Amaroq confident for full year as production meets guidance
Amaroq Ltd on Thursday reported a first-half revenue boost and a swing to profit, with Nalunaq gold production comfortably in line with market expectations.
The Greenland-focused mine developer reported revenue of CAD56.2 million, or £29.8 million, for the first half of 2026, up from CAD3.4 million the year before.
Amaroq also swung to net income of CAD13.6 million, from a CAD10.0 million loss.
The company said the Nalunaq project produced 8,985 ounces of gold for the first half, above the mid-point of guidance which had forecast between 7,000 and 10,000 ounces. The average feed grade was 19.8 grams of gold per tonne, with a 63% recovery rate, and gold sales totalled 8,610 ounces at an average price of USD4,696 per ounce.
For the second quarter, Nalunaq produced 5,363 ounces with an average 22.2 g/t grade and recoveries of 67%, which Amaroq said was in line with the planned gravity recovery and commissioning of the flotation circuit in June. The firm sold 5,640 ounces of gold at an average of USD4,678 per ounce.
"I am very pleased to announce that in the first half of 2026, production at Nalunaq was above the mid point of the guidance range for H1 2026 and current trading supports my confidence that we remain well set to deliver within our guidance range for the full year," Chief Executive Officer Eldur Olafsson commented. "We also successfully completed and commissioned the flotation circuit in June 2026, which marks an important step-change in the mine’s operating capability and recoveries.
"In parallel, we continue to advance our exploration portfolio, commencing the 2026 field season, our most extensive to date, with drilling at the Ilua Pegmatite REE prospect, and following the period end, we are now well underway at the high-grade Minturn prospect, and at our future gold project Nanoq, where resource drilling operations started earlier this week."
Returning to the outlook, for 2026 Amaroq expects to produce 25,000 to 35,000 ounces of gold, at an average grade of 14 to 15 g/t and 50% to 70% recovery. For 2025, it had reported production of 6,600 ounces.
"We have made a strong start to Q3 2026, in terms of production and recoveries, with Nalunaq now moving into its next phase of ramp-up," Olafsson said. The firm, meanwhile, noted that its third-quarter production to date has been in line with its expectations.
Amaroq shares were flat at 108.00p in London on Thursday afternoon.
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