Amaroq (AMRQ) investor relations material

Strategic overview and portfolio focus

• Largest license holder and private investor in Greenland, operating two main hubs: South Greenland (Nalunaq gold mine) and West Greenland (Black Angel zinc, lead, silver mine).

• Nalunaq mine is in its first full year of production, targeting 25,000–35,000 oz in 2026, with high grades and further expansion potential.

• Black Angel mine, acquired last year, is being prepared for restart and resource growth, mirroring the Nalunaq approach.

• Subsidiaries Suliaq and Imeq provide mining equipment and hydro energy, supporting operations in Greenland's remote environment.

• Shareholder base includes Icelandic pension funds, Danish sovereign and industry funds, and institutional investors.

Operational and financial highlights

• Q1 saw strong performance at Nalunaq: 3,700 oz produced at nearly 20 g/ton, with recoveries at 61% and flotation commissioning on track for Q2.

• Permitting milestones achieved, including IBA completion and final mine plan approval.

• RCF expansion in April strengthens working capital for the 2026 field season; operational guidance remains unchanged.

• Processing plant at Nalunaq nearing completion, with plans to expand throughput from 300 to 450 tons/day, targeting 40,000–50,000 oz/year.

• AISC expected to decline to $1,250–$1,450/oz by year-end, with labor as the main cost driver and significant operating leverage as production scales.

Capital allocation and growth strategy

• Focus on operational optimization, including transitioning from contractors to owner operators, reducing mining costs by 25%.

• Infrastructure investments and logistics optimization underway to further reduce costs and improve efficiency.

• Scalability studies for Nalunaq plant expansion ongoing; workforce does not need to scale proportionally with throughput.

• Capital allocation prioritizes measurable de-risking and value creation across the portfolio, advancing projects along the Lassonde curve.