Q3 2025 Financial Results
Amaroq (OTCQX: AMRQF) reported Q3 2025 results on 14 November 2025, highlighting production restart and growing revenues.
Key figures for the nine months ended Sept 30, 2025: revenue C$16.28M, gross profit C$5.30M, and net loss C$15.36M. Cash balances were C$55.31M and group gold-business liquidity was C$45.40M. Gold production for Q3 was 3,536 oz, nine-month production 4,347 oz, and management now expects full-year 2025 production of 6,000–7,000 oz.
Operationally, Nalunaq moved to owner-operated mining on 1 Oct 2025, completed a planned shutdown on 14 Nov 2025 and is targeting nameplate throughput of 300 t/d by year-end with Phase 2 on track for Q1 2026 (estimated cost-to-complete C$6.5M). Recent exploration and re-assays flagged high-grade zinc, lead, silver and commercial germanium and gallium at Black Angel.
Amaroq (OTCQX: AMRQF) ha riportato i risultati del terzo trimestre 2025 il 14 novembre 2025, evidenziando la ripresa della produzione e la crescita dei ricavi.
Principali dati per i primi nove mesi al 30 settembre 2025: ricavi di C$16,28 milioni, utile lordo di C$5,30 milioni e perdita netta di C$15,36 milioni. Le disponibilità liquide erano C$55,31 milioni e la liquidità del gruppo legata all’attività aurifera era di C$45,40 milioni. La produzione aurifera nel Q3 è stata di 3.536 oz, la produzione nei primi nove mesi di 4.347 oz, e la direzione ora prevede una produzione per l’intero 2025 di 6.000–7.000 oz.
Operativamente, Nalunaq è passato a una gestione mineraria in-house il 1 ottobre 2025, ha completato una chiusura programmata il 14 novembre 2025 ed è mirata a una portata nominale di 300 t/d entro la fine dell’anno, con la Fase 2 in linea per il Q1 2026 (costo stimato per completamento di C$6,5M). Esplorazioni recenti e riassaggi hanno indicato alto contenuto di zinco, piombo, argento e germanio e gallio commerciali a Black Angel.
Amaroq (OTCQX: AMRQF) informó los resultados del 3er trimestre de 2025 el 14 de noviembre de 2025, destacando la reanudación de la producción y el crecimiento de los ingresos.
Datos clave para los nueve meses cerrados al 30 de septiembre de 2025: ingresos de C$16,28 millones, beneficio bruto de C$5,30 millones y pérdida neta de C$15,36 millones. Los saldos de caja eran C$55,31 millones y la liquidez del negocio aurífero del grupo era C$45,40 millones. La producción de oro para el Q3 fue de 3.536 oz, la producción de los primeros nueve meses fue de 4.347 oz, y la dirección ahora espera una producción para 2025 de 6.000–7.000 oz.
Operativamente, Nalunaq pasó a una minería operada por la propia empresa el 1 de oct de 2025, completó un cierre planificado el 14 de nov de 2025 y apunta a una capacidad nominal de 300 t/d para fin de año, con la Fase 2 en camino para el 1T 2026 (costo estimado por completar C$6,5M). Exploraciones recientes y reanálisis señalaron alto contenido de zinc, plomo, plata y germanio y galio comerciales en Black Angel.
Amaroq (OTCQX: AMRQF)는 2025년 11월 14일 2025년 3분기 실적을 발표하며 생산 재개와 매출 증가를 강조했습니다.
2025년 9월 30일 종료된 9개월간 주요 수치: C$16.28M 매출, C$5.30M 매출총이익, C$15.36M 순손실. 현금 보유고는 C$55.31M이며 그룹의 금사업부 현금 유동성은 C$45.40M. 3분기 금생산은 3,536 oz, 9개월 합산 생산은 4,347 oz, 경영진은 2025년 연간 생산을 6,000–7,000 oz로 전망합니다.
