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Amaroq (AMRQ) investor relations material

Amaroq Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary14 Nov, 2025

Executive summary

  • Achieved early gold production guidance with 5,000 oz produced by October, raising year-end guidance to 6,000–7,000 oz for 2025.

  • Transitioned to a fully owner-operated mining model at Nalunaq, improving efficiency and cost control.

  • Commenced trading on OTCQX, increasing access and transparency for U.S. investors.

  • Strong liquidity position with CAD 55.3 million in cash at quarter end, despite significant CapEx and exploration spend.

  • Strategic minerals portfolio advanced, including new high-grade gold, copper, zinc, lead, silver, germanium, and gallium discoveries.

Financial highlights

  • Q3 2025 revenue was $12.8 million from gold sales of 2,636 oz; nine-month revenue totaled $16.3 million at an average price of US$3,490/oz.

  • Gross profit for the nine months was $5.3 million; Q3 net loss was $5.3 million, a significant improvement from $14 million loss in prior year.

  • Total assets at quarter end were $339 million, with a 79% equity ratio.

  • Capital assets increased to CAD 221.9 million, mainly due to Nalunaq project development.

  • Cash position at September 30, 2025, was $55.3 million, with working capital of $76.9 million before loan liabilities.

Outlook and guidance

  • Year-end 2025 gold production expected between 6,000–7,000 oz, exceeding previous guidance.

  • Phase 2 construction at Nalunaq to continue through Q1 2026, with flotation circuit commissioning immediately after.

  • Positive cash flow expected in 2026, with significant exploration results from Nanoq and Nalunaq pending in Q4 2025.

  • Guidance for 2026 production and budgets to be provided in February.

  • Exploration spend for 2026 projected at CAD 15–30 million, focused on Nanoq, Nalunaq, Black Angel, and early-stage projects.

Black Angel critical minerals commercialization plan
Nalunaq 450 tpd throughput timeline and impact
Suliaq financial partner strategy and market impact
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Frequently asked questions

Amaroq Minerals Ltd. is a Canadian mining company focused on the identification, acquisition, exploration, and development of gold properties and other strategic mineral assets in Greenland. The company's primary activities are centered on exploring high-grade gold deposits and other valuable minerals such as copper, molybdenum, graphite, platinum group elements, nickel, and rare earth elements across South Greenland. Amaroq Minerals holds a portfolio of exploration licenses, including the notable Nalunaq project, which is known for its gold resources. The company is headquartered in Toronto, Ontario, and its shares are listed on the London Stock Exchange.

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