Amaroq operates the Nalunaq gold mine in South Greenland, targeting 25,000-35,000 oz of 2026 gold production. The company is in the process of moving its primary listing to the LSE Main Market and voluntarily delisting from the TSX Venture Exchange, where it had been secondarily listed; it also trades on Nasdaq Iceland and OTCQX (US).
Notable vs. Peers
- All-in sustaining cost of $3,300/oz is 85% higher than the peer producer average of $1,788/oz.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Jun 2024 · Source
- Sep 2023 · Source
- Reached — date not disclosed · Source
- Nov 2024 · Source
- Reached — date not disclosed · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Not in place: grid power.
Jurisdiction (40%)8/10
Greenland/Denmark offers a stable, mining-friendly legal framework, but logistical remoteness and heightened 2025-2026 geopolitical attention (US interest in Greenland) add some non-legal uncertainty.
Infrastructure (40%)7.1/10
A confirmed mill, confirmed road access, no confirmed grid power, and a confirmed tailings facility at Nalunaq Gold Mine, South Greenland.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Voisey's Bay (Vale S.A.), 1098 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer stake on file; largest strategic holder is JLE Group (JLE Property Limited / JLE Newco Ltd.) (2.91%) See holders
Not an operating producer, so it isn't the toehold-then-takeout pattern the research documents; a missing producer stake isn't held against a company.
Weight 25% - Distance to a producing mineSub-score:0/10
Nearest producing mine: Voisey's Bay (Vale S.A.), 1098 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:8/10
Greenland: jurisdiction score 8/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Founded Amaroq in 2017 after 7+ years working on integrated mining projects in Greenland; BSc Geology, University of Iceland.
30 years in international oil & gas; engineering/business degrees from Heriot Watt and Edinburgh University.
Non-Executive Director of Amaroq Ltd. 39-year mining career in hard-rock, capital-intensive resources; currently Chairman of Wesdome Gold Mines.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Amaroq has a thoughtful register -- Danish and Icelandic pension funds (Industriens Pension, the Icelandic state employees' fund, Gildi), Denmark's export and investment fund EIFO, which has increased a strategic investment, and Livermore Strategic Opportunities, the vehicle of non-executive director David Neuhauser, at about 4.45% and rising. What it does not have is what this score measures: no mining producer holds a stake, and no resource-specialist fund holds a meaningful one. JLE Group, our register's strategic line, is a UK construction-sector family office and a mining-services joint venture partner rather than a mining investor, and it has cut its holding to 2.91%. Institutional ownership is 24.5%.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Amaroq operates the Nalunaq gold mine in South Greenland, which poured first gold on 27 November 2024 after the Greenland government approved its environmental and social impact assessments, and it completed Phase 2 of plant commissioning, the flotation circuit, in June 2026. The Nalunaq resource (effective 1 December 2025) is 174,000 oz of indicated gold at 33.2 g/t, with no measured category, plus 329,000 oz inferred, and a 2025 resource update extended the potential mine life to more than 10 years. Amaroq targets 25,000-35,000 oz of gold production in 2026, and all-in sustaining cost improved to US$3,300/oz in Q2 2026 from about US$4,000/oz in Q1. The company is moving its primary listing to the London Stock Exchange's Main Market and delisting from the TSX Venture Exchange, and it also trades on Nasdaq Iceland and the OTCQX; its Stendalen and Sava Copper Belt properties are exploration projects with no resource.
Amaroq Minerals' updated Nalunaq (Greenland) gold resource, effective 1 Dec 2025: 504,000 oz Au total (174,000 oz Indicated + 329,000 oz Inferred) at 30.35 g/t average grade. No Mineral Reserve declared yet.