운영 측면에서 Nalunaq는 2025년 10월 1일에 현장 운영으로 전환했고, 2025년 11월 14일에 예정된 가동 중지를 완료했으며 연말까지 명판 처리량 300 t/d를 목표로 하고 있으며 2단계는 2026년 1분기에 착수 예정(완료 비용 추정 C$6.5M). 최근 탐사 및 재시료에서 Black Angel의 고품질 아연, 납, 은과 상용 게르마늄, 갈륨이 확인되었습니다.
Amaroq (OTCQX: AMRQF) a publié les résultats du T3 2025 le 14 novembre 2025, mettant en évidence la reprise de la production et la croissance des revenus.
Chiffres clés pour les neuf mois terminés le 30 septembre 2025 : revenus de 16,28 M C$, bénéfice brut de 5,30 M C$, et perte nette de 15,36 M C$. Les liquidités s’élevaient à 55,31 M C$ et la liquidité du groupe liée à l’activité aurifère était de 45,40 M C$. La production d’or pour le T3 était de 3 536 oz, la production sur neuf mois de 4 347 oz, et la direction prévoit désormais une production annuelle 2025 de 6 000–7 000 oz.
Sur le plan opérationnel, Nalunaq est passé à l’exploitation minière en propriété le 1er oct. 2025, a terminé une fermeture planifiée le 14 nov. 2025 et vise un débit nominal de 300 t/j d’ici la fin de l’année, avec la Phase 2 en bonne voie pour le T1 2026 (coût estimé à réaliser 6,5 M C$). Des explorations récentes et des rééchantillonnages ont signalé du zinc, du plomb, de l’argent de haute teneur et du germanium et gallium commerciaux à Black Angel.
Amaroq (OTCQX: AMRQF) hat am 14. November 2025 die Ergebnisse des dritten Quartals 2025 veröffentlicht und dabei die Produktionswiederaufnahme sowie steigende Umsätze hervorgehoben.
Schlüsselzahlen für die neun Monate bis zum 30. September 2025: Umsatz C$16,28 Mio., Bruttogewinn C$5,30 Mio. und Nettoverlust C$15,36 Mio.. Die Barmittel beliefen sich auf C$55,31 Mio. und die Liquidität des Gruppen-Goldgeschäfts betrug C$45,40 Mio.. Die Goldproduktion im Q3 betrug 3.536 oz, die Neunmonatsproduktion 4.347 oz, und das Management rechnet nun mit einer Gesamterzeugung für 2025 von 6.000–7.000 oz.
Operativ wechselte Nalunaq am 1. Okt 2025 zu eigenbetriebener Bergbauführung, schloss am 14. Nov 2025 planmäßige Stilllegungen ab und strebt bis Jahresende eine Nameplate-Throughput-Leistung von 300 t/d an; Phase 2 liegt im Zeitplan für das Q1 2026 (geschätzte Gesamtkosten bis zur Fertigstellung C$6,5M). Jüngste Explorationen und Re-Analysen deuteten auf hochgradige Zinkerze, Blei, Silber sowie handelsübliche Germanium- und Gallium-Vorkommen bei Black Angel hin.
Amaroq (OTCQX: AMRQF) أبلغت عن نتائج الربع الثالث من عام 2025 في 14 نوفمبر 2025، مع إبراز عملية إعادة تشغيل الإنتاج وزيادة الإيرادات.
الأرقام الرئيسية للطلبات التسعة المنتهية في 30 سبتمبر 2025: إيرادات بحلول 16.28 مليون دولار كندي، هامش إجمالي قدره 5.30 مليون دولار كندي، و خسارة صافية قدرها 15.36 مليون دولار كندي. موجودات النقد كانت 55.31 مليون دولار كندي ورأس مال المجموعة للسياق الذهبى كان 45.40 مليون دولار كندي. إنتاج الذهب للربع الثالث كان 3,536 أونصة، وإنتاج التسعة أشهر كان 4,347 أونصة، والادارة تتوقع الآن إنتاجاً لعام 2025 يتراوح بين 6,000–7,000 أونصة.
