Amaroq Ltd. (AIM, TSX-V, NASDAQ Iceland: AMRQ; OTCQX: AMRQF) has released its 2026 operational and financial guidance, outlining a year of ramp-up and resource expansion across its Greenland portfolio.
Production and Costs
The company expects gold production in the range of 25,000 to 35,000 ounces for 2026, with the second half of the year forecast to outperform the first as Phase 2 flotation recovery comes online.
Full-year cost guidance includes:
-
Cash costs: USD 44–47 million
-
All-in sustaining costs (AISC): USD 69–73 million
For the fourth quarter of 2026, AISC is projected to fall to between USD 1,250 and USD 1,450 per ounce, reflecting anticipated operational efficiencies.
Capital Investment
Amaroq plans approximately USD 14 million in non-sustaining capital expenditure at its Nalunaq operation as it continues to optimise production infrastructure.
Exploration Focus
The 2026 exploration budget is set at a base case of USD 11 million, with flexibility to expand to USD 29 million, depending on results and capital availability.
Exploration will focus on resource growth across the company’s Greenland portfolio, including:
-
The West Greenland Hub and Black Angel
-
The Nanoq project
-
Satellite gold targets surrounding existing operations
Balance Sheet Position
As at year-end 2025, Amaroq reported:
-
Cash balance: CAD 27.2 million
-
Net debt: CAD 15.3 million
Overall, 2026 is shaping up as a transition year for Amaroq, combining production growth at Nalunaq with targeted exploration investment aimed at expanding its Greenland resource base.
Eldur Olafsson, CEO of Amaroq, commented:
“With the Nalunaq gold mine now through the commissioning of Phase 1 and running in steady state operations, I am pleased to be announcing our 2026 full year production guidance range of 25-35koz of gold. Within the current gold price environment and based on our cost and capital budgets for the year, we anticipate strong free cash flow from operations, supporting comprehensive exploration programmes, as we seek to unlock the substantial value within our portfolio; from pure play exploration to pre-development infrastructure and resource growth.
“As previously announced, we continue to engage in discussions with third parties in relation to the independent financing of our Suliaq support services and logistics business, which is a perfect example of how we are looking to leverage our platform to enable and support our mining operations, as well as derisk the broader resource growth opportunity in Greenland.
“We have a very exciting opportunity set and are actively looking at ways to fast-track the various projects we are developing, in order to realise incremental net present value through accelerated execution. I believe this will be a theme in 2026; leveraging our scale, local expertise, and people to drive value from our extensive acreage position and integrated platform.”
