramp up mining and milling rates through the quarter and successfully navigated the challenging winter month personnel rotations. Current trading has been strong, keeping us on track for the [first half] 2026 guidance of 7,000 to 10,000 ounces of gold and full year of 25,000 to 35,000 ounces. I am also excited that we will be kicking off our high impact 2026 exploration campaign in June 2026, starting at the Ilua Rare Earth prospect."
"In addition, today we are hosting a capital markets update in London, showcasing the extensive growth pipeline we are looking to unlock over the next five years, as well as a deeper look into the Nalunaq gold mine and its own resource and production growth potential; highlighting the significant latent value we have within the business ready to be realised. Amaroq has started 2026 in a very strong position and I look forward to updating the market as this year progresses," CEO Olafsson adds.
Current share price: 101.01 pence, closed down 2.4% in London on Wednesday
12-month change: up 17%
By Aidan Lane, Alliance News reporter
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