عملياً، انتقلت Nalunaq إلى التعدين الذي تشغله الشركة مباشرةً في 1 أكتوبر 2025، وأكملت إيقافاً مخططاً في 14 نوفمبر 2025 وتستهدف معدل تدفق اسمي قدره 300 طن/يوم بنهاية السنة مع أن المرحلة 2 في المسار للربع الأول من 2026 (التكلفة التقديرية لإكمالها C$6.5M). وأشارت الاكتشافات الأخيرة وإعادة الاختبار إلى وجود مستويات عالية من الزنك والرصاص والفضة بالإضافة إلى جرمانيوم وجاليوم تجاريين في Black Angel.
- Revenue C$16.28M for nine months
- Gross profit C$5.30M nine months
- Cash balance C$55.31M at Sept 30, 2025
- Gold production guidance 2025: 6,000–7,000 oz
- Nalunaq owner-operated from 1 Oct 2025
- Net loss C$15.36M nine months
- General and administrative expense C$13.73M
- Exploration and evaluation expense C$6.27M
- Working capital (loan included) C$34.32M
Reykjavík, Nov. 14, 2025 (GLOBE NEWSWIRE) -- ("Amaroq" or the "Company")
Q3 2025 Financial Results
Growing revenues and restart of operations
TORONTO, ONTARIO – 14 November 2025 – Amaroq Ltd. (AIM, TSX-V, NASDAQ Iceland: AMRQ, OTCQX: AMRQF), an independent mine development corporation focused on unlocking Greenland’s mineral potential, is pleased to announce its Q3 2025 Financial Results. All dollar amounts are expressed in Canadian dollars unless otherwise noted.
A remote presentation for analysts and investors will be held later today at 09:00am GMT, details of which can be found further down in this announcement.
Eldur Olafsson, CEO of Amaroq, commented:
"As we approach the end of 2025, I would like to acknowledge the significant process made in commissioning Nalunaq over this past year since our First Gold Pour in November 2024. I am immensely proud of the work delivered by our team, commissioning crews and contractors. In October 2025, ahead of the planned shut-down of operations, gold production had already reached approximately 5,000 oz, in line with our revised 2025 production guidance. With the shutdown period now complete, and following the restart of operations, we now expect 2025 full year gold production to be 6,000 to 7,000 oz.
“During the period, we invested in the one-off transition to a fully owner-operated mining setup at Nalunaq, and we have appointed a highly talented team to lead mining and processing operations; which I am happy to say have managed a seamless handover from the contractors and successfully delivered the planned shutdown, on time and on budget. With completion of Phase 1 works and all critical path items for the delivery of Phase 2, on schedule to be in place during Q1 2026 on an estimated cost-to-complete of C
“Outside of our gold mining operations, we have also been driving forward our strategic minerals portfolio, with the discovery of conventional rare earth elements within our Nunarsuit licence area, as well as very exciting copper-gold discoveries within close proximity to our Nalunaq mine. Significantly, in November 2025 we were also very pleased to announce the results of the re-assays from the Black Angel mine, which not only confirmed the high grade zinc, lead and silver resource but also identified potentially commercial levels of germanium and gallium; both of which are categorised critical minerals and will add a very interesting commercial and strategic angle to the re-start of the Black Angel mine.
“As we look to the rest of the year, we are entering the final capex period for Nalunaq, with clear visibility now on completion of all construction and commissioning of the mine by Q2 2026. Before the year end, we are expecting to receive the results from the key 2025 gold exploration programme across the Nanoq and Nalunaq resource upside projects. Amaroq is in a strong position as we head towards 2026 with a robust financial outlook from production operations and a project pipeline which will deliver value enhancing opportunities across the decade, funded by positive cash flow from Nalunaq.”
