Amaroq Ltd (LON, NASDAQ Iceland: AMRQ, OTCQX: AMRQF) has reported approximately 9,000 ounces of gold production for the first half of 2026, putting output above the midpoint of its H1 guidance range and keeping the company on track for its full-year target.
At its Nalunaq mine in Greenland, Q2 production reached 5,363 ounces, with an average feed grade of 22.2g/t gold and recoveries of 67%. The flotation circuit was completed and commissioned during June, representing an important step in the mine’s ramp-up.
Early performance from the new circuit is encouraging. Gold recoveries reached around 90% during July, compared with the historical 50-70% range from the gravity-only circuit, and are now within Amaroq’s targeted steady-state range of 90-95%.
Financially, Amaroq generated C$37.3 million of Q2 revenue, with gross profit of C$25.0 million and net profit of C$11.1 million. Cash increased to C$28.5 million at the end of June.
The company has reiterated its 2026 production guidance of 25,000-35,000 ounces, with Q3 production so far tracking management expectations. The second-half focus will be on increasing mining and processing rates and optimising the flotation circuit.
Exploration is also accelerating, with resource drilling now underway at Nanoq, while Amaroq is advancing the Minturn and Ilua Pegmatite prospects. Initial results from Minturn and Ilua are expected before year-end.
Eldur Olafsson, CEO of Amaroq, commented:
“I am very pleased to announce that in the first half of 2026, production at Nalunaq was above the mid point of the guidance range for H1 2026 and current trading supports my confidence that we remain well set to deliver within our guidance range for the full year. We also successfully completed and commissioned the flotation circuit in June 2026, which marks an important step-change in the mine’s operating capability and recoveries. In parallel, we continue to advance our exploration portfolio, commencing the 2026 field season, our most extensive to date, with drilling at the Ilua Pegmatite REE prospect, and following the period end, we are now well underway at the high-grade Minturn prospect, and at our future gold project Nanoq, where resource drilling operations started earlier this week.
“Alongside this strong operational progress, post-period we completed our transition to the Main Market of the London Stock Exchange, broadening our access to international capital markets and indexation. We have made a strong start to Q3 2026, in terms of production and recoveries, with Nalunaq now moving into its next phase of ramp-up. With significant opportunities across gold, strategic minerals and infrastructure, Amaroq is well positioned as we continue into the second half of the year and I very much look forward to updating the market on our continued progress.”
