Amaroq (AMRQ) Q4 2025 earnings summary

Executive summary

• Nalunaq mine achieved full-scale production in 2025 with 6.35koz gold, Phase I commissioning completed, and Phase II upgrades on track for Q2 2026; owner-operator transition improved efficiency and reduced costs.

• West Greenland Hub and Nanoq gold project advanced, with Nanoq drilling yielding high-grade intersections in over 63% of holes and significant gold-copper mineralization confirmed.

• Suliaq servicing venture launched with IFU and Greenlandic funds to support mining services, progressing toward USD20–35 million equity financing.

• Completed acquisitions of Black Angel mine and Kangerluarsuk licences, expanding exploration and development potential.

• Significant exploration results at Black Angel (Zn-Pb-Ag-Ge-Ga) and Minturn IOCG (iron), confirming world-class mineral potential.

Financial highlights

• FY2025 revenue reached CAD 27 million from 5,310oz gold sold; Q4 sales were 1,949oz for CAD 10.7 million at US$3,920/oz.

• Net loss for 2025 was CAD 18.6 million; Q4 net loss was CAD 3.2 million.

• Year-end 2025 cash balance was CAD 21.5 million, with undrawn credit facilities of CAD 8.9 million.

• Capital assets increased to CAD 252.7 million as of December 31, 2025.

• Oversubscribed equity raise of CAD 80–83 million and facility drawdown of CAD 10 million supported CapEx and operations.

Outlook and guidance

• 2026 gold production guidance: 25,000–35,000 ounces, with expected cash flow of $112–$160 million at current gold prices.

• All-in sustaining cost (AISC) for Nalunaq guided at $1,250–$1,450/oz; full-year AISC expected at USD69–73 million.

• 2026 capital spend projected at CAD 100 million, including sustaining and exploration investments; exploration expenditure planned at USD11–29 million.

• Increased loan facility to CAD 70 million (USD70 million), with lower interest rates, to support accelerated development and exploration.

• Main market London listing targeted for June or September 2026; Toronto/TSXV delisting completed.