Q3 2025 Financial and Corporate Highlights
- Total revenue of
$12.8 million (2024:$0m ) from total gold sales of 2,636 ounces. In the first three quarters, the Company produced 4,347 ounces and sold 3,360 ounces of gold for gross proceeds of$16.3 million . - Gross profit of
$5.9 million and Operating loss of$3.8 million , after taking into account G&A and exploration and evaluation expenses – mainly attributable to the Nanoq exploration campaign. - Amaroq group liquidity of
$45.4 million at period end, consisting of cash balances of$55.3 million , an undrawn revolving credit facility of$8.9 million less trade payables of$18.8 million ($75.0 million as at 30 June 2025). - On 1 July 2025, Amaroq commenced trading on the OTCQX, enabling higher transparency and trading opportunities for investors in the U.S.
Q3 2025 Operational Highlights
- Q3 2025 gold production of 3,536 oz. Gold produced in the nine months to the end of September 2025 was 4,347 oz.
- As announced on 7 October 2025, production increased further post quarter end, reaching this year’s production target of approximately 5,000 oz.
- During Q3 2025, commissioning of the processing plant and ramp-up of mining operations at Nalunaq continued to deliver steady improvements and the Company remains on track to achieve nameplate throughput of 300 t/d by year-end 2025.
- Throughout the quarter, the Company progressed with the installation of numerous key items and infrastructure at Nalunaq, including the tailings filter structure, slurry tanks and filter press, fresh & process water tanks, flocculant skid, plant air compressors, plant piping to design, control room structure, permanent electrical trays, cables and connections and instrumentation and control systems.
- On 1 October 2025, Amaroq transitioned to an owner-operated mining model, enabling improved operational efficiency and cost control. A transitional cooperation with the mining contractor will continue beyond 1 October 2025. In addition, Nalunaq has entered into a partnership with a Canadian equipment supplier to invest in its own mining fleet.
Q3 2025 Portfolio Highlights
- At Nalunaq, four of the planned seven surface drillholes targeting the South Block Deeps were completed before the programme was paused until later in the year. All core was logged, sampled, and submitted for chemical assay. Underground drilling also recommenced with the deployment of a new drill rig under a hire-purchase agreement. This drilling is providing grade control and resource definition data to support short- to medium-term mine planning.
- At Nanoq, core drilling commenced in early August 2025 utilising three Company-owned rigs. The campaign was completed on 24 September 2025, with a total of 4,806.9 metres drilled. By the end of the reporting period, approximately
60% of the core had been logged and sampled. Preparations for winterisation and equipment storage at site were also finalised. - Fieldwork on the Stendalen Cu-Ni target was conducted from the Nanoq exploration base. This programme followed on from the 2024 drilling and geophysical studies, with the objective of improving geological understanding and defining controls to mineralisation in advance of potential follow-up drilling in 2026.
- Strategic exploration also advanced across Amaroq’s wider licence portfolio. The final programme of the season comprised a short reconnaissance campaign over the Minturn IOCG (Iron-Oxide-Copper-Gold) target in Northern Greenland.
- Following the announcement of the Black Angel and Kangerluarsuk licence acquisitions, and during the process of finalising these, Amaroq undertook a series of reconnaissance site visits and commenced re-assaying of selected historical bulk samples. These activities, combined with the ongoing collation and review of historical datasets, will form the basis for detailed forward-looking exploration and development plans for both assets.
- The majority of the assay results from these programmes are expected through Q4 2025.
Post Period Highlights
- On 17 October 2025, Amaroq announced the launch of Single Mine Origin gold sales from its Nalunaq mine in Greenland, making fully traceable, responsibly sourced gold available exclusively to Greenlandic residents.
- On 21 October 2025, Amaroq announced the simplification and streamlining of its securities under a single ISIN, with Icelandic Depositary Receipts (IDRs) being converted into Depositary Interests (DIs) to unify cross-border settlement and administration while maintaining trading continuity on Nasdaq Iceland.
