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Amaroq Minerals Ltd. (AMRQ) is an independent mine development company focusing on the identification, acquisition, exploration, and development of gold and strategic metal properties in Southern Greenland. The company's principal asset is the Nalunaq Project, a former gold mine now at the advanced exploration stage with a promising exploitation license.
Amaroq Minerals boasts a substantial land package within two known gold belts in Greenland. Notable achievements include the commencement of initial mining activities at Nalunaq, with the construction of key infrastructure and processing plant engineering already well underway. The project is on schedule and budget, targeting first gold production in 2024.
Financially, Amaroq maintains a solid footing with Q2 2023 highlights showing $41.0 million in working capital for its gold business and $29.3 million in liquidity for its strategic minerals business. The company is also in the process of securing a $50.9 million senior secured debt funding package.
Significant recent developments include the completed Environmental and Social Impact Assessments for Nalunaq, key contracting for processing plant construction, and a 1,735-meter resource drilling campaign targeting resource expansion.
Amaroq’s strategic minerals portfolio also shows promise with ongoing exploration projects at Sava Copper Belt and other locations. In 2023, the company unveiled a significant Ni-Cu discovery at the Stendalen Project, further affirming the mineral potential of South Greenland.
On the corporate front, Amaroq is preparing to elevate its Icelandic listing from Nasdaq First North Growth Market to the Nasdaq Main Market, enhancing visibility and potential inclusion in key stock market indices.
The company’s management, led by CEO Eldur Olafsson, remains committed to advancing its projects on time and budget while fostering local workforce representation and ensuring safety, with zero lost time injuries reported in H2 2023.
Amaroq Minerals Ltd. (AMRQ) has announced the completion of its joint venture with GCAM LP, satisfying all conditions for the release from escrow related to their Subscription and Shareholders' Agreement. Effective by April 14, 2023, GCAM LP will invest £18,000,000 and acquire 49% of the issued shares in the new joint venture company Gardaq A/S, while Amaroq retains 51%. The partnership aims to explore significant strategic mineral deposits across several locations in Southern Greenland, including the Sava Copper Belt and Stendalen. CEO Eldur Olafsson expressed optimism about advancing their strategic mineral targets. The company holds the largest mineral portfolio in the region, covering 7,866.85 km2.
Amaroq Minerals Ltd. (AIM:AMRQ, TSXV:AMRQ, NASDAQ:AMRQ) reported its FY 2022 financial results, including a net loss of C$21.9 million compared to C$24.7 million in 2021. Exploration expenses decreased to C$12.7 million from C$14.3 million, while general and administrative costs rose to C$10.2 million from C$9.7 million. The company secured £30 million (~C$46.4 million) in capital funding and launched a joint venture for strategic mineral assets, expecting £18 million (~C$28.5 million) in initial funding. Looking ahead, Amaroq plans aggressive exploration and development activities in 2023, including a focus on renewable energy for operations.
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