Amaroq Minerals (AIM: AMRQ) has reported Q3 2025 revenue of $12.8 million, generated from the sale of 2,636 oz of gold, delivering a gross profit of $5.9 million. The company posted an operating loss of $3.8 million, driven primarily by continued investment in exploration and development activities.
Production at the Nalunaq Gold Mine continued to build momentum, with output reaching 5,000 oz by October. Full-year guidance has been tightened to 6,000–7,000 oz, reflecting stable ramp-up as Amaroq progresses toward its targeted 300 tonnes per day processing rate. The company also confirmed the successful completion of its transition to an owner-operator model.
Exploration activity remained robust across Amaroq’s Greenland portfolio, including Nalunaq, Nanoq, Stendalen, and Minturn, as well as the newly acquired Black Angel project. Re-assay results from Black Angel have confirmed high-grade zinc–lead–silver mineralisation, along with commercially significant germanium and gallium, reinforcing its potential as Amaroq’s next development asset.
The company reiterated that Phase 2 development at Nalunaq remains on schedule for Q1 2026, with workstreams advancing across processing, mine development, and resource expansion.
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$6.5 million, we are now focused on reaching milling capacity by the end of the year, to ensure we can maximise gold production and cash-flows in 2026.
“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.”