- On 28 October 2025, the Company announced multiple new high-grade gold discoveries across Greenland, from Vagar, Anoritooq, Ippatit, Tartoq and Grænseland, including samples grading up to 38.7 g/t Au.
- On 4 November 2025, the Company announced the initial identification of conventional rare earth element bearing mineralisation within its Nunarsuit mineral licence area in South Greenland.
- On 11 November 2025, Amaroq announced results from re-assayed bulk samples from the Black Angel mine, as well as the fulfilment of all conditions precedent (“CPs”) in relation to the previously announced acquisition of the Black Angel mine. The re-assayed bulk sample material from within the Black Angel deposit confirms the high-grade nature of the mineralisation, averaging
24.6% zinc,28.1% lead and 295 g/t silver. Commercial levels of germanium (44 ppm) and gallium (21 ppm) were also identified; adding significant value to the future project from these critical minerals, both of which are on the EU and US Government critical mineral list. The West Greenland Hub will be100% owned by Amaroq, separate from the Gardaq JV (Amaroq51% ), which will continue to focus on early-stage exploration activities. The Company also confirmed that Black Angel will be advanced as a standalone mining development project and new hub for the Company. - Planned shutdown for commissioning activities commenced in October 2025 and were completed on 14 November 2025 in line with expectations. Following the shutdown, completion of Phase 1 works and all critical path items for the delivery of Phase 2 are on schedule to be in place during Q1 2026.
Outlook
- The Phase 2 construction at Nalunaq will take place inside the plant and is anticipated to continue until the end of Q1 2026, allowing the commissioning of the flotation circuit immediately thereafter.
- With the shutdown period now complete, and following the restart of operations, management expects 2025 full year gold production to be 6,000 to 7,000 oz.
Financial Results
| Period ended Sept 30, 2025 | Nine months | Nine months | |||
| 2025 | 2024 | ||||
| $ | $ | ||||
| Financial Results | |||||
| Revenue | 16,283,686 | - | |||
| Cost of Sale | (10,502,065) | - | |||
| Selling, refining and royalty costs | (478,710) | - | |||
| Gross Profit | 5,302,911 | - | |||
| Exploration and evaluation expenses | (6,267,637) | (5,172,947) | |||
| General and administrative expenses | (13,726,577) | (11,831,157) | |||
| Loss on disposal of capital assets | (253,269) | (149,917) | |||
| Gain on lease modification | 55,323 | - | |||
| Foreign exchange gain (loss) | 724,449 | 1,475,432 | |||
| Interest income | 474,626 | 943,023 | |||
| Gardaq project management fees | 1,875,843 | 1,823,286 | |||
| Share of net losses of joint arrangement | (1,755,518) | (6,698,550) | |||
| Loss on liability derecognition | (307,263) | - | |||
| Unrealised gain (loss) on derivative liability | - | 1,636,567 | |||
| Finance costs | (1,482,192) | (27,449) | |||
| Net loss and comprehensive loss | (15,359,304) | (18,001,712) | |||
| Basic and diluted loss per share | (0.037) | (0.057) | |||
Financial Position
| As at | ||
| September 30, 2025 | December 31, 2024 | |
| $ | $ | |
| Financial Position | ||
| Cash | 55,314,709 | 45,193,670 |
| Inventory | 17,977,922 | 10,182,744 |
| Investment in equity-accounted joint arrangement | 13,146,795 | 14,902,313 |
| Total assets | 339,032,279 | 255,976,986 |
| Total current liabilities | 61,593,664 | 46,973,753 |
| Total non-current liabilities | 8,241,937 | 7,845,657 |
| Shareholders’ equity | 269,196,678 | 201,157,576 |
| Working capital (before convertible notes liability and loan payable) | 76,906,563 | 47,525,515 |
| Working capital (loan payable included) | 34,320,242 | 18,903,783 |
| Gold business liquidity | 45,396,160 | 50,860,477 |
New Lease Agreement with Klettar Investments ehf. and Related Party Transaction
The Company further announces that on 14 November 2025, it has entered into a new lease agreement with Klettar Investments ehf. (“Klettar”) for the rental of its office premises at Fríkirkjuvegur 3, 101 Reykjavík (the “Agreement”).
