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 70% higher than the peer producer average of $1,940/oz.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Jun 2024 · The Government of Greenland approved the Environmental Impact Assessment and Social Impact Assessment for the Nalunaq restart, the key outstanding regulatory clearance (Amaroq already held the exploitation license). · Source
- Sep 2023 · No standalone FID release found. Amaroq closed its increased US$50.9M senior secured debt financing package (Landsbankinn/Fossar term loans plus convertible notes with ECAM, JLE Property and Livermore Partners) around September 1, 2023, explicitly to fund Nalunaq development -- the practical equivalent of the construction go-ahead, consistent with the already-on-file PERMIT_GRANTED (Jun 2024) and undated CONSTRUCTION_START rows for this miner. · Source
- Reached — date not disclosed · Refurbishment of the existing Nalunaq processing plant and site infrastructure (~60% of infrastructure reused) proceeded through 2023-2024 ahead of the planned end-of-2024 restart; no single construction-start release was found. · Source
- Nov 2024 · Amaroq poured first gold (1.2kg/39oz) at Nalunaq, one day after Greenland approved Phase 1 Commissioning of the plant. · Source
- Reached — date not disclosed · Genuinely reached, but no source found states a specific declared commercial-production date: Amaroq's 100%-owned Nalunaq gold mine (Greenland) poured first gold 2024-11-27, ran a 2025 trial-mining phase (6.35koz), and reached steady-state/"commercial" operations during H1 2026 per the company's own Q2 2026 results language (H1 2026 production ~9koz, ahead of guidance midpoint; a Phase 2 flotation circuit was commissioned June 2026, lifting recoveries toward 90-95%) -- but every source checked describes a gradual ramp/transition rather than citing one specific declared threshold date. Nalunaq remains Amaroq's sole currently-producing asset. This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. [Task #522 re-verification, 2026-08-21] CONFIRMED CORRECT -- softer flag resolved, citation replaced. Task #521 correctly flagged the prior sourceUrl (miningweekly.com, titled "...in commissioning year 2026") as a real citation/claim mismatch. Replaced with Amaroq's actual 13 Aug 2026 Q2 2026 results release: H1 2026 revenue $56.2M from 8,610oz gold sold, net income $13.6M (profitable, vs. a loss in 2025), full-year guidance reaffirmed. Gold recovery rates reached ~90% by Jul 2026, within the company's own targeted steady-state range of 90-95% -- a real, current, company-sourced claim of having reached steady-state operation, not a forward target (unlike AGMR/EXN/SVRS's explicit still-commissioning language). Real, substantial, sustained, profitable revenue confirmed. · 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.
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 the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.
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.
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 genuinely 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
We haven't parsed this company's PEA/PFS/FS recommendations yet — cut-off grade, mine life, DCF/NPV, and the report's own next-steps guidance are a planned research pass, not live data for every company yet.
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.