Commissioning of Flotation Circuit and Completion of Phase 2 at Nalunaq

Rhea-AI Summary

Amaroq (OTCQX: AMRQF) has commissioned the flotation recovery circuit at the Nalunaq gold mine, completing Phase 2 of the processing plant.

The plant is now operating at design specification, with gravity and flotation circuits running together and first gold concentrate produced alongside regular Dore bar pours.

According to Amaroq, overall gold recovery is expected to rise from 50–70% to about 90–95%, and FY2026 guidance of 25–35 koz and H1 2026 production of 7,000–10,000 oz are reiterated.

Positive

• Flotation recovery circuit commissioned, completing Phase 2 at Nalunaq processing plant
• Process plant operating at design specification with gravity and flotation circuits
• Expected gold recovery increase from 50–70% to approximately 90–95%
• First gold concentrate produced and bagged in addition to Dore bar pours
• Gold-bearing tailings at ~6 g/t to be reprocessed for additional recovery
• FY2026 gold production guidance of 25–35 koz reiterated; H1 2026 at 7,000–10,000 oz

Negative

• None.

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Reykjavík, June 11, 2026 (GLOBE NEWSWIRE) -- Amaroq Ltd.

Commissioning of Flotation Circuit and Completion of Phase 2 at Nalunaq

11 June 2026 – Amaroq Ltd. (AIM, NASDAQ Iceland: AMRQ, OTCQX: AMRQF), an independent mine development company focused on unlocking Greenland’s mineral potential, is pleased to announce that the flotation recovery circuit has been installed and commissioned at the processing unit of the Nalunaq gold mine, completing Phase 2.

Flotation recovery circuit completed, commissioned and operational

• Final construction and commissioning of the flotation circuit completed on schedule and in line with guidance.
• The process plant is now operating at design specification, with gravity recovery and flotation recovery circuits operating well together.
• First gold concentrate has been produced and bagged, alongside the existing regular Dore gold bar pours.
• Overall gold recovery is expected to increase from a range of 50-70% under the gravity-only circuit to approximately 90-95% following the commissioning of the flotation circuit, materially enhancing gold production from the same ore feed.
• Gold-bearing tailings at ~6g/t, previously transported back to the mine since first pour in November 2024, will be gradually reintroduced to the processing plant, in order to recover additional contained gold.
• The Company reiterates FY2026 gold production guidance of 25-35 koz and confirms the production range for H1 2026 of between 7,000 and 10,000 oz of gold.

Eldur Olafsson, CEO of Amaroq Ltd., commented:
“I am very pleased to announce the completion of the construction and commissioning of the Phase 2 flotation circuit at the Nalunaq processing plant. It is important to note this significant milestone, which enables us to increase expected gold recoveries from ~61%, achieved in the first quarter of the year, ramping up to ~90 to 95% for the remainder of the year. This increases confidence in our annual guidance range, which was contingent on the timing of the successful start-up of flotation recovery. I would like to thank our construction and commissioning teams for all their hard work in safely delivering this important project.”

Enquiries:
Amaroq Ltd. C/O
Ed Westropp, Chief Corporate Development and Strategy Officer
+44 (0)7385 755711
ewe@amaroqminerals.com

Panmure Liberum Limited (Nominated Adviser and Corporate Broker)
Scott Mathieson
Piers Shimwell
Freddie Wooding
+44 (0) 20 7886 2500

Canaccord Genuity Limited (Corporate Broker)
James Asensio
Rory Blundell
Harry Rees
+44 (0) 20 7523 8000

Citigroup Global Markets (Corporate Broker)
Andrew Miller-Jones
David Herring
+44 (0) 207 986 3463

Camarco (Financial PR)
Elfie Kent
Fergus Young 
+44 (0) 20 3757 4980

Further Information:

About Amaroq

Amaroq’s principal business objectives are the identification, acquisition, exploration, and development of gold and strategic metal properties in South Greenland. The Company’s principal asset is a 100% interest in the Nalunaq Gold mine. The Company has a portfolio of gold and strategic metal assets in Southern Greenland covering the two known gold belts in the region as well as advanced exploration projects at Stendalen and the Sava Copper Belt exploring for Strategic metals such as Copper, Nickel, Rare Earths and other minerals. Amaroq is continued under the Business Corporations Act (Ontario) and wholly owns Nalunaq A/S, incorporated under the Greenland Companies Act.

Inside Information

This announcement does not contain inside information.

FAQ

What did Amaroq (OTCQX: AMRQF) announce on June 11, 2026 about Nalunaq?

Amaroq announced the commissioning of the flotation recovery circuit at the Nalunaq gold mine, completing Phase 2. According to Amaroq, the process plant now operates at design specification, with both gravity and flotation recovery circuits functioning together and first gold concentrate already produced.

How will the new Nalunaq flotation circuit affect gold recovery for AMRQF?

The Nalunaq flotation circuit is expected to significantly increase gold recovery rates. According to Amaroq, overall recovery should rise from a previous range of 50–70% under gravity-only processing to approximately 90–95%, enhancing gold output from the same ore feed going through the plant.

What is Amaroq’s 2026 gold production guidance after completing Phase 2 at Nalunaq?

Amaroq has reiterated its full-year 2026 gold production guidance following Phase 2 completion. According to Amaroq, expected FY2026 production remains at 25–35 thousand ounces, with confirmed H1 2026 guidance in the range of 7,000 to 10,000 ounces of gold from Nalunaq.

How did gold recovery at Nalunaq change from Q1 2026 for Amaroq (AMRQF)?

Gold recovery at Nalunaq is expected to increase from earlier levels achieved in Q1 2026. According to Amaroq, recovery was about 61% in the first quarter and is anticipated to ramp up to approximately 90–95% for the remainder of the year after flotation commissioning.

What is Amaroq planning to do with gold-bearing tailings at Nalunaq?

Amaroq plans to reprocess gold-bearing tailings previously returned to the mine. According to Amaroq, tailings grading around 6 g/t, accumulated since first pour in November 2024, will be gradually reintroduced into the processing plant to recover additional contained gold.

What does completion of Phase 2 at Nalunaq mean for AMRQF shareholders?

Completion of Phase 2 marks full commissioning of Nalunaq’s flotation circuit and plant optimization. According to Amaroq, this is expected to lift gold recovery to about 90–95% and supports confidence in maintaining FY2026 production guidance of 25–35 thousand ounces for shareholders.