The Agreement is a continuation of the rental relationship previously established between the parties. The premises accommodate Amaroq’s expanding Icelandic team and support the Company’s continued growth in operational, administrative, and corporate functions.
Klettar is a related party of Amaroq as it is a company controlled by Sigurbjorn Thorkelsson, Non-Executive Director. The Agreement is for an indefinite period effective from 1 September 2025. The Company will pay a monthly rent of 2,000,000 ISK, to be adjusted in accordance with changes in the consumer price index as published monthly by Statistics Iceland (Hagstofa Íslands).
The Agreement constitutes a related party transaction for the purposes of the AIM Rules for Companies. The Independent Directors, being the Amaroq Directors other than Sigurbjorn Thorkelsson, having consulted with the Company’s Nominated Adviser, consider the terms of the Agreement to be fair and reasonable insofar as the Company's shareholders are concerned.
Details of conference call
A conference call for analysts and investors will be held this morning at 09:00am GMT, including a management presentation and Q&A session.
To register via the webcast link, please use the following link: https://edge.media-server.com/mmc/p/ke4j7cd9
To register via the conference call, please use the following link: https://register-conf.media-server.com/register/BI3fa04dcd1a854a66ac37890d9a0545c6
Instructions for conference call registration:
- Click on the call link and complete the online registration form.
- Upon registering you will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details.
- Select a method for joining the call:
- Dial-In: A dial in number and unique PIN are displayed to connect directly from your phone.
- Call Me: Enter your phone number and click “Call Me” for an immediate callback from the system. The call will come from a US number.
Enquiries:
Amaroq Ltd. C/O
Ed Westropp, Head of BD and Corporate Affairs
+44 (0)7385 755711
ewe@amaroqminerals.com
Eddie Wyvill, Corporate Development
+44 (0)7713 126727
ew@amaroqminerals.com
Panmure Liberum Limited (Nominated Adviser and Corporate Broker)
Scott Mathieson
Freddie Wooding
+44 (0) 20 7886 2500
Canaccord Genuity Limited (Corporate Broker)
James Asensio
Harry Rees
+44 (0) 20 7523 8000
Camarco (Financial PR)
Billy Clegg
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 Greenland. The Company’s principal asset is a
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Glossary
| Au | gold |
| g | grams |
| g/t | grams per tonne |
| km | kilometres |
| koz | thousand ounces |
| m | meters |
| MRE3 | Mineral Resource Estimate 2022 |
| MRE4 | Mineral Resource Estimate 2024 |
| oz | ounces |
| t | tonnes |
| t/d | Tonnes per day |
| t/m3 | tonne per cubic meter |
| USD/ozAu | US Dollar per ounce of gold |
Inside Information
This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No. 596/2014 on Market Abuse ("UK MAR"), as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, and Regulation (EU) No. 596/2014 on Market Abuse ("EU MAR").
Qualified Person Statement
The technical information presented in this press release has been approved by James Gilbertson CGeol, VP Exploration for Amaroq Minerals and a Chartered Geologist with the Geological Society of London, and as such a Qualified Person as defined by NI 43-101.
Attachment
FAQ
What did Amaroq (AMRQF) report for nine months revenue on Nov 14, 2025?
How much cash did Amaroq (AMRQF) hold at Sept 30, 2025?
What is Amaroq's updated 2025 gold production forecast (AMRQF)?
When did Amaroq transition Nalunaq to owner-operated mining (AMRQF)?
What material assay results did Amaroq announce for Black Angel on Nov 11, 2025?
What are the Phase 2 timing and estimated cost-to-complete at Nalunaq (AMRQF)?
